Crisis eats into Greeks’ holidays

Crisis eats into Greeks’ holidays

Greeks cut back on vacations in 2015 in response to increased tax and other obligations, a trend that has continued into this year. The biggest reduction, according to figures released by the Hellenic Statistical Authority (ELSTAT), concerns those aged 25-44.

In financial terms, Greeks’ decision to curtail or cancel their vacations altogether cost the local tourism industry up to 121 million euros.

The country’s tourism associations estimate that the negative course of domestic tourism has continued this year, increasing the sector’s losses further in the wake of tax hikes and the decline in travel revenues from foreign visitors in the January-July period.

The ELSTAT data showed that Greeks travel spending last year amounted to 1.71 billion euros, down 6.6 percent from 2014. Trips were cut by 8.2 percent to 5.81 million, the number of people traveling went down 4.6 percent to 3.48 million, and the number of nights spent away from home fell 10.2 percent to 57.44 million.

In the 25-44 age group in particular, trips went down by 11.9 percent in 2015 compared to the year before, nights spent away from home shrank 11.8 percent, and spending dropped 14.6 percent, the figures showed.

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