Travel and Tourism in Iceland to 2017

Published: Jan, 2014 | Pages: 108 | Publisher: Timetric
Industry: Travel Services | Report Format: Electronic (PDF)

Synopsis
The report provides detailed market analysis, information and insights, including:
Historic and forecast tourist volumes covering the entire Icelandic travel and tourism sector
Detailed analysis of tourist spending patterns in Iceland for various categories in the travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transport, retail, travel intermediaries and others
Detailed market classification across each category, with analysis using similar metrics
Detailed analysis of the airline, hotel, car rental and travel intermediaries industries

Summary
The Icelandic travel and tourism sector's review-period (2008?2012) performance was adversely affected by the country's slip into recession in 2008. However, despite the volcanic eruption at Eyjafjallajokull in 2010, international and domestic tourism activity increased overall. Domestic tourist volumes rose at a review-period CAGR of 1.89% while international arrivals increased at a CAGR of 7.60%. According to the World Travel and Tourism Council (WTTC), in 2012, the sector accounted for 19.5% of Icelandic GDP and 20.9% of total employment.
Scope
This report provides an extensive analysis related to tourism demands and flows in Iceland:
It details historical values for the Icelandic tourism sector for 2008-2012, along with forecast figures for 2013-2017
It provides comprehensive analysis of the travel and tourism demand factors, with values for both the 2008-2012 review period and the 2013-2017 forecast period
The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Iceland
It provides comprehensive analysis of trends inthe airline, hotel, car rental and travel intermediaries industry with values for both the 2008-2012 review period and the 2013-2017 forecast period
Reason To Buy
Take strategic business decisions using historic and forecast market data related to the Icelandic travel and tourism sector.
Understand the demand-side dynamics within the Icelandic travel and tourism sector, along with key market trends and growth opportunities.
Key Highlights
The Icelandic travel and tourism sector registered a downturn in 2008 as the country's economy slipped into crisis and the country's three major privately owned commercial banks - Glitnir, Landsbanki and Kaupthing - collapsed. According to World Bank data, Iceland's GDP shrank by 6.6% in 2009 and 4.1% in 2010.
The dip in travel and tourism activity in the country was expected to decline further following the volcanic eruption at Eyjafjallajokull in 2010. However, the disaster turned into an opportunity as thousands of tourists flocked to Iceland to witness the volcanic activity. Media coverage of the eruption presented Iceland on an international platform. Furthermore, the devaluation of the krona due to the financial crisis also pushed down the price of goods and services in the country. These factors supported the growth of what became known as 'volcano tourism' by many Icelandic tour operators.
Domestic tourism is dependent on income levels and propensity to travel. A high unemployment rate leads to a fall in residents' inclination to spend. During the review period, domestic tourism was impacted by a high unemployment rate prevailing in the country in the wake of the financial crisis. However, the unemployment rate, which increased from 2.2% in June 2008 to 7.5% in June 2009, fell to 5.2% in June 2012.
Iceland also recorded an increase in the number of visitors from emerging markets such as China and Russia. According to the Icelandic Tourist Board, between January and September 2013, the number of Chinese tourists through Keflavik International Airport increased at a rate of 24.4%, while the number of Russian visitors increased at a rate of 54.3%. In April 2013, a Free Trade Agreement (FTA) was signed between Iceland and China; it is expected to further strengthen trade and tourism ties between the two countries.
Growth in the volume international departures from Iceland is expected over the forecast period. The expected growth can be attributed to the increasing air capacity and better connectivity to key destinations. For example, Iceland Air launched services to Anchorage in Alaska during the summer months (May-September) of 2013. The company also increased the frequency of its flights on key routes. Gatwick-Iceland was increased to four times a week and London-Iceland was increased to three times a week.
Wow Air, launched in May 2012, was the second low-cost airline to be launched in Iceland after Iceland Express which began operating in 2002. In October 2012, Wow Air acquired Iceland Express to become Iceland's only low-cost airline. In November 2013, the airline announced its plan to launch direct transatlantic routes to the US. The new service, which will be launched in spring 2014, will fly six times a week between Keflavik International Airport and Boston. The airline hopes to capture a larger share of Iceland's tourism market, which increased by 20% in 2012, with the new services.
The Icelandic hotel market faces the issue of seasonality in tourism activity, which impacts hotel occupancy rates and revenues. According to Statistics Iceland, in Greater Reykjavik, Iceland's capital region and the major tourism hub, a 91.9% occupancy rate was recorded in June 2012, while an occupancy rate of 39.6% was recorded in January in the same year. In areas such as the Westfjords, occupancy rates dropped to as low as 7.2% in January 2012, while a 58.3% occupancy rate was recorded in June 2012.
