Tourists In Iceland Spending With Credit Cards Like Never Before - The Reykjavik Grapevine

Tourists In Iceland Spending With Credit Cards Like Never Before

Published December 13, 2017

Tourists in Iceland are spending more with their credit cards than ever before, reports Mbl.is.

Credit card turnover during the first eight months of the year was around 188 billion Isk, which averages out to around 23.5 billion a month. This represents an increase of roughly 63% compared to 2015 and comes out to 542,000 per Icelander.

Andrés Magnússon, the director of the Federation of Trade & Services, said that shops downtown are now almost completely dependant on foreign tourists. He, furthermore, said that should deals be made that allow direct flights between Iceland and Asia, as has been proposed, we might experience an “explosion” in tourist spending.

Increase in domestic demand has meant that economic growth this year is set to be higher than previously thought, so it is clear that you tourists accumulating copious amounts of debt is making us even richer.

It’s like what Iceland’s poet laureate wrote: “Happiness is a credit card.”

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