30 Billion ISK in revenue from MICE tourism during 2022

According to a KPMG analysis for Business Iceland, tourism in Iceland related to conferences and incentive trips, known as MICE (meetings, incentives, conferences, events), generated approximately 30 billion Icelandic Kronur (ISK). 

The number of tourists who came to the country specifically to attend events or participate in incentive trips was about 78,000, or 4.6% of the total number of foreign tourists in 2022. However, the revenue share of MICE tourists represents about 9.3%. According to KPMG's calculations, revenues from each conference guest in Iceland are, on average, 2.1 times higher than the average tourist, and revenue from each incentive trip guest is 2.7 times higher.

KPMG's analysis also indicates that increased MICE travel can help reduce the impact of seasonal fluctuations in tourism, as MICE tourism tends to peak outside the traditional high season of Icelandic tourism. Lína Petra Þórarinsdóttir, head of tourism at Business Iceland, says,

"The KPMG analysis confirms the value of these groups for Icelandic tourism. Iceland is in an ideal position to target this market increasingly. Moreover, the requirements for hosting conferences in Iceland have improved greatly in recent years, although there is still room for improvement. These groups tend to emphasize destinations that value environmental and social sustainability, are safe, and are alternatives to "typical" MICE locations. Among other indications, our strength is that the number of MICE projects in Iceland had already exceeded pre-pandemic levels by 2022, while most of our neighboring countries hope to achieve this benchmark by 2025 or 2026."

According to the KPMG analysis, infrastructure limitations are the main hurdle preventing further expansion of MICE tourism. There is a need for more 4-5 star accommodations, dining facilities for larger groups, and more versatile exhibition and event spaces, to name a few.

You can learn more about the KPMG study results here (Icelandic).