The positive outlook for the tourism sector comes despite slowing economic growth, acute capacity constraints, low labour force and population growth, as well as widespread cost, price increases, and rising interest rates.
Rising visitor arrivals, strong expenditure, and more guest nights are bolstering stronger-than-expected international tourism recovery in New Zealand and contributing to elevated economic activity.
But the bank warns a new Covid wave, the cost of living crisis, and China uncertainty could drag growth.
The return of international visitors has given the country’s economy a boost.
The ASB Classic tennis tournament could bring economic benefits of as much as $27m to Auckland when it returns in 2023, says sponsor ASB.
Marlborough’s local tourism expenditure was down 7.7% in the year to June – more than the 6.6% drop reported nationally, according to Infometrics.
An “exodus of youth” employees could hit NZ’s tourism hotspots just as the peak season starts.
“Now that our borders are open, tourists are flocking in, regardless of the state of the global economy,” says the bank.
Queenstown Lakes District Council is seeking tenders for the implementation of its District Economic Diversification Plan.
The borders are open, but now New Zealand needs to remain competitive and attractive to tourists in a global market.
The economy faces strong headwinds but hospitality is better prepared than many other industries to face the challenges, says Cameron Bagrie.
The network drops to 59 locations, prompting Tourism NZ to take a closer look at how i-SITEs can evolve.
Business confidence has dipped due to the pain of interest rates, finding skilled staff, and rising costs.
The constrained labour market and lack of overseas workers are the biggest barrier to business, the Quarterly Canterbury Business Survey
NZ’s economic performance will only stay positive thanks to the revival of the sector.
The tourism sector is facing a combination of environmental and business risks that could make some operators unviable
After languishing at the bottom of the bank’s regional rankings, Otago and Southland are on the move.
The Chinese are yet to return but arrivals from other countries are on the move.
Rising costs are prompting price revisions with little room to manoeuvre in a recovering market for ITOs and suppliers.
The Ticker looks at how tourism businesses are coping with rising costs and whether they can increase prices in a recovering market.
The World Travel & Tourism Council paints a rosy recovery with both global tourism GDP and employment near pre-Covid levels next year.
Some 68% of local SMEs believe the New Zealand economy will decline in the next 12 months.
Tourism stakeholders share their hopes for changes to New Zealand’s border settings.
The bank says NZ’s current self-iso border requirements will be too prohibitive for potential travellers.
The third wave of the Explore Tāmaki Makaurau Voucher Programme is underway, with a further 50,000 vouchers allocated to registered Aucklanders.
Hospitality NZ chief executive Julie White said businesses could not be in a worse position to pay higher wages after the government announced the minimum wage increase to $21.20 per hour from 1 April 2022.
People have gone into their shells “like never before during the pandemic” with a possible wave of business failures to come.
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Tourism-dependent Otago has suffered from Auckland’s lockdown.
Credit defaults for businesses overall fell 5% in November compared to last month as the economy recovers heading into summer, according to Centrix.
New Zealand will move to a new “traffic light” system to replace the Alert Level system as full vaccination rates top the 90% mark, says prime minister Jacinda Ardern.
The West Coast has made a “stunning” return to the top of ASB’s latest measure of regional economic performance.
Consumer card spending is bouncing back to near pre-lockdown levels, according to a new Bank of New Zealand survey.
Domestic tourism picked up a decent chunk but it wasn’t the top category, according to a new survey.
Auckland’s Heart of the City is asking for more government support to get businesses through the current Delta outbreak.
BusinessNZ is urging consumers to support ‘mom-and-pop’ local shops that have borne the brunt of the latest lockdowns.
ASB Bank expects the economy to rebound 8% in Q4 if the elimination of Covid-19 in Auckland is successful.
Mandatory record keeping kicks in midnight Tuesday, at the same time most of the country could move to alert level 2.
More areas saw visitor spend fall in July compared to the same month a year ago.
With borders possibly closed for another summer, some operators are close to breaking point, says TIA’s Chris Roberts.
A majority of businesses in Auckland, Waikato, Taupō and Tauranga are confident of surviving the pandemic, but optimism is much lower in areas heavily reliant on tourism.
The Ministry of Social Development/Work and Income is opening applications for the Wage Subsidy August 2021 from 9am today.
There’s relief at seeing a plan but also acknowledgement that it won’t be a smooth path back.
The Delta variant has changed the equation, says the former Air NZ boss.
The divide between the north and south has widened due in part to the latter’s reliance on tourism, says the bank.
The crash in international tourism due to the pandemic may cause around US$4tr in damage to the global economy over 2020 and 2021, says a UN report.
A recent BusinessNZ Planning Forecast shows gross domestic product figures “holding up well, [but] constraints to growth are rising,” says chief executive Kirk Hope.
The tourism industry also faces a debate on transforming to ‘high quality’
Extension seen as piecemeal rather than changing labour market paradigms for tourism.
Wharf project receives $2 million, while Hamilton-Waikato Tourism gets one-off grant of $575,000 over three year period.