Greece luxury travel industry to hit $2.7B by 2030, growing at 11.5% CAGR

Saturday, January 20, 2024

Greece luxury travel industry, poised for growth, was valued at $767.8 million in 2020 and is forecast to reach $2.7 billion by 2030, expanding at a 11.5% CAGR.

In 2020, the value of Greece’s high-end travel sector was estimated at approximately $767.8 million. By 2030, it is anticipated to soar to around $2,736.7 million, experiencing a compound annual growth rate (CAGR) of 11.5% from 2021 to 2030.

Greece, with its appealing blend of mainland and island destinations, is a magnet for vacationers from Europe and beyond, particularly during the summer months. The country is celebrated for its vibrant festivals and events, including the annual Carnival, which draws a significant number of global travelers. Statistical data from Greece’s national authorities place the country as the thirteenth most visited in the world, attracting over 30 million international tourists annually, predominantly from European Union nations and the United States, with fewer visitors from other continents.

The luxury travel segment within Greece’s tourism industry has been witnessing a marked upsurge, fueled by growing interest in distinctive and luxurious holiday locales. This niche market is gradually expanding its footprint, driven by increased disposable incomes and enhanced living standards.

The growth in Greece’s luxury travel industry can be attributed to numerous upscale travel firms adopting cutting-edge technologies to elevate the luxury travel experience and provide top-notch facilities. Innovations such as Oculus Rift for virtual reality, Amazon Echo for artificial intelligence, GoPro for wearable technology, and advanced 3D printing are being introduced to enrich the travel experiences of customers, further propelling the demand in this industry

The market is analyzed across several dimensions: type of tour, traveler profile, and age group. The types of tours include customized and private vacations, adventure and safari trips, cruise expeditions, celebrations and special events, and culinary and shopping journeys. Traveler profiles are segmented into absolute luxury, aspiring luxury, and accessible luxury, while age groups are divided into millennials (21-30), Generation X (31-40), baby boomers (41-60), and the senior segment (60 and above).

In 2020, the adventure and safari tour segment led in terms of revenue, indicative of a growing appetite for unique and thrilling travel experiences. The absolute luxury traveler segment was the major revenue generator in the same year, and is projected to maintain its dominance. The baby boomer age group held the largest market share in the luxury travel segment in Greece in 2020.

The COVID-19 pandemic adversely affected Greece’s luxury tourism market, with a steep decline in tourist arrivals due to travel restrictions and lockdowns. International tourist arrivals plummeted by 75%, with no tourist arrivals recorded in Greece in 2020, significantly impacting the Greek economy. However, post-pandemic recovery is anticipated, aided by accelerated vaccination efforts.

The market is expected to benefit from the increasing number of high net-worth individuals (HNIs) and the rising aspirations of affluent millennials. Baby boomers and Generation X are also key contributors to the market’s growth.

There is a growing trend among market players to offer trips that immerse travelers in local cultures and explore lesser-known aspects of destinations. This approach is gaining traction, although socio-economic shifts pose potential challenges to market growth.

To meet evolving consumer demands, key players in the market are introducing customized travel plans and excursions. Leading companies like Abercrombie & Kent Ltd. and Cox & Kings Ltd. boast expert teams knowledgeable about tourist destinations, helping travelers select optimal travel experiences.

Strategic business expansions, acquisitions, partnerships, product launches, mergers, and agreements are among the primary tactics employed by market participants.

Prominent players in Greece’s luxury travel industry include Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI Group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.

Key findings of a recent study reveal that the adventure and safari segment was the largest contributor to the market in 2020, with projections for continued growth at a CAGR of 10.9% until 2030. The absolute luxury traveler segment also led in market contribution, with expectations of maintaining its lead at a CAGR of 11.6%. The baby boomer age group dominated the market in 2020 and is estimated to continue its growth trajectory at a CAGR of 11.3% through 2030.

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