7 Oct 2008

Tourism industry expects slowdown

3:36 pm on 7 October 2008

The New Zealand tourism industry expects a serious slowdown because of the financial turmoil.

Though visitor arrivals have remained steady, several tourism operators say bookings are down by up to 20%, with a noticeable drop in the number of future visitors from Britain and the United States.

Most of the travellers scheduled to arrive this summer booked their holiday before the market turmoil.

Tourism Industry Association chief executive Tim Cossar believes the full impact of the credit crisis may not be felt for another 12 months and the potential slowdown will have widespread implications for the economy.