The Bank of Greece (Bank of Greece - BoG) has published a very interesting list, the main subject of which is the analysis of sources of revenues of the tourist industry. This study clearly shows that organized tourism has less and less impact on the Greek economy. However, individual tourism is clearly gaining in importance, which mainly shapes the revenues of local entrepreneurs.
One of the guest houses in Agia Roumeli - a place where individual tourists relax
Data collected from January to the end of September 2018 show that last year's revenues in the broadly understood Greek tourism industry amounted to € 14.1 billion . They were thus higher by approximately 8.4% in relation to the same period in 2017.
In total, in the first nine months of 2018, organized tourism generated revenues in Greece amounting to EUR 4.5 billion. It is worth emphasizing, however, that this is only less than 32% of total revenues achieved by Greece from tourism. What's more, compared to the same period of 2017, the value of last year's revenues generated by organized tourism decreased by about 1.5%.
The remaining two-thirds of the receipts were the expenses of people who organized their holiday in Greece on an individual basis . In total, during the first nine months of 2018, this type of tourists were responsible for revenues amounting to EUR 9.6 billion . It is worth emphasizing here that in relation to the same period in 2017, these revenues were higher by almost 14% . This increase is the equivalent of over EUR 1 billion, which additionally feeds local entrepreneurs not always directly connected with the tourism industry.
The Greek Euro2day economic portal (https://www.euro2day.gr/) underlines that this is a clear signal of the declining role of travel agencies. Lower revenues from organized tourism cast doubt on the sense of large amounts of funds that are allocated by Greek companies and state institutions to marketing activities aimed at popularizing Greece among this type of tourists.
In our opinion, such proportions of revenues are also the specific strength of the Greek tourism industry, which may prove to be a big advantage in this year's, according to some difficult, holiday season. Individual tourists are often people who spend their holidays in Greece every year and are definitely less susceptible to temporary trends and fashions created by tour operators. As we wrote in one of our latest news, this year is the time when Greece should see individual tourists.