The World Journey & Tourism Council (WTTC) 2024 Financial Impression Analysis (EIR) forecasts a record-breaking yr for Japan’s Journey & Tourism sector, with its financial contribution, job numbers, and customer spending, all set to achieve historic ranges.
The sector’s contribution to Japan’s financial system is anticipated to achieve practically ¥44.6TN in 2024, marking a 5.7% enhance over the 2019 peak demonstrating the important function of Journey & Tourism, accounting for 7.5% of Japan’s GDP.
Employment within the sector is forecasted to surpass 6MN jobs, a ten% enhance from the earlier yr and 209.7K greater than within the earlier excessive level, highlighting the sector’s significance in supporting Japan’s workforce and boosting nationwide employment.
Worldwide customer spending is anticipated to set new data this yr to rise to ¥6.3TN, whereas home customer spending is projected to hit practically ¥24.9TN, surpassing 2019 ranges by 16% and a pair of%, respectively.
Japan’s authorities has been working laborious to advertise sustainable tourism via a sequence of measures, reminiscent of selling lesser-known locations throughout the nation, fostering native collaboration, and adopting progressive methods to cut back congestion.
Julia Simpson, WTTC President & CEO, mentioned: “Japan’s Journey & Tourism sector is ready to interrupt all data, partly fuelled by a optimistic change fee for worldwide travellers.
“All the indications are set to rise – contribution to the Japanese financial system, rising job numbers and customer spending.
“These milestones spotlight Japan’s management and dedication to excellence within the world tourism panorama.”
Trying again on 2023
In 2023, Japan’s Journey & Tourism sector demonstrated sturdy restoration, rising greater than a 3rd (34.4%) to just about ¥41.8TN, representing 7.1% of the nationwide financial output.
Though nonetheless under pre-pandemic ranges, the sector generated 328K new jobs, to achieve 5.5MN.
Worldwide customer spending grew 447% to ¥5.66TN. Nevertheless, spending from abroad guests grew from a low base, largely resulting from Japan’s late reopening in comparison with many different worldwide locations.
Spending from home tourism rose 17.9% to achieve ¥23.41TN.
10-12 months Outlook
By 2034, the sector is anticipated to contribute practically ¥48.64TN yearly to Japan’s GDP, representing 7.9% of the financial system. Employment is projected to achieve practically 6.8MN jobs, with one in 10 working in Journey & Tourism.
See all the information in our Japan Journey & Tourism Financial Impression Report on the WTTC Analysis Hub.
