Summary
May 2024 was part of Iceland's late spring, transitioning into high season as weather improves. Foreign guests recorded 325,809 overnight stays in hotels, compared to 356,087 in May 2023—a -8.5% change year-over-year.
National hotel occupancy stood at 58.9%, down 6.9 percentage points from 65.8% in 2023. Foreign card spending totaled 26.7 billion ISK (-1.9% YoY).
May 2024 in context
Foreign hotel nights for the year to date, January through May, reached 1,559,327, down 4.1% on the same period of 2023. Within 2024, May ranked 8th of the twelve months by foreign nights. Against the average for May over the five preceding years (excluding the pandemic years 2020 and 2021), this month came in ahead by 12.7%. Compared with May 2019, the last full year before the pandemic, foreign nights were up 17.7%.
United States of America was the largest source market with 33.6% of foreign hotel nights, and the top three markets together accounted for 53.3%. Hotel occupancy of 58.9% means that share of available rooms was sold across the month; this is typical of Iceland's low season, when many rural hotels close and demand concentrates in Reykjavík. 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 May 2024, ranked by overnight stays:
| Rank | Market | Nights 2024 | Nights 2023 | Change | Share |
|---|---|---|---|---|---|
| 1 | United States of America | 109,321 | 122,012 | -10.4% | 33.6% |
| 2 | Germany | 38,299 | 38,959 | -1.7% | 11.8% |
| 3 | United Kingdom | 25,953 | 32,074 | -19.1% | 8.0% |
| 4 | France | 20,359 | 21,337 | -4.6% | 6.2% |
| 5 | Netherlands | 18,792 | 16,126 | +16.5% | 5.8% |
| 6 | Canada | 9,995 | 9,444 | +5.8% | 3.1% |
| 7 | Denmark | 8,610 | 11,144 | -22.7% | 2.6% |
| 8 | China | 8,513 | 4,509 | +88.8% | 2.6% |
| 9 | Italy | 7,131 | 5,994 | +19.0% | 2.2% |
| 10 | Other Asian countries | 6,555 | 7,580 | -13.5% | 2.0% |
Hotel Occupancy by Region
Regional hotel occupancy rates for May 2024:
| Region | Occupancy 2024 | Occupancy 2023 | Change |
|---|---|---|---|
| Capital Region | 64.2% | 70.3% | -6.1 pp |
| South | 59.0% | 67.4% | -8.4 pp |
| Total | 58.9% | 65.8% | -6.9 pp |
| Reykjanes | 57.3% | 65.0% | -7.7 pp |
| North | 52.8% | 55.8% | -3.0 pp |
| East | 46.8% | 61.0% | -14.2 pp |
| West & Westfjords | 44.4% | 51.8% | -7.4 pp |
Foreign Card Spending
Total foreign card turnover in May 2024 was 26,690.94 million ISK (26.69 billion ISK), compared to 27,218.86 million ISK in May 2023.
This represents a -1.9% year-over-year change.
Domestic Tourism
Icelandic residents recorded 66,736 overnight stays in hotels in May 2024, up 11.9% from 59,632 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