Many Greek households are unable to afford a vacation in Greece this year amid surging prices of travel services and packages.
A high percentage of Greek households are unable to plan and pay for vacation this year even when it comes to shorter and cheaper trips. Many Greek households are slowing down on their spending as costs surge higher and higher. Some are not only cutting back on travel but also on crucial items such as food.
This cutback is evidenced in a survey carried out by the Research Institute for Retail Consumer Goods (IELKA), according to which one in two consumers said they would not go on vacation this year. Reports reflect another trend, as well, namely, the reduction in the length of vacation, as 32 percent of respondents say they would vacation for fewer days.
Data from ELSTAT (Hellenic Statistical Authority), which recorded the flow of inflation last month, also conveyed price hikes in services and products linked to summer vacations for Greek travelers.
Greek Vacations and Other High Costs
Relative to June last year, plane tickets prices have risen by 19.7 percent, while vacation packages have increased in price by 12.7 percent. With hotels, costs are 12 percent higher than last year, but the greatest overall upward trend can be seen in food, particularly olive oil, prices of which relative to last June have increased by almost 55 percent.
Data from the Association of Passenger Shipping Enterprises (SEEN) showed that ticket prices have skyrocketed for Greek families, and, in some cases, have become unaffordable for residents of Greece. For a family of four to travel with a car from Piraeus to Rhodes on a round trip, it costs 845 euros.
Many families have decided not to spend on basic services this year or on essential items, such as food. Thus, 71 percent of consumers—relative to 75 percent last year—who responded to the survey, stated that they have done away with entertainment expenses, such as going out to restaurants and going on vacations.
However, aside from those types of costs, which many consider a luxury, 55 percent—up from 54 percent last year—say they have spent less on food and groceries overall.
According to Statista, “the average inflation rate in Greece was forecast to continuously decrease between 2024 and 2029 by in total 0.9 percentage points. The inflation is estimated to amount to 1.89 percent in 2029.”
“Following the definitions provided by the International Monetary Fund, this indicator measures inflation based upon the year on year change in the average consumer price index,” as per Statista. “The latter expresses a country’s average level of prices based on a typical basket of consumer goods and services.”
