Paul Thomen

Wednesday, 22 January 2014

Iceland Travel and Tourism Market 2017

With International arrivals increasing at a CAGR of 7.60%, in 2012 the sector accounted for 19.5% of Icelandic GDP and 20.9% of total employment.

The Icelandic travel and tourism sector’s review-period (2008−2012) performance was adversely affected by the country’s slip into recession in 2008. However, despite the volcanic eruption at Eyjafjallaj√∂kull in 2010, international and domestic tourism activity increased overall.

Growth at a rate of 8.5% was recorded in 2012 and expenditure is expected to record a forecast-period (2013−2017) CAGR of 8.70%. The average expenditure per domestic tourist, which fell from ISK35, 514.5 (US$403.8) in 2008 to ISK29, 251.8 (US$233.9) in 2012, is expected to increase at a forecast-period CAGR of 5.25% to reach ISK37,783.9 (US$279.8) by 2017.

Both inbound trips and international departures are expected to increase over the forecast period. With a share of 77.6%, Europe accounted for the highest proportion of inbound tourists to Iceland in 2012, followed by North America and then the Asia- Pacific region. This pattern is expected to continue over the forecast period with Europe accounting for 70.0% of total inbound arrivals by 2017.

With revenues in the aviation, hotel and car rental market’s all growing in the review period of 2012, this trend is set to continue to 2017 in line with the increase in inbound tourist volumes, air passenger traffic and the use of the online travel market.

Reasons to buy:
  • Increase your knowledge of the Travel and Tourism industry in Iceland.
  • Minimize the business risks you may face within this market.
  • Obtain a better understanding of the key drivers and issues within this industry.
  • Gain a clear understanding of market opportunities and entry strategies to gain or grow your market share in the Travel and Tourism market in Iceland.
  • Receive the information needed to gain a greater understanding of the competitive landscape of the Travel and Tourism industry in Iceland.

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