We use electoral survey data linked to disaggregated geographical data toexamine the impact that two external shocks had on the initial developmentand long‐term success of New Zealand First (NZF), one of the oldest populistparties in the Organisation for Economic Co‐operation and Development, aswell as their short and long‐run impact on voting and political opinions. Wefind that people exposed to both structural and immigration reforms weremore likely to initially vote for NZF and permanently changed their politicalattitudes and policy preferences. Exposure to these shocks plays an importantrole in explaining the rise and continued success of populism in New Zealand.