One American Is Worth 1.8 Germans: Greece's Source Markets Ranked by Value

Americans were 3.6% of Greece's inbound travellers in 2025 and 7.4% of its tourism receipts. Germans were 13.7% of travellers and 16.0% of receipts. Per trip, one American spent €1,120 and one German €636, so an American was worth about 1.8 Germans. The headcount ranking and the value ranking of Greece's biggest source markets now point in different directions.

Ranking markets by value, not volume

The Bank of Greece publishes receipts and traveller counts by country. Dividing the two gives spend per trip. Dividing each market's share of national receipts by its share of national travellers gives a value-to-volume index: above 1.00 a market pays more than its head-count, below 1.00 less. The three largest tracked markets, the United States, the United Kingdom and Germany, are 28.6% of travellers and 39.2% of receipts. Every other traveller averages €465 per trip.

Germany: more travellers, less money each

Germany grew in number and shrank in value. Traveller numbers rose 10.2% to 5.95 million, but receipts rose only 2.2%, so spend per trip fell 7.3% from about €685 to €636. The extra 551,000 German travellers added about €82 million. The 346,000 extra British travellers added about €582 million, as UK spend per trip rose 10.0%. The Bank of Greece figures do not say why German spend per trip fell, so we do not offer a cause.

The UK is closing in on Germany

In 2024 Germany out-earned the UK by about €542 million. In 2025 the gap was about €43 million: €3,785 million from Germany against €3,742 million from the UK. Germany still sends more people, 5.95 million against 4.89 million, but the UK now spends €129 more per trip. The United States grew almost entirely on spend: its traveller count was flat (+0.2%) while receipts rose 9.7%.

What it means

• For hotels and operators. Head-count alone misleads. A market that sends fewer guests but spends 1.8 times as much per trip supports more revenue per room and per tour seat.
• For marketing budgets. Germany remains the largest volume market and 16.0% of receipts, so it cannot be ignored. But the 2025 growth in value came from the UK and the United States, and from all other markets combined, which added the largest share of the extra money.
• For concentration risk. Germany, the UK and the United States together supply 39.2% of receipts. The other 60.8% is spread across a long tail with a lower average spend.

Caveats on the numbers

• Basis. The country tables may not treat cruise passengers on the same basis as the national total (43.31 million travellers). Spend per trip by country is therefore not directly comparable with the national €545.5, and the shares and index values use the all-traveller totals as denominators. Use them to rank markets, not as absolute benchmarks.
• Residual. "All other travellers" is the national total minus the three named markets. It includes cruise passengers and every other country, so its €465 is an average across very different groups.
• Derived figures. Spend per trip, shares, the index and the 2024 country values are our calculations from reported receipts, travellers and growth rates. Figures are nominal euros for 2025 and have not been adjusted for inflation or exchange rates.
• Other published figures. Earlier GTP source-market analysis used year-to-date October data and a different national average, so its per-trip numbers differ from the full-year 2025 figures here.

Sources

• Bank of Greece: travel services (receipts and travellers by country, full-year 2025; national totals).