Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ tourism spending forecast to increase 25% by 2020: MBIE

NZ tourism spending forecast to increase 25% by 2020, MBIE says

By Tina Morrison

Sept. 5 (BusinessDesk) - Tourism spending in New Zealand will likely increase 25 percent to an annual $8.3 billion by 2020, driven by an increased number of visitors, according to a report by the Ministry of Business, Innovation and Employment.

Visitor numbers are forecast to grow 31 percent to 3.6 million by 2020, although the average stay is expected to slide by 1 percent to 19 days and average spending per day will fall 4 percent to $124, according to the ministry's New Zealand Tourism Sector Outlook 2014-2020.

Tourism accounts for about 9 percent of New Zealand's gross domestic product, according to the nation's Tourism Industry Association. Most of the growth in visitors through 2020 is forecast to come from Australia, the country's largest source of visitors where kiwis have strong links to friends and family, and China, the second-largest visitor market where a growing middle class is driving travel demand.

"The most important driver of visitors to New Zealand is economic growth in the home country. While the short-term outlook shows risks from some emerging markets that are not yet fully developed markets, long-term structural forces - globalisation, industrialisation and urbanisation - shape a positive outlook for New Zealand," according to the outlook report. "New young and rich people in the region will soon demand luxury products. New Zealand tourism operators need to be ready."

In 2013, the number of international visitor arrivals rose 6.1 percent 2.7 million, helping lift total spending 5.2 percent to $6.7 billion, the report said. Still, the average daily spend per visitor slipped 1.5 percent to $128 as a higher New Zealand dollar made local products seem expensive.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news