Summary
July 2024 was part of Iceland's peak summer season, characterized by midnight sun and maximum tourist activity. Foreign guests recorded 483,771 overnight stays in hotels, compared to 522,544 in July 2023—a -7.4% change year-over-year.
National hotel occupancy stood at 81.0%, down 5.8 percentage points from 86.8% in 2023. Foreign card spending totaled 47.5 billion ISK (+5.7% YoY).
July 2024 in context
Foreign hotel nights for the year to date, January through July, reached 2,454,829, down 5.4% on the same period of 2023. Within 2024, July ranked 2nd of the twelve months by foreign nights. Against the average for July over the five preceding years (excluding the pandemic years 2020 and 2021), this month came in ahead by 1.4%. Compared with July 2019, the last full year before the pandemic, foreign nights were up 3.3%.
United States of America was the largest source market with 40.0% of foreign hotel nights, and the top three markets together accounted for 55.1%. Hotel occupancy of 81.0% means that share of available rooms was sold across the month; at this level most hotels in the capital are effectively full on peak nights. Spending figures are foreign card turnover reported by the Central Bank and exclude cash and purchases made before arrival.
Foreign Overnight Stays by Source Market
The top source markets for July 2024, ranked by overnight stays:
| Rank | Market | Nights 2024 | Nights 2023 | Change | Share |
|---|---|---|---|---|---|
| 1 | United States of America | 193,493 | 187,949 | +2.9% | 40.0% |
| 2 | Germany | 46,199 | 56,421 | -18.1% | 9.5% |
| 3 | United Kingdom | 26,896 | 35,142 | -23.5% | 5.6% |
| 4 | France | 20,715 | 21,063 | -1.7% | 4.3% |
| 5 | Switzerland (incl. Liechtenstein) | 17,557 | 17,575 | -0.1% | 3.6% |
| 6 | China | 17,301 | 11,366 | +52.2% | 3.6% |
| 7 | Italy | 15,827 | 18,616 | -15.0% | 3.3% |
| 8 | Netherlands | 15,414 | 16,446 | -6.3% | 3.2% |
| 9 | Canada | 14,868 | 12,066 | +23.2% | 3.1% |
| 10 | Spain | 13,523 | 17,738 | -23.8% | 2.8% |
Hotel Occupancy by Region
Regional hotel occupancy rates for July 2024:
| Region | Occupancy 2024 | Occupancy 2023 | Change |
|---|---|---|---|
| South | 86.0% | 90.7% | -4.7 pp |
| Capital Region | 81.2% | 87.6% | -6.4 pp |
| North | 81.2% | 80.4% | +0.8 pp |
| Total | 81.0% | 86.8% | -5.8 pp |
| Reykjanes | 78.6% | 85.1% | -6.5 pp |
| East | 77.4% | 91.1% | -13.7 pp |
| West & Westfjords | 68.6% | 80.7% | -12.1 pp |
Foreign Card Spending
Total foreign card turnover in July 2024 was 47,493.9 million ISK (47.49 billion ISK), compared to 44,951.36 million ISK in July 2023.
This represents a +5.7% year-over-year change. Spending increased even as overnight stays declined, suggesting higher per-visitor expenditure.
Domestic Tourism
Icelandic residents recorded 92,271 overnight stays in hotels in July 2024, up 25.8% from 73,356 in 2023.
Data Sources
- Overnight Stays: Statistics Iceland (Hagstofa Íslands) — foreign and domestic guest nights in registered hotels
- Occupancy Rates: Statistics Iceland — room occupancy as % of available hotel capacity
- Card Spending: Central Bank of Iceland (Seðlabanki Íslands) — foreign debit/credit card turnover