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Could card users spell the end for currency exchange in New Zealand?

Travel Wire Asia
By Travel Wire Asia June 27, 2018 04:00

Could card users spell the end for currency exchange in New Zealand?

New Zealand

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. 

One of the places this trend can be seen prolifically is New Zealand, where spending by international Visa cardholder grew 15 percent to NZ$3.4 billion (US$2.3 billion) in 2017.

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.

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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.

The post Could card users spell the end for currency exchange in New Zealand? appeared first on Travel Wire Asia.

Source: Travels travelwireasia.com

Travel Wire Asia
By Travel Wire Asia June 27, 2018 04:00
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