Japan’s travel and tourism industry can expect record-breaking performance in 2024, based on a “strong recovery” in 2023, according to a WTTC survey.
The 2024 Economic Impact Study predicts that the sector’s contribution to Japan’s economy will reach approximately 44.6 trillion yen (US$275.9 billion) in 2024, up 5.7 percent from its 2019 contribution and accounting for 7.5 percent of Japan’s GDP.
According to a WTTC survey, Japan’s travel and tourism industry is expected to break all records this year.
Employment in the sector is expected to exceed six million this year, up 10 percent from last year and 209,700 more than in 2019.
Tourist spending is also expected to hit a record high, with international and domestic tourists projected to spend 6.3 trillion yen and 24.9 trillion yen, respectively, a 16% increase over 2019 levels for inbound tourists and 2% increase for domestic travelers.
“Japan’s travel and tourism sector is poised to break all records, fuelled in part by a favourable exchange rate for international visitors,” said Julia Simpson, WTTC president and CEO.
“All indicators are expected to rise, including contribution to Japan’s economy, job growth and tourist spending. These milestones highlight Japan’s leadership and commitment to excellence in the global tourism industry,” she added.
Government data also shows Japan’s travel and tourism sector could perform better than expected: In the first quarter of 2024 alone, spending by foreign visitors in Japan could reach 7.2 trillion yen ($7.2 trillion) annually in nominal terms, making tourism Japan’s second-largest export.
