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Forecast of robust growth to 2020 welcomed

For immediate release
Friday 5 September, 2014

Forecast of robust growth to 2020 welcomed

Tourism New Zealand has today welcomed the release of new industry forecasts by the Ministry of Business, Innovation and Employment, and of the growth they predict.

Chief Executive Kevin Bowler says the forecasts are a valuable tool for the industry to check that their focus is on the right markets and to help prepare for the future. With the growth being predicted, tourism operators will take away the message that now is likely to be a good time to invest in their businesses to either grow capacity or refurbish existing product.

“The forecasts are predicting robust growth out to 2020 from both advanced and emerging markets, which will be welcome news for the tourism industry on the back of a very successful past two years.

“Tourism New Zealand is continuing to direct its efforts on the same advanced and emerging markets that are shown to be the drivers of growth in these forecasts.

“As the global economic outlook continues to improve and a growing middle-class seek more and more tourism experiences, we are well on the way toward achieving the Tourism 2025 aspirational target of $41 billion total tourism revenue by 2025. International visitor spend in New Zealand lifted 11 per cent in the twelve months to end June 2014, well above the 6 per cent run-rate required to hit the Tourism 2025 target.

“Of course, the global environment is unpredictable and the industry should continue to think in terms of the forecasts being a mid-point; with potential up-side opportunity and down-side risk.

“Tourism New Zealand will continue to focus its efforts on overcoming the challenges that appear and realising the opportunities available to increase the value of the international visitor to the New Zealand industry,’ he says.

ENDS

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