Full Year Analysis
The year in context
With 2,261,391 foreign passengers through Keflavík Airport, 2024 ranks 3rd of the 23 complete years on record, 98% of the record set in 2018. Against 2019, the last full year before the pandemic, arrivals were up 13.9%. Compared with the average of the five preceding years (excluding 2020 and 2021), 2024 came in ahead by 8.6%. Foreign hotel nights reached 92% of their 2025 record.
Overall Performance
2024 presented challenges for Iceland's tourism sector. Foreign visitors recorded 4,469,599 overnight stays in hotels throughout the year, a decrease of 2.6% compared to 2023's 4,589,154 nights.
Spending Trends
Tourist card spending totaled 352 billion ISK in 2024, up 7.2% from 2023. On a per-night basis, spending averaged 79k ISK, an increase of 10.1% year-over-year. Spending growth outpaced volume growth, suggesting higher per-visitor expenditure.
Seasonal Patterns
Aug was the busiest month with 516,302 foreign overnight stays, while Jan recorded the lowest volume at 255,083 nights. Average hotel occupancy ranged from winter lows to summer peaks, with a full-year average of 65.8%.
Source Markets
United States of America remained Iceland's largest source market, accounting for 33.8% of foreign overnight stays. United Kingdom (14.1%) and Germany (8.3%) rounded out the top three. Notable growth came from China.
Data Sources
- Overnight Stays: Statistics Iceland (Hagstofa Íslands)
- Occupancy Rates: Statistics Iceland
- Card Spending: Central Bank of Iceland (Seðlabanki Íslands)