RotoruaNZ, in partnership with the Rotorua Business Chamber recently released the third Rotorua Business Pulse Report, providing the latest insights from Rotorua’s business leaders.
The Rotorua Business Pulse initiative serves as a key barometer for local businesses, providing a platform for business leaders to share their perspectives on Rotorua’s economic health. The most recent survey, which ran from March 22 to April 14, collected responses from 93 Rotorua-based businesses.
Andrew Wilson, RotoruaNZ Chief Executive, hailed the city’s economic resilience, reflected in a noticeable upswing in confidence, largely thanks to the recovery the tourism sector.
“With the growth and resurgence of our vital tourism industry, we are witnessing renewed optimism in our business community”, said Wilson.
Despite the rise in confidence, local businesses are navigating a complex economic landscape marked by escalating costs related to staffing, inflation, and debt. Businesses have shown innovation and adaptability in response to these challenges, with some exploring solutions within the artificial intelligence space and product innovation related to climate change.
Wilson acknowledged these challenges, saying, “While we continue to remain optimistic about Rotorua’s economic future, there are significant economic headwinds around inflation, talent and borrowing costs which are leading to very real concerns around profitability and work pipelines.”
Rotorua Chamber Chief Executive Bryce Heard also responded “the Rotorua business has confronted more setbacks than most NZ businesses over the past 3 years. This makes it even more remarkable that the survey partakers’ degree of confidence in themselves to navigate the next year, is way higher than their confidence in the national economy. We are justifiably proud of Rotorua’s business resilience and ability to bounce back.
It is to be hoped that we can work closely with the new Council and the business community, to finally get the CBD recovery underway and step up the Rotorua Brand.”
Participants voiced a need for investment in infrastructure, especially within the Central Business District (CBD), ensuring that Rotorua is vibrant and attractive to visitors and residents. Tied in closely with this, rebuilding reputation and restoring image also came through as top priorities for business leaders.
Climate change emerged as a notable factor in operational expenses and supply chain disruptions for a third of the city’s businesses. Furthermore, one in five businesses cited issues with flight schedules and reliability as the reason for choosing not to use Rotorua Airport.
See the full Rotorua Business Pulse Report at www.rotoruanz.com/business-pulse-survey.
