You might also like:
THE days of nipping to the local currency exchange counter may soon end as Visa reveals travelers are using cards, phones, and wearables to pay when abroad.
According to the findings from the latest Visa Inbound Spend Report, this money has come from foreign visitors to New Zealand and those buying online from New Zealand-based businesses.
Visa Country Manager for New Zealand and South Pacific Marty Kerr remains optimistic for the move away from cash towards card as the spend patterns of international visitors demonstrate how New Zealand is benefiting from a booming tourism sector.
“It also shows that there is plenty of opportunity for New Zealand businesses to better understand how to get a share of international visitor spend and drive future growth,” Kerr added.
What are visitors’ spending patterns
According to Visa, travelers spent NZ$284 million (US$195 million) on dining last year, up from 27 percent in 2016.
A whopping NZ$384 million (US$263 million) was generated through shopping and retail, and accommodation churned up over NZ$333 million (US$229 million).
Who’s spending all this money
Australians visited New Zealand the most last year, spending an average of NZ$522 million (US$380 million).
Closely following were visitors from the US, China, and the UK spending a combined total of NZ$707 million (US$486 million).
The rest of the top 10 countries to visit New Zeland in 2017 includes Germany, France, Canada, Japan, South Korea and Singapore – unchanged from 2016.
Visa principal economist for Asia Pacific Glenn Maguire commented on how new ultra-long haul routes are making New Zealand more accessible to travelers and those who enjoy adventuring into nature.
This traveling demographic, Maguire added, is predominantly the “aging active” who appreciate New Zeland’s outstanding beauty and vibrant food and wine scene.
”As we head into the 2018/19 peak season, the challenge for all of us, in business, government, and tourism – is to find ways to ensure that New Zealand is top of the bucket list,” he said.
But travelers aren’t just waving the plastic
They’re waving their wrists and phones too.
The report also uncovered a recent trend of international visitors making contactless payments while in New Zealand.
Paying using e-wallets such as Apple Pay on smartphones and smartwatches rose by 95 percent from 2016, with Australians being mostly responsible for this trend accounting for 66 percent of the contactless payment.
“New Zealand merchants can prepare their businesses for international visitors by investing in contactless payments technology,” Kerr said.
The post Could card users spell the end for currency exchange in New Zealand? appeared first on Travel Wire Asia.
Source: travelwireasia.com