Icelandair had a 40% increase in cargo flights this July compared to the same month last year. The increase can partly be traced to Iceland's demand for imported Costco products.
According to Fréttablaðið's interview with Gunnar Már Sigurfinnsson, CEO of Icelandair Cargo, there are a few reasons for this increase besides Costco, such as a stronger currency:
"The strong status of the Krona means that people are ordering more products from abroad delivered right to them. An increase in tourism doesn't just fill up airline seats but also boosts the number of consumers in Iceland. They have a huge influence on the effects of domestic consumption and the company is flying in products to satiate that market.“
"Of course we can‘t forget the arrival of Costco earlier this year. We need to transport a lot of products for them.“
Wholesale giant Costco opened for the first time in Iceland earlier this summer with smashing success. Having a huge line of customers every day, Costco's promise of lower prices and a wide variety of products has caused rival Icelandic grocery stores to see a decline in sales ever since.