Trans-Tasman bubble providing little comfort for tourism operators

It’s still early days, but it seems the Trans-Tasman bubble hasn’t been the silver bullet that many in the tourism sector had been hoping for. In the four weeks to 30 May, the number of arrivals to New Zealand on foreign passports was just 16% of 2019 levels for the same period. With virtually no arrivals from anywhere except Australia and the Cook Islands at the moment, these figures suggest that visitor arrivals from Australia are running at about 40-50% of their pre-COVID levels.

Crisis Note: Brace for impact – readying for a pandemic and recession

The COVID-19 pandemic is causing economic chaos both internationally and in New Zealand. A recession is now inevitable, and the economic ramifications of the pandemic and response will substantially change people’s livelihoods. However, New Zealand is resilient and stands ready to weather this pandemic, and there are actions that can be taken to reduce the severity of the economic blow.

Media release: Population growth and consumer spending drive regional economies for now

The latest Infometrics Quarterly Economic Monitor highlights that almost all regional economies continue to grow, driven by population growth and sustained consumer confidence. However, concerns are growing about future growth, with a long, slow, slowdown expected over the next few years.

A brighter outlook for young people in the services industry

The services industry is a key component of New Zealand’s economy, employing about 400,000 people or 18% of all workers in New Zealand. It relies heavily on young people with 30% of workers aged 15-24. Many of these young people work part time, often to fit work around other commitments like school or tertiary study. Some of these young workers stay on in the sector to become experts in their field, like world renowned chef Josh Emett while others stay for a short period of time, like I did, and learn valuable transferable people skills that can be used in other aspects of their working lives.

Retailers relying on new customers in 2016

Consumer spending will grow at a historically average rate during 2016. However, averages can be misleading, with the composition of spending changing significantly over the year ahead. Low dairy prices, rising unemployment, and weak wage growth are expected to see consumers tighten their belts during 2016 – with individual consumers unwilling to spend in the face of job insecurity and limited income growth.