The increasing number of tourists and growth in car rental business led to the entry of new companies into the market. In August 2013, Red Car Rental, a part of Iceland's leading travel network Kynnisferdir, was launched. In addition to offering a brand new fleet of cars, the company also offered a launch discount of 10% on pre-paid bookings to attract customers.
Icelandic tour operators have benefitted from the shooting of films and television series' in the country. For example, in 2013, Iceland Travel, a leading Icelandic tour operator, launched 'Game of Thrones'-themed tours from the UK to Iceland. The tour, which takes travelers to the filming locations of the Game of Thrones television series, will be on offer between 1st October 2013 and 30th April 2014.

 1 Executive Summary
2 Market Overview
2.1 The Domestic Economy
2.2 Travel and Tourism Trends and Issues
2.3 Tourism SWOT
2.3.1 Strengths
2.3.2 Weaknesses
2.3.3 Opportunities
2.3.4 Threats
2.4 Country Fact Sheet
2.5 Demographic Profile
3 Tourism Flows
3.1 Domestic Tourism
3.1.1 Performance outlook
3.1.2 Key issues and trends
3.2 Inbound Tourism
3.2.1 Performance outlook
3.2.2 Key issues and trends
3.3 Outbound Tourism
3.3.1 Performance outlook
3.3.2 Key issues and trends
3.4 Tourism Flows Forecast Highlights
4 Airlines
4.1 Performance Outlook
4.2 Key Issues and Trends
4.3 Airlines Forecast Highlights
5 Hotels
5.1 Performance Outlook
5.2 Key Issues and Trends
5.3 Hotels Forecast Highlights
6 Car Rental
6.1 Performance Outlook
6.2 Key Issues and Trends
6.3 Car Rental Forecast Highlights
7 Travel Intermediaries
7.1 Performance Outlook
7.2 Key Issues and Trends
7.3 Travel Intermediaries Forecast Highlights
8 Tourism Board Profile
8.1 Tourism Board me
8.2 Tourist Board Description
8.3 Target Market
9 Airport Profiles
9.1 Icelandic Airports
9.1.1 Overview
9.1.2 Operator profile
9.1.3 Routes
10 COMPANY PROFILES - AIRLINES
10.1 Company Profile: Air Atlanta Icelandic
10.1.1 Air Atlanta Icelandic - company overview
10.1.2 Air Atlanta Icelandic - main services
10.1.3 Air Atlanta Icelandic - key competitors
10.1.4 Air Atlanta Icelandic - key employees
10.2 Company Profile: Icelandair Group
10.2.1 Icelandair Group - company overview
10.2.2 Icelandair Group - business description
10.2.3 Icelandair Group - main services
10.2.4 Icelandair Group - history
10.2.5 Icelandair Group - SWOT alysis
10.2.6 Icelandair Group - strengths
10.2.7 Icelandair Group - weaknesses
10.2.8 Icelandair Group - opportunities
10.2.9 Icelandair Group - threats
10.2.10 Icelandair Group - key competitors
10.2.11 Icelandair Group - key employees
10.3 Company Profile: Air Iceland
10.3.1 Air Iceland - company overview
10.3.2 Air Iceland - main services
10.3.3 Air Iceland - key competitors
10.3.4 Air Iceland - key employees
10.4 Company Profile: WOW Air
10.4.1 WOW Air - company overview
10.4.2 WOW Air - main services
10.4.3 WOW Air - key competitors
10.4.4 WOW Air - key employees
10.5 Company Profile: Eagle Air Iceland
10.5.1 Eagle Air Iceland - company overview
10.5.2 Eagle Air Iceland - main services
10.5.3 Eagle Air Iceland - key competitors
10.5.4 Eagle Air Iceland - key employees
11 Company Profiles - HOTELS
11.1 Company Profile: Grand Hotels Iceland
11.1.1 Grand Hotels Iceland - company overview
11.1.2 Grand Hotels Iceland - main services
11.1.3 Grand Hotels Iceland - key competitors
11.1.4 Grand Hotels Iceland - key employees
11.2 Company Profile: Hilton Reykjavik Nordica
11.2.1 Hilton Reykjavik Nordica - company overview
11.2.2 Hilton Reykjavik Nordica - main services
11.2.3 Hilton Reykjavik Nordica - key competitors
11.2.4 Hilton Reykjavik Nordica - key employees
