Tourist spending in Greece increased by 14% compared to the previous year

Tourist spending in Greece increased by 14% compared to the previous year from October 2023 to September 2024, according to the “Visa Analysis for Mediterranean Tourism”¹, which was presented today by the company. The analysis covers transactions in physical stores in Greece with Visa cards issued abroad, in the period from October 2023 to September 2024 and compared to the corresponding period in the previous year. The “Visa Analysis for Mediterranean Tourism” is communicated to the Greek Ministry of Tourism within the framework of the Memorandum of Cooperation signed with Visa in 2022, and is a useful source of information for the Ministry’s strategic plan.

Specifically, the tourism sector in Greece continues to thrive with key indicators recording, among others, a strong increase in both the number of visitors and the number of transactions. Visitors increased by 17%, while transactions increased by 22%, indicating a shift towards cashless payments.

The countries that contribute the most to Greek tourism

The key countries that fueled the growth of Greek tourism include the United Kingdom with a 12% increase, the United States (14%), Germany (24%) and France (10%). Athens emerged as the most popular destination among all Greek cities, recording a 17% increase compared to last year, with Mykonos in second place. The United Arab Emirates recorded the highest average spend per visitor, while Turkey showed the most notable increase in tourism spending with +114%, followed by China with a 63% increase.

Beyond the tourist season

Visa data shows that the increase in spending during the off-peak months was greater than the increase seen in mid-summer. March 2024 saw a 19% increase in spending compared to the same period in 2023, April saw a 17% increase, while September saw a 15% increase. Visitor spending in July and August accounts for 39% of total annual spending.

Areas with highest tourism spending

The region with the highest transaction value continues to be Athens, recording an increase of 18% year-on-year. Destinations that show a differentiated trend from the average are Rhodes and Chania (22%), Mykonos (+2%), Santorini (-1%).

Expenditure categories and development

The breakdown of visitor spending in Greece reveals a wide range of interests, with retail goods taking the top spot with a 26% annual increase, but representing only 4% of the total. Spending on dining and nightlife increased by 21%, accounting for 25% of total spending, while spending on groceries and supermarkets also increased by 17%, accounting for 8% of total spending.

POS vs ATM Withdrawals

Greece continues to make significant progress in boosting digital transactions. Card usage at POS terminals has reached an impressive 77%, while ATM withdrawals account for 23%. Compared to other Mediterranean countries, Greece is closing the gap, but there still seems to be room for growth in POS transactions. France leads in card usage with 90% versus 10% in ATM withdrawals, followed by Italy and Spain with 89% of transactions taking place at POS and 11% at ATMs. In Greece, ATM withdrawals are steadily declining, reflecting the shift towards card transactions. In particular, in 2023, withdrawals amounted to 26%, while in 2021 they were 35% and in 2019 42%, indicating a clear shift towards cashless payments. This trend is reinforced by the 6% decrease in average transaction value compared to last year, indicating more flexible card use even for small value transactions.

The Minister of Tourism, Olga Kefalogianni, stated: "The collaboration with Visa and the analysis of the data insights / data collected and presented is a tool for detecting new trends in travel demand and movement. Therefore, it is a basis for formulating appropriate policies aimed at exploiting the great potential of Greek tourism that is being recorded, for the benefit of local societies and economies, but also of the entire Greek economy."

Sevi Vassileva, Visa General Manager for Greece, Cyprus, Malta and Israel, said: “At Visa, we are excited to partner with the Greek Ministry of Tourism to support the growth of the tourism sector in Greece. The strong growth in visitor spending and transactions is a confirmation of the country’s emergence as a leading travel destination. Digital payments have played a critical role in the development of this sector, which is a key contributor to GDP. Compared to other Mediterranean countries, there is ample room for increasing POS payments over ATM withdrawals, which is in line with the overall shift towards cashless payments. Strengthening the digital payments infrastructure will not only improve the visitor experience, but will also improve the sustainability of the economy by helping small and medium-sized businesses in Greece maximize the benefits of inbound tourism.”