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2022

Greece Luxury Travel Market

Greece Luxury Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by Type of Tour, Type of Traveler and Age Group : Opportunity Analysis and Industry Forecast 2021-2030

CG : Travel & Luxury Travel

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Author's: Jaya Bundele | Roshan Deshmukh
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The Greece luxury travel market size was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030. 

Luxury travel is considered as a unique travel experience with an immense comfort and quality while avoiding stress, anxiety and tension. Furthermore, it includes an elevated travel experience such as customized & private vacations, adventure & safari, cruise/ship expedition, small group journey, celebration & special events as well as culinary travel & shopping. It also provides additional facilities such as art craft visits, wine tastings, antique shopping, and others in the packages as per the traveler’s need and demand. 

Greece-Luxury-Travel-Market

It is observed that high expertise of luxury travel companies as well as plausibility of customization drives Greece luxury travel market. There is increase in Greece luxury travel market demand for traveler as travel is the second most popular pastime among high-budget tourists, while shopping still remains the first choice. Nowadays, luxury travelers look for entertainment and social interaction rather than regular treatment that positively impacted the growth of Greece luxury market. Also, launch of new services and access to new destination markets is key driver of Greece luxury travel market. Furthermore, younger generations aged 30 years and above age who seek for superior lifestyle experiences contributed to 10% growth in the cruise market. Mid-income and aspirational shoppers are fostering the growth of upper premium brands and the second-hand market.

Moreover, luxury travel is mostly opted by baby boomer group since it is much more convenient, relaxing, and amazing mode of traveling.  Various luxury travel portfolio has extended into the luxury river cruise market and yachting & air market. Furthermore, generation X segment has been identified as a significant contributor in Greece luxury travel market growth because they are more interested in adventure trips, exploring cultures, and visiting new places. Over the year people are getting aware of the various culture types through various social media content and also to make an event of their life a memorable by breaking the monotony of usual get-togethers and unwinding the shackles of life’s monotony. Moreover, shopping while traveling can be a highly pragmatic way to travel; a way to find productive and discover a genuine space into another culture's history. Furthermore, travelers are more into adventure trips, exploring cultures, and visiting new places due to more disposable income and holidays. 

Some other factor contributing towards growth of Greece luxury travel market is the cost for various tours which starts from few hundred dollars per night and rise depending upon the destination, travel providers, and tour package. The Greece luxury travel market also attracts independent experience searchers, empty nesters, multi-generational families, older travelers, young adults, singles, and even honeymooners. Encouraging such travelers to escape from the monotony to experience something completely exciting help drive more business in Greece luxury travel market. Furthermore, gender and parenting status also influence luxury travel preferences. Several travel companies arrange private tours in destinations such as Greece to celebrate important events. The destination celebration traveling has become trendsetter in the travel market with more people willing to celebrate past events, celebrate occasions, and share experiences.

Greece Luxury Travel Market
By Type Of Tour
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Celebration and special events segment is expected to grow at highest CAGR of 12.9% during the forecast period

Furthermore, Greece luxury travel market is hampered due to outbreak of COVID-19 pandemic which has resulted in the closure of numerous travel places across the globe. The tourism industry has been severely affected all across the globe, impacting its associated sectors such as travel agencies, hospitality, tour operators, and all kinds of transportation services. Around 90% of the worldwide population had acclimated to their new lifestyle due to various travel limitations, while the remaining population remained at home out of concern of the virus .. Thus, the tourism sector came to a halt. According to World Travel and Tourism Council (WTTC), Greece has observed around 75% of decline in the tourism industry due to COVID-19 pandemic.

According to the Greece luxury travel market analysis, the Greece luxury travel market is segmented on the basis of type of tours, type of traveler, and age group. On the basis of type of tours, the market is bifurcated into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and culinary travel & shopping. By type of tour, the adventure and safari hold the largest Greece luxury travel market share during the Greece luxury travel market forecast period. On the basis of type of travelers as absolute luxury, aspiring luxury, and accessible luxury. On the basis of the age groups the Greece luxury travel market are millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above). 

Greece Luxury Travel Market
By Type Of Traveler
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Absolute Luxury segment is expected to grow at highest CAGR of 11.6% during the forecast period.

