The distinctive Isle of Wight accent is a somewhat stronger version of the traditional Hampshire dialect, featuring the dropping of some consonants and an emphasis on longer vowels. This is similar to the West Country dialects heard in south-western England, but less removed in sound from the Estuary English of the South East. In common with many other English regional dialects and accents, a strong Island accent is not now commonly heard, and as speakers tend to be older, this decline is likely to continue.

The Island also has its own local and regional words. Some words, including grockle (visitor) and nipper/nips (a younger male person) are still commonly used and are shared with neighbouring areas. A few are unique to the Island, for example overner (a mainlander who has settled on the Island) and caulkhead (someone born on the Island or, for sticklers, those born there from long-established Island stock). Other words are more obscure and used now mainly for comic emphasis, such as mallishag (meaning caterpillar) and nammit ("noon-meat", meaning food). Some other words are "gurt" as in large or great, also "gallybagger" as in scarecrow.

The largest industry on the Isle of Wight is tourism, but the Island has a strong agricultural heritage, including sheep and dairy farming and the growing of arable crops. Traditional agricultural commodities are more difficult to market off the Island because of transport costs, but Island farmers have managed successfully to exploit some specialist markets. The high price of these products overcomes the transport costs. One of the most successful agricultural sectors at present is the growing of crops under cover, particularly salad crops, including tomatoes and cucumbers. The Isle of Wight has a longer growing season than much of the United Kingdom and this also favours such crops. Garlic has been successfully grown in Newchurch for many years, and is even exported to France. This has led to the establishment of an annual Garlic Festival at Newchurch, which is one of the largest events of the Island's annual calendar. The favourable climate has led to the success of vineyards, including one of the oldest in the British Isles, at Adgestone near Sandown. Lavender is also grown for its oil . The largest sector of agriculture has been dairying, but due to a low milk price, and strict UK legislation for UK milk producers, the dairy industry has declined. There were nearly one-hundred and fifty dairy producers of various sizes in the mid-eighties, but this has now dwindled down to just twenty-four.

The making of sailcloth, boats and other connected maritime industry has long been associated with the Island, although this has somewhat diminished in recent years. Although they have reduced the extent of the plants and workforce, including the sale of the main site, GKN operate what was once the British Hovercraft Corporation a subsidiary of, and known latterly, when manufacturing focus changed, as Westland Aircraft. Prior to its purchase by Westland, it was the independent Saunders-Roe. It remains one of the most notable historic firms, having produced many of the flying boats, and the world's first hovercraft. The Island's major manufacturing activity today is in composite materials, including a large manufacturer of wind turbine blades (Vesta's).

Bembridge Airfield is the home of Britten-Norman, manufacturers of the world-famous Islander and Trislander aircraft. This is shortly to become the site of the European assembly line for Cirrus light aircraft. The Norman Aeroplane Company is a smaller aircraft manufacturing company operating in Sandown. There are have been 3 other aircraft manufacturers that built planes on the Island.