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Grant Thornton has completed a timely insight analysis on behalf of the Hellenic Chamber of Hotels, in view of the reopening of the tourism sector in Greece. It examines the productive restructuring of the tourism product in Greece and is titled ‘The strategic importance of Hospitality for Greece’.
The research was presented at a joint online Press Conference held by Grant Thornton and the Hellenic Chamber of Hotels. It outlines the potential of Hospitality for Greece, as it highlights the multiplying benefits that become apparent once its interconnection with the other sectors of the Greek economy is examined, and it underlines the need to increase the sector’s resilience to systemic (financial) and non-systemic (health - COVID-19 pandemic) crises.
Read Grant Thornton’s analysis HERE
Research data
According to the data the research produced, benefits from Hospitality in Greece spill over to 17 individual branches of financial activity and 9 sectors. The average annual contribution of Hospitality is approximately €1 billion, an amount that arises purely from investments in renovations of hotel units.
At the same time, the research into investments in Hospitality (total number of accommodation and food service units) recorded an average annual contribution to Greece’s economy of €1.5 billion. Annual investment in renovations is almost €1 billion, while another €170 million goes to new accommodation creation. Furthermore, other investments in accommodation come to €300 million a year, and funds invested in food service units are calculated at €140 million. As underlined by the research, Hospitality is the leading sector in job opportunities (1 in 4 jobs are the result of Hospitality).
At the same time, Grant Thornton’s research examined Hospitality’s turnover during the financial crisis, and observed, among other things, that it succeeded in immediately dealing with the financial losses from the crisis, presenting an increase in turnover, when the rest of the economy recorded cumulative losses of approximately €11 billion.
In fact, it was one of the three most important sectors to have recorded a turnover increase during the financial crisis. Its turnover increased by €3 billion, as the capability of the Hospitality sector to immediately respond to the economic consequences of the financial crisis revealed its high level of resilience to systemic crises.
Hospitality’s resilience to non-systemic crises
At the same time, regarding its degree of resilience to non-systemic crises (COVID-19 health crisis), the statistical correlation of Hospitality’s figures with demand (tourism traffic) produced evidence of less turnover losses in Hospitality, given the drop-in tourism traffic in 2020, and indicated Hospitality’s ability to hold back the size of the losses created by non-systemic crises.
Based on the correlation, the turnover for 2020 would have been €4.7 billion (with €8.4 billion in losses). However, in the end, the real turnover was 30% higher (€6.1 billion), essentially revealing the capabilities of Hospitality in holding back losses from non-systemic crises.
It should also be noted that Hospitality is characterised by the potential to rapidly deal with, and respond to external changes (recovery half-way through the year), as it is more capable of absorbing the negative effects of contraction phases of economic cycles, than other sectors (trade, construction, financial activities, etc.).
It is also worth mentioning that Hospitality displays signs of rapid recovery of turnover losses arising from external factors, while it is more capable of absorbing negative shocks and immediately using funds that are eventually invested in it.
Research Methodology
In regards to the research methodology, it examines Hospitality’s basic economic data (turnover, added value, jobs, etc.), it identifies the “connected sectors” and estimates the contribution to them from investments in Hospitality, while it also explores the sector’s resilience through parametrisation and modelling of its “sensitivity” to exogenous shocks and recovery time.
With respect to analysis tools, there was use of statistical processing of primary macroeconomic data from domestic and international databases, use of microeconomic data (on a company level) analysis for the determination of the basic financial data and key performance indicators, and use of econometrics analysis (through linear and non-linear models), as well as field research for the assessment of its relevant sensitivity and contribution to other sectors.
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