The most important growth strategy used by market players is product launch, which is followed by partnership. To diversify the product offerings, several businesses have developed innovative products. Product launches are used by a variety of businesses to broaden the  market reach and serve international customers.

Greece Luxury Travel Market
By Age Group
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Millennial segment is expected to grow at highest CAGR of 13.4% during the forecast period.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of current Greece luxury travel market trends, estimations, and dynamics of the market from 2021 to 2030 to identify the prevailing market opportunities.
  • Porter’s Five Forces analysis highlights potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen the supplier–buyer network.
  • In-depth analysis of the market segmentation assists to determine the prevailing Greece luxury travel market opportunities.
  • Major countries in each region are mapped according to the revenue contribution to the industry. 
  • The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
  • The report includes analyses of the regional as well as market, key players, market segments, application areas, and growth strategies.

Greece Luxury Travel Market Report Highlights

Aspects Details
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By Type
  • Customized and private vacations
  • Adventure and safari
  • Cruise/ship expedition
  • Small group journey
  • Celebration and special events
  • Culinary travel and shopping
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By Type
  • Absolute luxury
  • Aspiring Luxury
  • Accessible Luxury
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By Age Group
  • Millennials
  • Generation X
  • Baby boomers
  • Silver hair
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Key Market Players

THOMAS COOK INDIA LTD., TUI Group, Butterfield & Robinson, Scott Dunn Ltd., Tauck, Inc., Kensington Tours, Abercrombie & Kent USA LLC, Cox & Kings Ltd., Travcoa Corporation, Micato Safari

Analyst Review

According to the insights of CXOs from leading companies, the Greece luxury travel market is anticipated to witness robust growth in cities such as Athens and Thessaloniki. The growth in the number of high net-worth individuals (HNIs) population and easy availability of on-arrival visa propel the growth of the Greece luxury travel market.

According to industry experts, the international tourists from France, Germany, Spain, and Australia opt for adventure and safari trips. Culinary tours also experience significant growth in the travel market. There is an increase in the number of private and culinary trips in Rhodes town, owing to growth in interest of people in local culture and their aspiration to have a better understanding of local cuisines and people.

The Central Macedonia in northern Greece region and countries such as Pella, Halkidiki, and Mount Olympus are the most visited regions of Greece. The number of arrivals, during pre-pandemic were highest as compared to other European countries.

The Greek National Tourism Organization (GNTO) is a tourism organization in Greece. It is the governmental board for the promotion of tourism in Greece. It also runs advertisement campaigns for the promotion of travel and tourism in the country. This type of organizations play a vital role for the growth of the Greece luxury travel market. The key market players are adopting various growth strategies such as product launch (tour packages) and acquisition to sustain in the competitive market.

Author Name(s) : Jaya Bundele | Roshan Deshmukh
Frequently Asked Questions?

The Greece luxury travel market size was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.

The Greece luxury travel market size was valued at $767.8 million in 2020, and is projected to reach $2,736.7 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.

The CAGR of Greece Luxury Travel Market is 11.5% from 2021 to 2030.

The sample report of Greece luxury travel market is available on request on the website of Allied Market Research.

The base year calculated in the Greece luxury travel market report is 2020.

The top companies in the Greece 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.

The Greece luxury travel market is segmented on the basis of type of tours, type of traveler, and age group. On the basis of type of tours, the market is bifurcated into customized and private vacations, adventure and safari, cruise/ship expedition, small group journey, celebration and special event, and culinary travel & shopping. On the basis of type of travelers as absolute luxury, aspiring luxury, and accessible luxury. On the basis of the age groups the Greece luxury travel market are millennial (21-30), generation x (31-40), baby boomers (41-60), and silver hair (60 and above).

It is observed that high expertise of luxury travel companies as well as plausibility of customization drives Greece luxury travel market. There is increase in Greece luxury travel market demand for traveler as travel is the second most popular pastime among high-budget tourists, while shopping still remains the first choice.

Greece luxury travel market is hampered due to outbreak of COVID-19 pandemic which has resulted in the closure of numerous travel places across the globe. The tourism industry has been severely affected all across the globe, impacting its associated sectors such as travel agencies, hospitality, tour operators, and all kinds of transportation services.

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Greece Luxury Travel Market

Opportunity Analysis and Industry Forecast 2021-2030