Cyprus set an all-time record for tourism revenue in August 2024, according to data released by the Statistics Authority, recorded revenue reached €511.4 million, representing an increase of 5.9% compared to August 2023, where €483 million in revenue was recorded. This increase reflects the continued recovery of Cypriot tourism, despite economic challenges and changes in traveller behaviour.
Record revenue
This positive picture continues for the entire period January to August 2024, with total revenues reaching €2.121,8 million, an increase of 4.6% compared to 2023, when revenues amounted to €2.027,7 million. This increase indicates a strengthening of tourism traffic and a higher number of arrivals.
Decrease in per capita tourist expenditure
Despite record revenues, the per capita expenditure of tourists fell. In August 2024, the average expenditure per visitor stood at €921.59, registering a 2.4% decrease compared to August 2023, when it was €944.51. This decrease in individual expenditure is probably due to a new tourist trend towards more economical options or to a shorter length of stay.
British tourists hold 1st place
Tourists from the United Kingdom are the largest group of visitors to Cyprus, accounting for 34.7% of the total tourist flow for August 2024. Britons spent an average of €100.58 per day, maintaining a significant consumption rate that boosts the island’s tourism sector significantly.
Israeli tourists and the strengthening of the tourism market
Israel was the second largest market for Cyprus, accounting for 13.3% of all tourists in August. Israeli tourists were also among the biggest spenders, with a daily per capita expenditure of €112.87, reinforcing their importance to the Cypriot economy.
Economic profile of other markets
The third largest market for inbound tourism was Poland, accounting for 7.7% of visitors, with a daily expenditure of €90.54. At the same time, tourists from Austria (€132.74), France (€116.70) and Israel (€112.87) had the highest daily expenditure, which gives an insight into the variation in tourist expenditure depending on the country of origin.
Impact on the economy and future prospects
This record tourism revenue confirms Cyprus’ potential as a popular destination in the region, with the island attracting significant numbers of tourists from various markets. However, the decline in per capita expenditure poses a challenge for the country, as it may need to attract travellers with greater purchasing power and invest in high quality experiences and services.
The Cyprus Ministry of Tourism intends to use this data to inform its strategic planning for the coming period, focusing on attracting travellers with higher per capita expenditure and improving the country’s infrastructure and services in order to cope with the results.
