Spending by tourists is at its lowest level in 11 years due to a weak global economy and the strong New Zealand dollar.
A quarterly international visitor survey by the Ministry of Business, Innovation & Employment shows a drop of 6% in spending since 2011, when the Rugby World Cup was held.
It also showed that spending last year fell to the lowest level since 2001.
The ministry said last year's decline was also partly due to a 2% drop in visitor numbers.
Spending by British visitors fell faster than expected.
However, Chinese tourists spent 42% more, exceeding forecasts.