Hong Kong's economy ecovered well after being hit hard by
the global economic downturn in 2009. Visitor arrivals to New
Zealand for the year ending October 2010 grew by 9.2 per cent
compared to the previous year, to reach a total of 24,797 for that
period.
Economy
Hong Kong's economy has recovered well from the global financial
crisis, with GDP growing by more than 5 per cent this year.
The economy continued to expand in the second quarter of 2010,
recording GDP growth of 6.5 per cent. Many economists believe
that if the global recovery continues, Hong Kong's GDP growth in
2010 should exceed expectations.
Consumer spending increased strongly in the first and second
quarters of 2010 compared to the same quarters last year. Exports
and imports also recorded impressive growth.
Unemployment has dropped during 2010 and now sits at 4.2 per
cent.
Key Indicators
Sources:
www.economist.com (GDP Growth)
www.xe.com (Exchange rates)
| Exchange Rate vs NZD |
HKD10 = NZD1.64 (9 Nov 10) |
| Expected GDP Growth |
+5.8% for 2010
+4.3% for 2011
(Nov 10 est. |
Outbound Travel
Hong Kong's travel market has recovered well after the global
economic downturn and the Influenza A H1N1 (Swine Flu) outbreak
that negatively impacted outbound travel in 2009.
A strong Hong Kong economy and an increase in passenger capacity
between Hong Kong and Auckland bodes well for the future of New
Zealand tourism.
The busiest months for Hong Kong travellers coming to New
Zealand are traditionally December and February. Both Air New
Zealand and Cathay Pacific have reported strong forward bookings
for the New Zealand holiday season and Tourism New Zealand expects
continued growth in visitor numbers during this time.
Airline Update
Strong demand for flights between Hong Kong and Auckland over
the summer season in 2010 prompted some airlines to increase
their passenger capacity on the route.
Cathay Pacific added two more flights between Hong Kong and
Auckland, making a total of 12 flights per week from 27 November
2010 to 6 March 2011.
Air New Zealand's also increased capacity on the route for the
summer months, operating two of its daily services as 'terminator'
flights. Rather than travelling on to London, these flights only
travelled between Auckland and Hong Kong, increasing seat
availability for the Hong Kong and South China markets.
Other indirect air links such as Hong Kong/Singapore/Auckland
are being used by group agents due to a shortage of direct air
capacity. Airlines such as Singapore Airlines, Royal Brunei
and Qantas are commonly used by group agents.
Competitor Activity
Australia, Korea and Thailand were particularly active in Hong
Kong in 2010, marketing themselves as ideal holiday destinations
for Hong Kong tourists. Taiwan has also moved to promote tourism
from Hong Kong by simplifying its application process for residents
of Hong Kong and Macau.