Greek flight bookings plummet as debt crisis worsens

Credit: ForwardKeys

FLIGHT bookings to Greece have plunged due to the latest developments in the country’s financial crisis.

According to new figures from ForwardKeys, bookings from June 28 to July 7 have fallen 45 per cent for the same period last year. The first big dip was recorded on June 28, the day of the banks closure announcement, and continued to fall in the following week.

Germany and France suffered important drops of 49 per cent and 23 per cent respectively, widely affecting the Greek performance as the two countries carried 23 per cent of the share.

Oliver Jager, co-founder and CEO of ForwardKeys, said: “This is significant because Greece is a favourite holiday destination for both the Germans and the French, and at this point Greece needs tourism more than ever.

“Interestingly, the Chinese are still continuing to make bookings because, anecdotally at least, they perceive the cash crisis as only affecting Greeks.”

Credit: ForwardKeys

Bookings from the US were down 56 per cent, while the UK and Italy both dropped 51 per cent and France fell 23 per cent.

Despite the financial crisis, Greece is still enjoying a 7.6 per cent year-on-year increase for arrivals.

Since many people book their flights about three months ahead of travel, ForwardKeys’ latest analysis implies that travellers are only now starting to fear Greece’s deteriorating predicament.

Looking forward, there is still no sign of a crisis for Greece’s air bookings. Based on issued bookings until July 7, future arrivals show positive variations for most countries, except Germany, Belgium and Cyprus.

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