While the number of foreign tourists in Iceland has increased, their expenditure has decreased. The average tourist now spends approximately ISK 15,000 (USD 124, EUR 101) less every day than what he or she did before the banking collapse in 2008.
Archive photo by Páll Stefánsson.
It appears that a new record will be set in the number of foreign visitors this year. In 2011, 565,000 tourists visited Iceland and so far this year, their number is up by more than 18 percent, according to statistics from the Icelandic Tourist Board, ruv.is reports.
Arion Bank has analyzed the consumption of travelers in Iceland, concluding that in 2004 they spent ISK 50,000 (USD 415, EUR 378) per person on average.
In 2011, that number had dropped to ISK 35,000 (USD 290, EUR 236) in fixed prices in ISK. The drop would be higher in foreign currencies.
However, this development isn’t unique to Iceland. The global economic crisis has affected tourism the world over—travelers spend less than they used to.