Official visitor numbers were up just 2% in March and April, with bed occupancy for April the lowest for that month in 11 years.
Statistics New Zealand says April bed occupancy was just 50%.
There were 8% fewer international guests during March and April than in the previous year but 9% more New Zealanders travelled around the country.
Bay of Plenty, Waikato and Canterbury recorded the highest number of domestic travellers.
The number of people visiting camping grounds and caravan parks over the Easter break dropped by 55,000 people, or 4%, compared with Easter last year.
Total guest nights were 4% higher and eight of the 12 regions reported lower occupancy.