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A report commissioned by Business Events Industry Aotearoa valued the country’s conference sector at $925 million last year. That, it said, was despite a "softer" year and a fluid domestic economy.
The report, produced by Shane Vuletich of Fresh Info, showed international conference delegates also spent more on average per day than tourists, at an average daily spend of $645 – compared with the $417 average of other international visitors.
Multi-day conferences generated about 1.5 million visitor nights, with $412m being spent on delegate fees, $433m in event expenditure, and $80m in companion spending.
Overall international spend was almost double that of domestic delegates, at $3726 versus $2118. BEIA chief executive Lisa Hopkins said the opening of Auckland's International Convention Centre would increase the country's hosting capabilities and, with Tākina in Wellington and Te Pae in Christchurch, formed a "connected national network" allowing NZ to compete internationally.
Consumers remain cautious to spend amid a patchy economic recovery, just as the central bank is widely tipped to hold the cash rate steady.
Statistics NZ data today showed spending using debit, credit, and charge cards fell in January, when compared with December, with core retail spending down 0.9%.
There were broad declines across different categories, including hospitality, household durables, and consumables, along with fuel. Spending on motor vehicles and apparel increased.
The data highlights a patchy recovery this year, with expectations that the RBNZ is done and dusted with official cash rate cuts, amid higher inflation. The Monetary Policy Committee releases its latest decision on Wednesday afternoon.
The NZ Institute of Economic Research’s shadow board today suggested the RBNZ hold the OCR at 2.25%.
“Shadow board members agreed that New Zealand’s economic recovery is starting to gain traction, but there remains a considerable degree of spare capacity in the economy.”
Listed tourism company Tourism Holdings has landed a deal for its struggling UK & Ireland business assets, announcing a conditional sale to Portugal-headquartered Indie Campers at net asset value plus goodwill of $58.3 million.
THL last August said it was actively exploring divesting that business and reallocating funds to markets where it saw "better returns on effort and investment", having announced a $25.8m after tax loss on the back of impairments of $54.5m in its 2025 financial year.
On Monday, THL said it had reached a deal with Indie Campers. The timing of the sale means THL's second-half underlying ebit will be down by $1.1m, reflecting the loss of the UK & Ireland's high-season earnings period during Q4.
THL boss Grant Webster said: “While we continue to believe in the long-term potential of the business, the market has not delivered the scale required to achieve our original aspirations."
Gold explorer Santana Minerals has placed its shares on trading halt ahead of a proposed capital raise.
The Australian Financial Review reported on Monday the dual-listed company was seeking A$120m at A90c a share.
The company gave no details in its trading halt application, but said it wanted the halt “for the purposes of considering and executing a proposed capital raising”.
An announcement is expected by close of play on Tuesday.
Santana is seeking fast-track consent to mine for gold at its Bendigo-Ophir project in Central Otago. The fast-track panel is due to give its decision on October 29.
The company’s shares closed at $1.15 on Friday, A98c on the ASX.
