-The decline is also observed in key markets of the island, such as the US and the UK
Panadvert’s latest research reveals a sharp drop in early bookings on the island of Mykonos compared to the previous year, both in terms of search inquiries and demand for accommodation on the island.
According to the survey, the largest decrease in demand was observed in April 2024, with a drop of 28%, while searches for accommodation in December and January showed a decrease of 18% and 17%, respectively, compared to the same period last year.
In terms of visitors who prefer Mykonos for their holidays, these have not changed from last year, with the US, UK, Greece, Italy and France making up the top five. Demand, however, has dropped significantly this year, with the US recording the biggest drop – almost 19% – followed by the UK and France with a 12.3% drop, respectively. Italy is the only market to record an increase in demand for Mykonos with +10%.
As Mr.Stelios Giannatos, Panadvert’s Research and Technology Manager, said, “Our Data Analysis team closely monitors accommodation search and demand data in order to identify changes in the behaviour of potential visitors to our country and to adjust our customers’ targeting and performance advertising strategies for maximum results. A typical example that we have seen in this analysis is the change in the behaviour of Italians, who, while traditionally tending to book their holidays at the last minute and usually for the 15th of August, have seen a 10% increase in early bookings.”
The survey
As the charm of the island of Mykonos continues to captivate travellers from all over the world, understanding tourism trends becomes paramount for both stakeholders and analysts. In this analysis, we examine the dynamics of tourism in Mykonos, focusing particularly on the demand for accommodation in 2024 compared to the previous year. By analysing search and booking preference data, we wanted to investigate changes in travellers’ behaviour as well as their preferences, highlighting data that is extremely useful for businesses and stakeholders in the tourism and hospitality industry.
Introduction
Comparing the data between this year and the previous year, a strong trend can be observed: a decrease in both the volume of requests and the level of demand for accommodation, while the continuous increase of accommodation on the island has resulted in a gradual decline in Mykonos bookings. This departure from the patterns of previous years raises important questions about the underlying factors leading to this change: is it the result of global economic fluctuations, changes in travellers’ preferences or perhaps external events affecting their behaviour?
It is obvious that when sales fail to meet expectations, there is an urgent need for hotels and accommodation to significantly adjust their pricing strategies in order to attract tourists. This often translates into dramatic reductions in room and accommodation costs to revitalise interest and attract visitors. Through careful analysis, we have attempted to decode the complexities of this trend for tourism stakeholders.
Demand for Mykonos in 2023 vs 2024
Let’s take a closer look at the numbers. Focusing on demand based on dates potential travellers searched for accommodation on the island, there is a significant decrease compared to the previous year. In order for the analysis to be accurate, the search periods are the same for both years. The main point is to look at the demand in Mykonos for the same search dates. The search periods chosen are from November 2023 (end of the summer season) to March 2024. The same applies to the previous year, where we look at demand for the summer period from May to the end of September. The results are really interesting, as shown in the graphs and table below.
Mykonos Demand.
| Month | Percentage difference (%) |
| Απρίλιος | -27.87% |
| Μάιος | -0.43% |
| Ιούνιος | -10.39% |
| Ιούλιος | -12.98% |
| Αύγουστος | -9.74% |
| Σεπτέμβριος | -10.25% |
The analysis indicates a significant decrease in demand for accommodation on the island of Mykonos compared to the previous year, with decreases in all months, particularly during the summer period. These findings underline the urgent need for proactive measures to boost interest and attract visitors, possibly through adjustments to dynamic pricing and targeted promotional efforts.
The largest decline was observed in April, with a -28% drop. This could be attributed to a number of factors, including the fact that the weather continues to be unstable during this month, and that many hotels coordinate their openings with the Easter weekend, which this year was later than usual, in the first few days of May.
It is necessary for stakeholders to adjust their strategies accordingly in order to cope with the evolving tourism landscape and ensure the continued attraction of the island as a top destination.
Moving forward, we analysed the accommodation search requests that were registered during the same periods (Request periods).
Mykonos Request Demand.
| Month | Percentage difference (%) |
| Δεκέμβριος | -18.08% |
| Ιανουάριος | -17.15% |
| Φεβρουάριος | -6.67% |
| Μάρτιος | -13.42% |
| Απρίλιος | 0.80% |
| Μάιος | -11.12% |
The analysis showed a decrease in searches during almost all months considered, compared to the previous year, from November 2023 to March 2024. This trend is particularly evident in searches during the months of December and January, which saw a decrease of -18% and -17% respectively. April was the only month to show a slight increase, but May, the next month, also showed a -11% drop.
Allocation of purchases
Finally, we analysed the markets that made the most accommodation searches in Mykonos and compared it with the previous year. According to our analysis, the top markets both this year and last year are:
- USA
- United Kingdom
- Greece
- Italy
- France
The following table shows the difference in the volume of demand:
Demand of countries
| Countries | Percentage Difference(%) |
| Η.Π.Α. | -18.43% |
| Ηνωμένο Βασίλειο | -12.38% |
| Ελλάδα | -4.48% |
| Ιταλία | 10.38% |
| Γαλλία | -12.31% |
Demand declined in almost all leading markets. The leading market, the US, recorded the largest decline with a drop of almost -19% compared to last year, followed by the UK and France, each down 12.3%.
Italy was the only market to show an increase in demand for the island with +10%. This is an important finding as Italians tend to book their holidays more at the last minute, but also for the 15th of August and shows how important it is to constantly monitor such changes in behaviour by tourism industry stakeholders, as it highlights the need for targeted strategies that reinvigorate interest and encourage bookings.
Summary
In summary, our analysis of the dynamics of tourism in Mykonos gives an insight into the challenges and opportunities facing the destination. An examination of both accommodation demand and booking times reveals a steady trend of reduced interest compared to the previous year, highlighting the urgent need for proactive measures to stimulate tourism. Moving forward, tourism industry stakeholders must use this knowledge to develop targeted strategies to promote the island of Mykonos as a top destination. By adapting marketing efforts, pricing strategies and promotional campaigns to align with changing consumer behaviour, businesses can foster renewed interest and ensure the island’s continued attractiveness in an ever-evolving tourism landscape.
