Levi’s Classic 501 are sold with a markup of roughly 40 percent in Iceland, which makes the popular jeans more expensive in Iceland than in both Scandinavia and the UK.
Recent media reports revealed that the total expenses of homes in Iceland is 46 percent higher than the average in the EU, and that food prices in Iceland are 62 percent higher than the average.
According to Fréttabladid, a pair of Levi’s Classic 501 costs ISK 9,990 (EUR 111, USD 144) in stores in Iceland, while the stores acquire the jeans for just under ISK 4,000 (EUR 45, USD 58).
A customs duty of 15 percent is added to the original price and thereafter a VAT (value added tax) of 24.5 percent. The remaining ISK 4,263 (EUR 47, USD 62) are added by the store.
In Denmark the same pair of Levi’s is almost as expensive as in Iceland, where the popular jeans are sold for ISK 9,842 (EUR 110, USD 142).
In Norway a pair of Levi’s costs ISK 8,816 (EUR 98, USD 127) and ISK 8,061 (EUR 90, USD 116) in Sweden, but in the UK the jeans cost ISK 6,965 (EUR 78, USD 101).