Foreign credit card spending increased by 50% in November last year compared to the previous year, according to a report from the economic division at Landsbankinn. It attributes this increase to the Iceland Airwaves music festival, which was pushed back to the end of October/beginning of November.
“The impact is huge and this just confirms the figures we have seen,” Grímur Atlason, the festival’s organizer, told Morgunblaðið. “Turnover from foreign credit cards went from 3 billion to 4.3 billion ISK. The figures we’ve been publishing are no fabrication.”
The Iceland Airwaves music festival starts on Wednesday, October 30 and ends with Kraftwerk’s show on Sunday, November 3.
See also: The Reykjavík Grapevine’s Airwaves site.