Evangelia Kasimati, Ph.D.
Bank of Greece, Economic Analysis & Research department,
21 Panepistimiou str, Athens, GR 102 50, Email: ekasimati@bankofgreece.gr
Adjunct Professor, Hellenic Open University (HOU)
Irini Detsi
Hellenic Open University, M.A. in Tourism Management.
Evrydiki Vythoulka
Hellenic Open University, M.A. in Tourism Management.
Foteini Verarou
St. Catherine's British School
Abstract
Tourism is a contemporary social as well as economic phenomenon, being one of the main sectors with a continuous impact on the local economy and society of each tourist destination. The economic value of tourism lies in the creation of jobs and income, the implementation of investments for infrastructure development, the contribution of tourism production to GDP, and the participation of tourism activity in national taxes. In Greece, the majority of tourist traffic is mainly distributed among the three regions of Crete, the Ionian Islands, and the South Aegean, which are important tourist destinations and also attract the bulk of visitors and travel revenues between all regions of the Greek territory. This study examines the supply and demand of the Greek tourism product with a focus on the island of Santorini, which is an internationally renowned destination in the South Aegean. More specifically, demand is analyzed for both domestic and incoming tourism. Additionally, the demand analysis for Santorini includes arrivals (by air, ferry, and cruise), overnight stays, average length of stay, visits, and revenues from museums and archaeological sites. Regarding the supply of the tourism product, the analysis reflects and records data on the hotel capacity in Santorini (including short-term rental accommodations), hotel occupancy rates, investments, and employment. The research is based on official statistical data from the Bank of Greece, the Hellenic Statistical Authority, the Hotel Chamber, and other reliable sources. Through this study, useful conclusions are drawn for the island of Santorini, which may help address management challenges of the destination based on close cooperation among all interested parties.
Keywords: Tourism product, Demand, Supply, Santorini, Cyclades, Greece
JEL codes: Z30; Z32; Z39