The “Greek summer” is expected to have a small footprint in the revenues of restaurants this year, as the ready-to-eat meals and street food have reduced the turnover of traditional restaurants, who are fighting to maintain their profitability.
Although tourist arrivals in Greece are predicted to set another record, the profits are below expectations.
Athens is experiencing a tourism boom for the third consecutive year, but other traditionally popular tourist destinations are sluggish. More specifically, destinations such as Mykonos and Santorini are taking a severe hit this year, while tourist spending is rather limited on other islands and popular destinations in Northern Greece and the Peloponnese.
According to estimates by representatives of the food and beverage industry, losses in HoReCa range between 10%-20%. As far as traditional restaurants are concerned, the pressure is great. Market representatives stated that the average receipt has decreased by 15%-20%. At the same time, traffic to restaurants has also dropped significantly.
The recent trend is a result of changing eating habits. A recent research by Circana indicated that consumers turn to convenient, on-the-go solutions, while heat-and-eat or ready-to-eat options are on the rise. At the same time, snacking is redefining meals. Snacks are no longer just a quick meal, but they have replaced the main meal.
