Iceland Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in iceland, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Consumer Goods and Entertainment
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Overview

Most Icelandic households are dual-income, and private consumption is high.  American consumer products are popular in Iceland, and there is demand for the latest gadgets.  The market for U.S. entertainment products remains bright, and exposure to American entertainment products appears to spur demand for other U.S. goods and services.  American music and movies have always played a major role in Icelandic culture.  Video games from the United States also have a strong fan base in Iceland.

Iceland is among the most computer-savvy countries in the world, and demand for the latest computer hardware and off-the-shelf software reflects this context.  The Icelandic software market is sophisticated, with numerous startups and several established domestic software development companies, and a few global software companies.  Icelandic customers are accomplished IT users looking for the latest solutions to increase customer service, cost savings, and enhance business processes.  U.S. products are popular in Iceland.

Consumer Goods

Table: Consumer Goods
 2020202120222023 estimated
Total Local ProductionN/AN/AN/AN/A
Total Exports$113$109$144N/A
Total Imports$983$1,158$1,208N/A
Imports from the US$52$62$60N/A
Total Market SizeN/AN/AN/AN/A
Exchange Rates$1 = 136.67 ISK$1 = 136.67 ISK$1 = 136.67 ISK$1 = 136.67 ISK

Units: $ millions
Source: Statistics Iceland, consumer goods.

Leading Sub-Sectors

Computer hardware and software; solutions for information management; gaming products; music products; high-tech gadgets.

Opportunities

Export of computer hardware and software; high-tech appliances and gadgets to Iceland.

Resources

American-Icelandic Chamber of Commerce

Icelandic Federation of Trade

Invest in Iceland

Ministry of Higher Education, Science, and Innovation

Ministry of Culture and Business Affairs

Business Iceland

SA Confederation of Icelandic Enterprise

U.S. Embassy in Iceland

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