IBISWorld's analysts constantly monitor the industry impacts of current events in real-time – here is an update of how this industry is likely to be impacted as a result of the global COVID-19 pandemic:
error_outlineThis subdivision includes the Passenger Car Rental and Hiring industry, which is anticipated to report a significant decline in demand as inbound international tourism falls.
error_outlineInternational tourists were expected to account for 24.9% of industry revenue in 2019-20, representing a key driver of industry expansion. As Chinese tourists represent 10.5% of total visitors to New Zealand, the decrease in visitors from China is anticipated to adversely affect this industry. Furthermore, tourism from China had already fallen significantly during 2019, with visitor arrivals declining by 9.2% over the year.
error_outlineHowever, as the rest of the subdivision is primarily service-based and focused on the domestic market, the COVID-19 outbreak is only expected to lightly affect these industries.
Note: The content in this report is currently being updated to reflect the trends outlined above.