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Iceland Hospitality Industry Outlook 2024 - 2028

See how Iceland Hospitality performed compared to key markets such as the United Kingdom, Italy and France.

Key Market Indicators

Iceland's accommodation expenditure is projected to surge to €638 million by 2028, up from €565 million in 2023. This represents an annual growth rate of 1.9%. Since 2000, Iceland's demand has increased by 1.8% annually. In 2023, Iceland ranked 23rd globally, with Finland slightly ahead at €565 million. Italy, France, and Germany held the second, third, and fourth spots, respectively. However, revenue from Iceland's accommodation services is expected to decline, reaching €535 million by 2028 from €621 million in 2023, indicating a yearly decrease of 2.2%. Since 2019, the market has seen a 4.1% annual decline. In 2023, Iceland was ranked 27th, with Bulgaria surpassing it at €621 million. Spain, France, and the United Kingdom took the second, third, and fourth positions in this category. The number of accommodation establishments in Iceland is forecasted to rise to 20,080 bedplaces by 2028, up from 18,400 in 2023, growing at an annual rate of 1.4%. Since 2017, the supply has increased by 4.7% annually. In 2023, Iceland ranked 28th, with Latvia ahead at 18,400 bedplaces. Spain, France, and Germany occupied the second, third, and fourth ranks, respectively.

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Iceland Hospitality Market Data and Forecasts