11.3 Company Profile: Radisson Blu Hotels Iceland
11.3.1 Radisson Blu Hotels Iceland - company overview
11.3.2 Radisson Blu Hotels Iceland - main services
11.3.3 Radisson Blu Hotels Iceland - key competitors
11.3.4 Radisson Blu Hotels Iceland - key employees
11.4 Company Profile: Hotel Borg
11.4.1 Hotel Borg - company overview
11.4.2 Hotel Borg - main services
11.4.3 Hotel Borg - key competitors
11.4.4 Hotel Borg - key employees
11.5 Company Profile: Icelandair Hotel Reykjavik tura
11.5.1 Icelandair Hotel Reykjavik tura - company overview
11.5.2 Icelandair Hotel Reykjavik tura - main services
11.5.3 Icelandair Hotel Reykjavik tura - key competitors
11.5.4 Icelandair Hotel Reykjavik tura - key employees
12 Company Profiles - Car Rental
12.1 Company Profile: Hertz Iceland
12.1.1 Hertz Iceland - company overview
12.1.2 Hertz Iceland - main services
12.1.3 Hertz Iceland - key competitors
12.1.4 Hertz Iceland - key employees
12.2 Company Profile: Budget Car Rental Iceland
12.2.1 Budget Car Rental Iceland - company overview
12.2.2 Budget Car Rental Iceland - main services
12.2.3 Budget Car Rental Iceland - key competitors
12.2.4 Budget Car Rental Iceland - key employees
12.3 Company Profile: Avis Car Rental Iceland
12.3.1 Avis Car Rental Iceland - company overview
12.3.2 Avis Car Rental Iceland - main services
12.3.3 Avis Car Rental Iceland - key competitors
12.3.4 Avis Car Rental Iceland - key employees
12.4 Company Profile: Europcar Iceland
12.4.1 Europcar Iceland - company overview
12.4.2 Europcar Iceland - main services
12.4.3 Europcar Iceland - key competitors
12.4.4 Europcar Iceland - key employees
12.5 Company Profile: Thrifty Car Rental Iceland
12.5.1 Thrifty Car Rental Iceland - company overview
12.5.2 Thrifty Car Rental Iceland - main services
12.5.3 Thrifty Car Rental Iceland - key competitors
12.5.4 Thrifty Car Rental Iceland - key employees
13 Company Profiles - Travel Intermediaries
13.1 Company Profile: Gu�mundur Josson Travel
13.1.1 Gu�mundur Josson Travel - company overview
13.1.2 Gu�mundur Josson Travel - main services
13.1.3 Gu�mundur Josson Travel - key competitors
13.1.4 Gu�mundur Josson Travel - key employees
13.2 Company Profile: Atlantik - Iceland
13.2.1 Atlantik - Iceland - company overview
13.2.2 Atlantik - Iceland - main services
13.2.3 Atlantik - Iceland - key competitors
13.2.4 Atlantik - Iceland - key employees
13.3 Company Profile: Iceland Tours
13.3.1 Iceland Tours - company overview
13.3.2 Iceland Tours - main services
13.3.3 Iceland Tours - key competitors
13.3.4 Iceland Tours - key employees
13.4 Company Profile: North Sailing
13.4.1 North Sailing - company overview
13.4.2 North Sailing - main services
13.4.3 North Sailing - key competitors
13.4.4 North Sailing - key employees
13.5 Company Profile: Iceland Travel
13.5.1 Iceland Travel - company overview
13.5.2 Iceland Travel - main services
13.5.3 Iceland Travel - key competitors
13.5.4 Iceland Travel - key employees
14 Market Data Alysis
14.1 Domestic Tourism
14.1.1 Number of trips and overnight stays
14.1.2 Number of overnight stays
14.1.3 Total domestic tourist expenditure
14.1.4 Average expenditure per domestic tourist by category
14.2 Inbound Tourism
14.2.1 Intertiol arrivals by region
14.2.2 Intertiol arrivals by purpose of visit
14.2.3 Total inbound tourism expenditure by category
14.2.4 Average intertiol tourist expenditure by category
14.3 Outbound Tourism Flows
14.3.1 Intertiol departures by region
14.3.2 Intertiol departures by purpose of visit
14.3.3 Number of overnight stays
14.3.4 Total outbound tourism expenditure by category
14.3.5 Average overseas expenditure per resident by category
14.4 Airlines
