TBM Staff - Mumbai
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 YEN 44.6 trillion in 2024, marking a 5.7% increase over the 2019 peak and demonstrating the vital role of Travel & Tourism, which is projected to account for 7.5% of Japan’s GDP.
Employment in the sector is forecasted to surpass 6 million jobs, a 10% increase from the previous year and 209,700 more than 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, rising to YEN 6.3 trillion, while domestic visitor spending is projected to hit nearly YEN 24.9 trillion, 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, President & CEO, WTTC, Simpson praised Japan’s leadership and commitment to excellence in the global tourism landscape, stating that the country’s Travel & Tourism sector is set to break all records, partly fueled by a positive exchange rate for international travellers.
In 2023, Japan’s Travel & Tourism sector demonstrated a robust recovery, growing more than a third (34.4%) to nearly YEN 41.8 trillion, representing 7.1% of the national economic output.
Although still below pre-pandemic levels, the sector generated 328,000 new jobs, reaching 5.5 million. International visitor spending grew 447% to YEN 5.66 trillion, largely due to Japan’s late reopening compared to many other international destinations. Spending from domestic tourism rose 17.9% to reach YEN 23.41 trillion.
By 2034, the sector is expected to contribute nearly YEN 48.64 trillion annually to Japan’s GDP, representing 7.9% of the economy, with employment projected to reach nearly 6.8 million jobs, or one in 10 working in Travel & Tourism.
