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.
The latest Infometrics Quarterly Economic Monitor suggests that regional economies may be about to turn a corner, with slight improvements in some indicators showing that renewed strength may be on the cards in 2020. However, the risks associated with the COVID-19 outbreak threatens to derail any rebound, with expectations for softer export earnings in the first half of 2020.
The emergence of a new coronavirus strand, COVID-19, has potentially upended both the global and domestic economic outlook for 2020. Although it’s still too early to fully evaluate how damaging the outbreak may be, early signs are for a much larger economic hit than first anticipated, with a growing risk that New Zealand could experience a recession in 2020.
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.
Events can be a great way to stimulate a local area – bringing a cash injection from out of town visitors, raising the profile of an area and local businesses to visitors and migrants, or simply bringing a community closer together. Many communities choose to support events which align with their strategic goals, but it’s important to assess if the benefits really stack up, and if a public investment is warranted. Infometrics offers an event impact calculator to our regional clients, empowering them to calculate impacts for themselves.
All popular opinion seemed to be turning against tourism in the summer of 2017/18. Media stories were dominated with, among others, tales of inconsiderate freedom campers and overcrowding at our most popular spots. Heading into the 2018/19 summer, it seemed as if little had changed, except for a smattering of new public toilets. With international tourism data out now, we’ve looked at how the tourism market performed, with some insights into the coming season based on our knowledge of the tourism sector.
Chart of the month: not only is Wellington City the worlds’ most liveable city it is also New Zealand’s most creative.
Infometrics has updated its Creativity Index for 2017 and Wellington retains the top spot.
Over the past few months, rental car purchases have caused wild swings in the number of new registrations . The rental car market relies heavily on the tourism industry, which has boomed over the past few years but now looks to be cooling. For the following article we will take stock of the rental car market and recent trends.
Airbnb’s explosive growth has been integral in helping to ease accommodation bottlenecks in the New Zealand tourism sector over the past year. There are now around 20,000 listings on Airbnb in New Zealand and hosts earned a total of $55m over the March 2017 year. Of the $55m spent on Airbnb accommodation in New Zealand over the past year, $22m was spent in Auckland and $17m was earned by hosts in Queenstown-Lakes District.
Queenstown-Lakes District was New Zealand’s top performing territorial authority during 2016, with employment expanding by a stonking 10.3% over the March 2016 year. This growth was almost four times the 2.7% rate of employment expansion seen nationally, and well above the 5.9% employment growth recorded by second-placed Western Bay of Plenty District. This article reveals more about Queenstown’s stellar year, along with a sneak peek at Infometrics’ 2016 Regional Economic Profile (official release: February 28) to see which other places also had rapid employment growth.