14.4.1 Seats available
14.4.2 Number of seats sold by passenger type
14.4.3 Load factor
14.4.4 Passenger kilometers available
14.4.5 Revenue-generating passenger kilometers
14.4.6 Revenue per passenger
14.4.7 Total airlines revenue
14.5 Hotels
14.5.1 Hotel establishments
14.5.2 Available rooms
14.5.3 Room occupancy rate
14.5.4 Room nights available
14.5.5 Room nights occupied
14.5.6 Average revenue per available room
14.5.7 Revenue per occupied room
14.5.8 Total revenue per available room
14.5.9 Total hotel revenue
14.5.10 Guests by customer type
14.6 Car Rentals
14.6.1 Market value by customer type
14.6.2 Fleet size
14.6.3 Rental occasions
14.6.4 Rental length
14.6.5 Average rental length
14.6.6 Utilization rate
14.6.7 Average revenue per day
14.7 Travel Intermediaries
14.7.1 Travel intermediaries market value by product type
14.7.2 Travel intermediaries market value by channel
14.7.3 Travel intermediaries market value by destition
14.7.4 Travel intermediaries market value by customer type
15 Appendix
15.1 What is this Report About?
15.2 Definitions
15.3 Methodology
15.4 Contact Timetric
15.5 About Timetric
15.6 Timetric's Services
15.7 Disclaimer


List of Tables
Table 1: Iceland - Tourist Arrivals from Top-10 Countries (Thousand), 2008-2017
Table 2: Iceland - Tourist Departures to Top-7 Countries (Thousand), 2008-2017
Table 3: Icelandic Tourist Board - Key Facts and Locations
Table 4: Keflavik Intertiol Airport ? Overview
Table 5: Reykjavik Airport ? Overview
Table 6: Akureyri Airport ? Overview
Table 7: Egilssta�ir Airport ? Overview
Table 8: Air Atlanta Icelandic, Key Facts
Table 9: Air Atlanta Icelandic, Main Services
Table 10: Air Atlanta Icelandic, Key Employees
Table 11: Icelandair Group, Key Facts
Table 12: Icelandair Group, Main Services
Table 13: Icelandair Group, History
Table 14: Icelandair Group, Key Employees
Table 15: Air Iceland, Key Facts
Table 16: Air Iceland, Main Services
Table 17: Air Iceland, Key Employees
Table 18: WOW Air, Key Facts
Table 19: WOW Air, Main Services
Table 20: WOW Air, Key Employees
Table 21: Eagle Air Iceland, Key Facts
Table 22: Eagle Air Iceland, Main Services
Table 23: Eagle Air Iceland, Key Employees
Table 24: Grand Hotels Iceland, Key Facts
Table 25: Grand Hotels Iceland, Main Services
Table 26: Grand Hotels Iceland, Key Employees
Table 27: Hilton Reykjavik Nordica, Key Facts
Table 28: Hilton Reykjavik Nordica, Main Services
Table 29: Hilton Reykjavik Nordica, Key Employees
Table 30: Radisson Blu Hotels Iceland, Key Facts
Table 31: Radisson Blu Hotels Iceland, Main Services
Table 32: Radisson Blu Hotels Iceland, Key Employees
Table 33: Hotel Borg, Key Facts
Table 34: Hotel Borg, Main Services
Table 35: Hotel Borg, Key Employees
Table 36: Icelandair Hotel Reykjavik tura, Key Facts
Table 37: Icelandair Hotel Reykjavik tura, Main Services
Table 38: Icelandair Hotel Reykjavik tura, Key Employees
Table 39: Hertz Iceland, Key Facts
Table 40: Hertz Iceland, Main Services
Table 41: Hertz Iceland, Key Employees
Table 42: Budget Car Rental Iceland, Key Facts
Table 43: Budget Car Rental Iceland, Main Services
Table 44: Budget Car Rental Iceland, Key Employees
Table 45: Avis Car Rental Iceland, Key Facts
Table 46: Avis Car Rental Iceland, Main Services
Table 47: Avis Car Rental Iceland, Key Employees
Table 48: Europcar Iceland, Key Facts
Table 49: Europcar Iceland, Main Services
Table 50: Europcar Iceland, Key Employees
Table 51: Thrifty Car Rental Iceland, Key Facts
Table 52: Thrifty Car Rental Iceland, Main Services
Table 53: Thrifty Car Rental Iceland, Key Employees
Table 54: Gu�mundur Josson Travel, Key Facts
Table 55: Gu�mundur Josson Travel, Main Services
