Hotel managers also pointed to the trend of tourists making reservations only a few weeks before a trip as another reason for the trough in advanced bookings compared to years past.
While hopes were pinned on the traditional peak months and domestic and Australian visitors coming to Queenstown, operators were taking a "wait and see" approach before hiring additional staff.
The New Zealand Hotel Council regional chairwoman, Victoria Shaw, said advanced bookings were on a par with last year but "possibly a little bit softer".
Americans were likely to stay at home because of the financial crisis and the United States market dipped every four years because of the general election, which rolled into Thanksgiving.
Ms Shaw said operators were seeing a shorter lead time from northern hemisphere tourists.
Bookings used to be made three to six months in advance but were now more often being made only two to three weeks ahead of arrival.
"Things are definitely soft and it's going to be interesting to see what happens so I think that's why people are holding off employing extra staff," she said.
"Traditional peak periods like Christmas and New Year and February, because of the good weather, will always be busy.
It's whether we see people coming in November and carrying on through March and April.
"We might see a lot more Australians on short-haul holidays now their dollar has devalued."
Ms Shaw said operators would want to maintain room rates and not want to encourage bargain hunters.
"We've worked hard to build a Queenstown brand people aspire to experience."
The manager of a major Queenstown hotel, who spoke on condition of anonymity, said Tourism New Zealand was expecting a national drop of 25% in the US and UK markets.
However, opportunities existed in the domestic and Australian markets, which were where both Tourism NZ and Destination Queenstown were putting some efforts to attract more Australians to visit.
"This business does tend to book later than some of the longer-haul business so we are still optimistic about our peak months next year," the manager said.
"It will be that time that really gives an indication of how the market is and whether other markets will fill the gaps of the losses of long-haul business.
"The comments I am hearing about occupancy around town seems to be that we are still holding bookings but there are cancellations happening, which is normal.
But the main feeder markets of the UK, Europe and US are down again in line with the predictions of TNZ."
The manager said that was because of the cost of air travel, the economies in those countries, as well as general elections and uncertainty.
"This is not unique to Queenstown and not unique to New Zealand."
The manager said his hotel was holding well.
If traditional peaks did not perform, it would be an indication it was likely to be a quieter season.
The manager's staff were mostly part-time and fluctuated depending on seasonal demand.
The relatively transient nature of the resort's workforce also played a part.
"We're being careful and looking at what business comes in and make adjustments accordingly."
Totally Tourism Ltd managing director Mark Quickfall said adventure activities and scenic flights tended to be optional.
Tour operators did not secure advance bookings at the same level as hotels.
"It's hard for us to gauge how the season will pan out. Most operators here have been enjoying reasonably healthy growth.
"We got through the summer and we were on a par with last year and I'd be comfortable with that [this season]."
Mr Quickfall said the global credit crunch was causing many operators to tighten belts and postpone hiring extra personnel.
Unsettled spring weather had affected air activities and October and November would be watched as indicators for business in the summer.
Destination Queenstown chief executive David Kennedy said the decline in advanced bookings was not a surprise as travel was affected whenever there was uncertainty in the world.
About 15 years ago, 70% of summer bookings would be made by October; now, it was more like 20%.
"July and August were pretty good and September started to soften. Everyone's realistic about what's happening in the world and they realise it's going to be a potentially difficult year to 18 months.
"But there are a lot of moving factors in tourism. There's an 18-month lag between the emergence of a low New Zealand dollar and visitor numbers.
"Tourism is a bit like farming. It has cycles and it's had tough times before. The tourism industry will adjust itself to suit."
