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Industry revenue of beverage serving activities in Greece 2011-2023

In 2018, the number of hotels in Greece stood at around 10,000 while restaurants, cafeterias, bars, and entertainment centers were over 100,000. Although the Hotel, Restaurant and Institutional (HRI) sector is one of the highest revenue generators in the country, the aftermath of the economic crisis has severely affecting its profitability. Over the years, Greeks have steadily reduced their frequency of visits to consumer food service outlets. Consequentially the beverage serving industry in the country is expected to witness a sharp decline in the short to medium term, falling from 1.8 billion U.S. dollars in 2017 to 1.1 billion U.S. dollars in 2023.

Low priced outlets on the rise

The prevalence of such a fragile economic climate has contributed in a big way to the growing popularity of outlets that offer low-priced food and drink options. Socializing over drinks and dinner remains an intrinsic part of Greek culture, hence people are increasingly moving away from full-service restaurants to small local coffee houses and other food & drink establishments. However despite this trend, the overall spending on food and beverage in the country is expected to decline over the period 2017-2023.

Industry revenue of beverage serving activities in Greece from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Greece. The industry “beverage serving activities“ has the code “I563“.

Details on the methodology can be found here.

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