Iceland is becoming a popular venue for nature-based tourism enthusiasts interested in exploring Arctic environments for scenic and recreational purposes (ITB 2009; Gossling and Alkimou 2006). Visitation to Iceland is expanding exponentially, generating significant revenue and income, making tourism the third largest foreign currency earner for the Icelandic economy. In 2006, total tourism receipts were measured at 47 billion Icelandic kroner (ISK), contributing 4.1 per cent to the nation’s GDP, and providing 12.7 per cent of the country’s income from foreign sources (Rannsoknir and Radgjof Ferdapjonustunnar 2008). In 2007, over 530,000 international tourists visited Iceland with over 80 per cent first-time visitors mainly from Europe and North America (Rannsoknir and Radgjof Ferdapjonustunnar 2008). The Icelandic Tourism Board (ITB 2007) identifies that the vast natural resources - glaciers, volcanos, geysers, and untamed wilderness - are some of the most important reasons contributing to the present 7 percent annual growth rate in visitation (Gossling and Hultman 2006). The most popular leisure activity of visitors is nature observation (ITB 2007). Outdoor activities such as camping, hiking, boat tours, jeep and glacier tours, snowmobile excursions, and horseback riding are also popular throughout the island. Overall, visitor motivation to Iceland is based on romanticized notions of the unique wilderness and the grandness of the landscape and tourist experiences that recreate a ‘natural’ image of the island (Gossling and Alkimou 2006; Gossling and Hultman 2006).
Foreign Currency Hedging Case Study: Jacques Couture, Inc.
