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According to the Ministry of Business, Innovation and Employment, New Zealand will see the rise of foreign tourists’ spending by 2023. The spending by the tourists will rise to NZD14.2 billion (USD 10 billion) by 2023 from NZD 10.6 billion last year.
The tourism and travel industry 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.
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 NZD2.82 billion in 2023, which is 35% less than the NZD4.35 billion projected in last year’s report.