Foreign visitors in Iceland are spending more on tours and other activities and cutting back on souvenirs, clothing and other such goods, analysis by economists at Arion bank suggests. The Arion bank report argues that the data shows foreign visitors are spending more on various experiences, rather than physical objects, which are usually imported.
Read more: More signs growth in tourism is starting to level off: Only 2% increase in hotel stays
Foreign visitors in 2017 have spent on average 21% of their budget in Iceland on organized tours, compared to 17% in 2010, 16% on car rental, compared to 13% in 2012, while 7% of the travel budget is spent at various stores, including the so-called puffin-shops, as Icelanders have come to refer to all stores which cater specifically to foreign visitors. In 2012 foreign visitors spent 9% of their total budget shopping. The category other retail also registers a drop, from 8% to 4%.
More being spent on food
Another interesting data point, which suggests changing travel patterns, is the finding that foreign visitors are spending a larger share of their budget on groceries. 4% of tourist spending in 2017 has been at grocery stores, compared to 3% in 2012. Restaurant spending has also gone up, from 12% to 13%.
Read more: From the editor: Is there an angry backlash against tourism in Iceland?
The report argues that taken together the data suggests foreign visitors to Iceland are focusing more on getting the most out of their stay in Iceland by spending on experiences, rather than spending time in stores.
Foreign visitors in Iceland are spending more on tours and other activities and cutting back on souvenirs, clothing and other such goods, analysis by economists at Arion bank suggests. The Arion bank report argues that the data shows foreign visitors are spending more on various experiences, rather than physical objects, which are usually imported.
Read more: More signs growth in tourism is starting to level off: Only 2% increase in hotel stays
Foreign visitors in 2017 have spent on average 21% of their budget in Iceland on organized tours, compared to 17% in 2010, 16% on car rental, compared to 13% in 2012, while 7% of the travel budget is spent at various stores, including the so-called puffin-shops, as Icelanders have come to refer to all stores which cater specifically to foreign visitors. In 2012 foreign visitors spent 9% of their total budget shopping. The category other retail also registers a drop, from 8% to 4%.
More being spent on food
Another interesting data point, which suggests changing travel patterns, is the finding that foreign visitors are spending a larger share of their budget on groceries. 4% of tourist spending in 2017 has been at grocery stores, compared to 3% in 2012. Restaurant spending has also gone up, from 12% to 13%.
Read more: From the editor: Is there an angry backlash against tourism in Iceland?
The report argues that taken together the data suggests foreign visitors to Iceland are focusing more on getting the most out of their stay in Iceland by spending on experiences, rather than spending time in stores.