Table 56: Gu�mundur Josson Travel, Key Employees
Table 57: Atlantik - Iceland, Key Facts
Table 58: Atlantik - Iceland, Main Services
Table 59: Atlantik - Iceland, Key Employees
Table 60: Iceland Tours, Key Facts
Table 61: Iceland Tours, Main Services
Table 62: Iceland Tours, Key Employees
Table 63: North Sailing, Key Facts
Table 64: North Sailing, Main Services
Table 65: North Sailing, Key Employees
Table 66: Iceland Travel, Key Facts
Table 67: Iceland Travel, Main Services
Table 68: Iceland Travel, Key Employees
Table 69: Iceland - Number of Trips by Purpose (Thousand), 2008-2017
Table 70: Iceland - Number of Overnight Stays (Million), 2008-2017
Table 71: Iceland - Total Domestic Tourism Expenditure (ISK Billion), 2008-2017
Table 72: Iceland - Average Expenditure per Domestic Tourist by Category (ISK Thousand), 2008-2017
Table 73: Iceland - Intertiol Arrivals by Region (Thousand), 2008-2017
Table 74: Iceland - Intertiol Arrivals by Purpose of Visit (Thousand), 2008-2017
Table 75: Iceland - Total Inbound Tourism Expenditure by Category (ISK Billion), 2008-2017
Table 76: Iceland - Average Expenditure per Inbound Tourist by Category (ISK Thousand), 2008-2017
Table 77: Iceland - Intertiol Departures by Region (Thousands), 2008-2017
Table 78: Iceland - Intertiol Departures by Purpose of Visit (Thousand), 2008-2017
Table 79: Iceland - Overnight Stays (Million), 2008-2017
Table 80: Iceland - Total Outbound Tourism Expenditure by Category (ISK Billion), 2008-2017
Table 81: Iceland - Average Outbound Expenditure per Resident by Category (ISK Thousand), 2008-2017
Table 82: Iceland - Number of Seats Available (Million), 2008-2017
Table 83: Iceland - Number of Seats Sold by Passenger Type (Thousand), 2008-2017
Table 84: Iceland - Load Factor (%), 2008-2017
Table 85: Iceland - Number of Passenger Kilometers Available (Million), 2008-2017
Table 86: Iceland - Number of Revenue-Generating Passenger Kilometers (Million), 2008-2017
Table 87: Iceland - Revenue per Passenger (ISK), 2008-2017
Table 88: Iceland - Total Revenue (ISK Billion), 2008-2017
Table 89: Iceland - Hotel Establishments (Actual), 2008-2017
Table 90: Iceland - Available Hotel Rooms (Actual), 2008-2017
Table 91: Iceland - Hotel Room Occupancy Rate (%), 2008-2017
Table 92: Iceland - Room Nights Available (Million), 2008-2017
Table 93: Iceland - Room Nights Occupied (Million), 2008-2017
Table 94: Iceland - Average Revenue per Available Room (ISK), 2008-2017
Table 95: Iceland - Average Revenue per Occupied Room (ISK), 2008-2017
Table 96: Iceland - Total Revenue per Available Room (ISK), 2008-2017
Table 97: Iceland - Total Hotel Revenue (ISK Billion), 2008-2017
Table 98: Iceland - Guests by Customer Type (Thousand), 2008-2017
Table 99: Iceland - Car Rental Market Value by Customer Type (ISK Million), 2008-2017
Table 100: Iceland - Car Rental Fleet Size (Actual), 2008-2017
Table 101: Iceland - Car Rental, Rental Occasions (Thousand), 2008-2017
Table 102: Iceland - Car Rental, Rental Days (Million), 2008-2017
Table 103: Iceland - Car Rental, Average Rental Length (Days), 2008-2017
Table 104: Iceland - Car Rental, Market Utilization Rate (%), 2008-2017
Table 105: Iceland - Car Rental Average Revenue per Day (ISK), 2008-2017
Table 106: Iceland - Travel Intermediaries Market Value by Product Type (ISK Billion), 2008-2017
Table 107: Iceland - Travel Intermediaries Market Value by Channel (ISK Billion), 2008-2017
Table 108: Iceland - Travel Intermediaries Market Value by Destition (ISK Billion), 2008-2017
Table 109: Iceland - Travel Intermediaries Market Value by Customer Type (ISK Million), 2008-2017
Table 110: Timetric Travel and Tourism Sector Definitions