Japan’s travel and tourism sector can expect a record-breaking 2024 based on its “robust recovery” in 2023, according to a study by WTTC.
The 2024 Economic Impact Research forecasts the sector’s contribution to Japan’s economy will reach almost 44.6 trillion yen (US$275.9 billion) in 2024, equating to a 5.7 per cent increase on 2019’s contribution and accounting for 7.5 per cent of the country’s GDP.
A study by WTTC expects Japan’s travel and tourism sector to break all records this year
Employment in the sector is set to surpass six million jobs this year, a 10 per cent increase year-on-year and 209,700 more than in 2019.
Visitor spending is also expected to reach new highs, with international and domestic travellers projected to spend 6.3 trillion yen and 24.9 trillion yen respectively. This consumption would surpass 2019 levels by 16 per cent for inbound tourists and two per cent by Japan-based ones.
“Japan’s travel and tourism sector is set to break all records, partly fuelled by a positive exchange rate for international travellers,” said Julia Simpson, president and CEO of WTTC.
“All the indicators are set to rise – contribution to the Japanese economy, increasing job numbers and visitor spending. These milestones highlight Japan’s leadership and commitment to excellence in the global tourism landscape,” she added.
Government data indicates it may even be possible that Japan’s travel and tourism sector performance will exceed predictions. In 1Q2024 alone, spending in Japan by international visitors totalled an annualised 7.2 trillion yen in nominal terms, making tourism the country’s second-largest export category.
Japan’s travel and tourism sector can expect a record-breaking 2024 based on its “robust recovery” in 2023, according to a study by WTTC.
The 2024 Economic Impact Research forecasts the sector’s contribution to Japan’s economy will reach almost 44.6 trillion yen (US$275.9 billion) in 2024, equating to a 5.7 per cent increase on 2019’s contribution and accounting for 7.5 per cent of the country’s GDP.
Employment in the sector is set to surpass six million jobs this year, a 10 per cent increase year-on-year and 209,700 more than in 2019.
Visitor spending is also expected to reach new highs, with international and domestic travellers projected to spend 6.3 trillion yen and 24.9 trillion yen respectively. This consumption would surpass 2019 levels by 16 per cent for inbound tourists and two per cent by Japan-based ones.
“Japan’s travel and tourism sector is set to break all records, partly fuelled by a positive exchange rate for international travellers,” said Julia Simpson, president and CEO of WTTC.
“All the indicators are set to rise – contribution to the Japanese economy, increasing job numbers and visitor spending. These milestones highlight Japan’s leadership and commitment to excellence in the global tourism landscape,” she added.
Government data indicates it may even be possible that Japan’s travel and tourism sector performance will exceed predictions. In 1Q2024 alone, spending in Japan by international visitors totalled an annualised 7.2 trillion yen in nominal terms, making tourism the country’s second-largest export category.