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

 

Tourism set to grow 4% annually to 2025

Tourism set to grow 4% annually to 2025, spending to reach $15B

By Jenny Ruth

May 16 (BusinessDesk) - International tourist arrivals in New Zealand should grow 4 percent a year between now and 2025 and reach 5.1 million visitors in 2025.

That’s up from 3.9 million visitors in 2018, according to figures from the Ministry of Business, Innovation and Employment.

“Total international spend is expected to reach $15 billion, excluding international airfares and education,” MBIE says.

“This is an increase of 34 percent from 2018 when it was $11.2 billion.”

MBIE says the growth will be driven in the short-term by strong economic growth in the United States and, over the longer-term, by growth in Asian markets, especially China.

“Short-term growth will be driven by a range of factors, especially available seat capacity (on airplanes) and rising fuel costs which affect ticket prices and demand,” MBIE says.

Australia is the source of New Zealand’s largest number of visitors, providing 1.5 million visitors in 2018 and is expected to remain so over the forecast period with an average growth of 2.5 percent a year.

“Spend growth is forecast to grow at slightly higher than the growth of visitor numbers, suggesting that spend per visitor will increase,” MBIE says.

“Australia is currently the largest market by spend and will remain, although Chinese spend will reduce the gap by 2025.”

MBIE says its forecasts were developed using its tourism forecasting model with input and advice provided by the Tourism Forecast Moderation Committee, which is made up of people from Air New Zealand, the four main international airports, Tourism Industry Aotearoa and Tourism New Zealand.

(BusinessDesk)




© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Robertson Speech: Budget Sees Wider Debt Target

"New Zealand is well positioned to face this instability and uncertainty, but we are not immune from its impacts. Growth rates are set to be lower than we have seen in recent years..." More>>

ALSO:

Commerce Commission: Spark Warned Of Broadband Price Rise

The warning follows an investigation into representations Spark made on its website and in emails in August and September 2018, notifying in-contract customers receiving its copper-based broadband service of its decision to increase the price by $5 a month. More>>

Law Commission: Resist Rushing To New “Deepfake” Law

Artificial intelligence techniques can create massive volumes of fake audio, images and video that is incredibly convincing and near-impossible to detect... While it is tempting to respond with new law, the study finds that the long list of current legislation covering the issues may be sufficient. More>>

ALSO:

'Contrary To US Interests': US Lockout Sees Android Ditch Huawei

Effective May 16, 2019, the Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) by adding Huawei Technologies Co., Ltd. (Huawei) to the Entity List. More>>

ALSO: