Several thousand Chinese visitors are expected to arrive in the resort during the holiday, which for the second consecutive year coincides with February, the resort’s busiest month.
The Year of the Rooster started on Saturday, marking the beginning of a holiday for mainland Chinese that continues until February 2.
Destination Queenstown chief executive Graham Budd said the rate of growth in the number of Chinese visitors had slowed considerably after spectacular growth in the past few years.
"The expectation is that we’ll have about the same number, not only in Chinese New Year but right through the year, rather than more growth on growth."
The resort was now hitting peak tourist season from all markets and Chinese New Year holidaymakers were "the cream on top of a really busy time anyway".
The holiday was observed in not only mainland China, Taiwan and Hong Kong, but many more countries with substantial Chinese populations.
Mr Budd said more Chinese airlines were flying into Auckland and Christchurch than 12 months ago, and he would be watching closely to see how much of the extra capacity was taken up.
Although New Zealand remained a popular, "aspirational" destination for Chinese people, international tourism was highly competitive.
The new, affluent, independent Chinese traveller could be deterred by Queenstown’s rising accommodation costs. They would also factor in exchange rate movements, air fares and New Zealand’s relative remoteness in their decisions.
"We should never be complacent about that."
Southern Discoveries chief executive Tim Hunter said the coming week would be busy, but "not quite the peak that occurred last year".
Chinese arrivals to New Zealand had increased a "stunning" 37% last year, driven by Chinese New Year holidaymakers and increasing airline capacity.
But this time around, his hotel and inbound operator contacts were telling him many group bookings from China had been cancelled.
Rising accommodation costs throughout New Zealand were a major factor, while the Kaikoura earthquakes last November could have deterred some risk-averse travellers.
Tourism New Zealand was forecasting extra capacity on flights from China would be taken up by independent travellers.
If that happened, there was plenty of accommodation in the resort.
"That doesn’t normally happen in Chinese New Year, so there’s room at the inn for the independent traveller, and we’re hoping to pick up quite a lot of late, last-minute business."
Tourism Industry Aotearoa’s hotel sector regional representative, Brian Howie, said Chinese New Year came at what was already a busy time of year in the resort.
Occupancy levels were about the same as they were 12 months ago, but there were still "rooms to be had" for independent Chinese travellers.
