Figures
New Zealand Hotels Figures – H1 2024
Hotel demand softening through a weaker winter period
August 27, 2024 6 Minute Read
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Summary
Hotel occupancy growth has slowed to a halt across the country with weaker economic conditions both locally and internationally impacting room demand. Annual international visitors are 9% above 2023 however remain 17% below 2019 and domestic demand has been weak in most markets through Q2 2024. Chinese visitors have shown the strongest growth in the 12 months to June 2024 to be 43% below 2019 levels and we expect arrivals to improve through the 2024/25 summer period.
Nationwide occupancy levels and ADR’s have remained relatively flat since December 2023.
Key Points:
- International arrivals in the Year to June 2024 were 17% below 2019.
- USA arrivals have experienced the strongest recovery to be 3% above pre-pandemic levels.
- Hotel supply is 6.9% above CY 2019 and demand growth has slowed resulting in occupancy rates some 11.9% below CY 2019.
- ADR’s have flatlined at 19.8% above 2019 and RevPAR is 5.6% above.
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