Τρί, 24 Φεβ 2026
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Kythera

Tourism: inflation and recession threaten Greece's «heavy industry» in 2023

The economic crisis that is rocking the global economy leaves nothing unaffected in its wake. And while Greek tourism may not have been significantly affected this year, in 2023 things will become much more difficult.

Serious concerns are expressed by market players for the next tourist season, since the European economy is heading steadily towards recession, while inflation persists, deprives the households disposable income.

The next period of time does not seem to be defined by any light or something that could change for the better or will mitigate the adverse assessments that are currently on the horizon.

As analysts say, the this year was a special year that is unlikely to be repeated in the foreseeable future. After more than 2.5 years, when travel was either prohibitive with many restrictions, this year the market opened up and virtually no restrictions existed or in some cases where they did exist, they were so minor that they did not bother anyone and did not hinder the development of the tourism industry which had one of its best years ever.

Many companies took a breath after 2.5 difficult years and two periods when the engines were idling.

Clouds are increasing for next year

But 2023, many fear, will also be a special year, but not for the better, but for the worse. In the event that the fears come true, then the country's heavy industry will have to find ways to cope to the new situation.

One of them is to try to reach customers with inflated wallets, which was successfully done in 2021, but this year that image has been tempered. Analysts report that many businesses in their anxiety not to lose customers and increase their revenues, considering what had happened in 2020 and 2021, they sold very cheap packages and most importantly sold them early, which resulted in increasing their turnover, but also to reduce per capita expenditure in many cases.

In short, the market moved at high levels, but by no means the objective set from the outset was not achieved.

Nothing is given away - Difficult exercise

For the new season, the challenges are many and as analysts and market players say, the solution to the exercise is by no means easy, and «nothing and no one is going to be given away».

They also note that there should be specific targeting and especially analysis of market data. Perhaps, some say, things will have to be sacrificed to achieve the key objective, which is none other than to stay high the brant Greece, as well as to keep the clientele satisfied. And for there to be a balance, the quality of the services provided must remain at a high level and at the same time the profit margins don't get out of hand.  

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