Visitors from overseas spent about 1.6 billion ISK at last year’s Iceland Airwaves music festival, even as prices decreased between years.
Kjarninn reports that spending increased between 2013 and 2014 by about 420 million ISK, according to data compiled by Iceland Music export. In addition to spending more, foreign guests to the music festival also stayed in Iceland longer.
This had a rippling effect on other consumer sectors within Reykjavík as well. For example, these guests also spent an increased amount of money at coffeeshops, bars and other types of stores.
Where the demographics are concerned, the data shows that about 55% of guests were between 26 and 36 years old, and only 45% of the festival’s guests were Icelandic. The top visiting nationalities hailed from the US, Germany, and the UK. Also, while accommodation in hotels for these guests decreased between 2013 and 2014, the use of rented apartments increased.