TTT NEWS NETWORK
KOLKATA, 30 JUNE 2024:
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) forecasts a record-breaking year for Japan’s Travel & Tourism sector, with its economic contribution, job numbers, and visitor spending, all set to reach historic levels.
The sector’s contribution to Japan’s economy is expected to reach nearly ¥44.6TN in 2024, marking a 5.7% increase over the 2019 peak demonstrating the vital role of Travel & Tourism, accounting for 7.5% of Japan’s GDP.
Employment in the sector is forecasted to surpass 6MN jobs, a 10% increase from the previous year and 209.7K more than in the previous high point, highlighting the sector’s importance in supporting Japan’s workforce and boosting national employment.
International visitor spending is expected to set new records this year to rise to ¥6.3TN, while domestic visitor spending is projected to hit nearly ¥24.9TN, surpassing 2019 levels by 16% and 2%, respectively.
Japan’s government has been working hard to promote sustainable tourism through a series of measures, such as promoting lesser-known destinations across the country, fostering local collaboration, and adopting innovative strategies to reduce congestion.
Julia Simpson, WTTC President & CEO, said: “Japan’s Travel & Tourism sector is set to break all records, partly fuelled by a positive exchange rate for international travellers.
“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.”
Looking back on 2023
In 2023, Japan’s Travel & Tourism sector demonstrated robust recovery, growing more than a third (34.4%) to nearly ¥41.8TN, representing 7.1% of the national economic output.
Although still below pre-pandemic levels, the sector generated 328K new jobs, to reach 5.5MN.
International visitor spending grew 447% to ¥5.66TN. However, spending from overseas visitors grew from a low base, largely due to Japan’s late reopening compared to many other international destinations.
Spending from domestic tourism rose 17.9% to reach ¥23.41TN.
10-Year Outlook
By 2034, the sector is expected to contribute nearly ¥48.64TN annually to Japan’s GDP, representing 7.9% of the economy. Employment is projected to reach nearly 6.8MN jobs, with one in 10 working in Travel & Tourism.
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