Alarm bells are beginning to ring in Greece after a significant drop in tourism revenue from the US was seen in March. Income from American tourists dropped by a worrying 29.8%, according to data released by the Bank of Greece (BoG).
Travel receipts from the US dropped from €79.3 million in March 2024 to €55.7 million for March this year. According to tovima.com, market experts have attributed this steep decline to Donald Trump’s repeated statements about the imposition of tariffs, which have increased financial volatility and uncertainty. These announcements have caused a so-called “fear index” – a measure reflecting consumer sentiment – to spike.
Dr Aris Ikkos, the Scientific Director at the Institute of SETE (INSETE), attributed the revenue decline to broader economic developments in the US. He highlighted a period of financial uncertainty, driven by Mr Trump’s announcements about imposing tariffs.
This, combined with falling stock markets and a weakening dollar against the euro, will likely have influenced the spending behaviour of American holidaymakers, Dr Ikkos explained.
Greece’s tourism revenue figures mirror similar data concerning international tourists visiting the US, produced by hotel search site Trivago. The data has revealed that holidaymakers in countries that have been hit hardest by Mr Trump’s tariffs are steering clear of the US as a travel destination.
Trivago revealed that bookings to the US by tourists from Japan, Canada, and Mexico, the latter of which were both severely affected by the president’s tariffs on February 1, have declined by double-digit percentages.
The American tourism industry is worth around $2.6 trillion (£1.9 trillion), however, concerns are growing among businesses in the industry about a “Trump slump” caused by the tariffs.
While the figures from March do not paint the most positive of pictures, it is worth noting that the data still represents a substantial increase regarding American tourists in Greece. While spending figures dropped, visitor numbers from the US remained strong, suggesting Americans are continuing to travel, but may be being more conscious of their budgets.
Between January and March 2025, arrivals from the US surged by 16.2%, totalling 188,700 visitors, compared to 162,400 in the same period last year and 86,500 in 2023.
