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| Ios island, Aegean Sea |
Thomas Cook Group’s head said that Greece and Spain are the two main beneficiaries of a shift by holidaymakers away from Northern Africa, according to Bloomberg.
Chief Executive Officer Manny Fontenla-Novoa said that the two countries are considered “clear winners” as customers seek to avoid northern Africa amid political unrest in the region.
Thomas Cook and larger rival TUI Travel Plc have scrapped trips this year from some European countries to Egypt and Tunisia and brought customers home early.
Tourism in Greece has seen a “real comeback, especially after all the problems there last year,” Fontenla-Novoa said.
Chief Executive Officer Manny Fontenla-Novoa said that the two countries are considered “clear winners” as customers seek to avoid northern Africa amid political unrest in the region.
Thomas Cook and larger rival TUI Travel Plc have scrapped trips this year from some European countries to Egypt and Tunisia and brought customers home early.
Tourism in Greece has seen a “real comeback, especially after all the problems there last year,” Fontenla-Novoa said.
Greek hoteliers have cut prices after last year’s economic contraction, while their Spanish counterparts are also offering better deals, he said in an interview.
“Consumers are going to seek alternative destinations to Egypt, Tunisia and even Morocco, wanting to avoid any kind of risk,” said Wyn Ellis, an analyst at Numis Securities in London. “It won’t be easy for tour operators to shift holidays from north Africa to other markets without Spanish or Greek hoteliers raising prices”, he added.
SOURCE: CAPITAL
