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τίτλος : Foreign tourists’ spending in New Zealand will rise to $10 billion by 2023
Σύνδεσμος : Foreign tourists’ spending in New Zealand will rise to $10 billion by 2023

Foreign tourists’ spending in New Zealand will rise to $10 billion by 2023

New Zealand will see the rise of foreign tourists’ spending by 2023.

According to the Ministry of Business, Innovation and Employment, the spending by the tourists will rise to NZ$14.2 billion ($10 billion) by 2023 from NZ$10.6 billion last year.

That’s 7.7 percent less than the NZ$15.34 billion expected in last year’s projections.

The tourism and travel sector has overtaken dairy as New Zealand’s top foreign exchange earner, boosted by a surge in arrivals from China, which is projected to overtake Australia as the biggest spender by 2024.

But tourism growth from China hasn’t been as strong as previously expected, with arrivals increasing just 2 percent in 2017. Last year, the tourism officials forecast China would take the top ranking in 2021.

  

The ministry said that the poorer-than-expected results for 2017 in Chinese arrivals and spend estimates have led to a significant revision in forecasts. The main factors driving the Chinese visitor market are complex and uncertainty remains around expected growth.

The short-term slowdown in growth may be partly attributed to the strength of New Zealand’s currency and price sensitivity in the market, the ministry said. Still, the slowdown is expected to be temporary and spending will grow as the age mix of arrivals from China changes and visitors stay longer, it said.

The tourism ministry of New Zealand projects that the spending by Chinese visitors will rise to NZ$2.82 billion in 2023, which is 35 percent less than the NZ$4.35 billion projected in last year’s report.

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Tags: china, new zealand, Tourism

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