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WTTC forecasts record-breaking year for Japan’s Travel & Tourism sector, highlighting significant economic growth, job creation, and visitor spending.
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) forecasts an extraordinary year for Japan’s Travel & Tourism sector, with unprecedented economic contributions, job growth, and visitor spending. This positive outlook reflects the sector’s crucial role in bolstering Japan’s economy and workforce, positioning the country as a leading global tourism destination.
Economic Contributions
Japan’s Travel & Tourism sector is projected to reach an economic contribution of nearly ¥44.6 trillion in 2024. This represents a 5.7% increase over the 2019 peak, underscoring the sector’s importance, which now accounts for 7.5% of Japan’s GDP. Such a significant contribution highlights the sector’s resilience and its pivotal role in Japan’s overall economic landscape.
Employment Surge
Employment within the Travel & Tourism sector is forecasted to surpass 6 million jobs in 2024, marking a 10% increase from the previous year. This growth translates to 209.7 thousand more jobs than the sector’s previous high point, emphasizing its significance in supporting Japan’s workforce and driving national employment. This surge in job numbers showcases the sector’s potential to provide substantial employment opportunities and support economic stability.
Visitor Spending
Visitor spending is expected to set new records in 2024. International visitor spending is projected to rise to ¥6.3 trillion, while domestic visitor spending is anticipated to hit nearly ¥24.9 trillion. These figures surpass 2019 levels by 16% and 2%, respectively, reflecting the increasing allure of Japan as a travel destination and the robust recovery of domestic tourism.
Future Projections
Looking ahead to 2034, the WTTC projects the sector’s annual contribution to Japan’s GDP to reach nearly ¥48.64 trillion, representing 7.9% of the economy. Employment in the sector is expected to approach 6.8 million jobs, with one in ten people working in Travel & Tourism. These projections underscore the sector’s long-term potential and its critical role in Japan’s economic future.
Recovery and Growth
In 2023, Japan’s Travel & Tourism sector demonstrated a strong recovery, growing more than a third (34.4%) to nearly ¥41.8 trillion, which represented 7.1% of the national economic output. Despite being below pre-pandemic levels, the sector generated 328 thousand new jobs, bringing the total to 5.5 million.
International visitor spending saw a remarkable 447% increase to ¥5.66 trillion. This substantial growth, from a low base, was largely due to Japan’s late reopening compared to many other international destinations. Domestic tourism spending also rose significantly by 17.9%, reaching ¥23.41 trillion, indicating a robust recovery in local travel activities.
Sustainable Tourism Efforts
Japan’s government has been proactive in promoting sustainable tourism through various measures. These include encouraging travel to lesser-known destinations, fostering local collaboration, and implementing innovative strategies to reduce congestion. Such initiatives not only enhance the travel experience but also contribute to the sustainable development of tourism across the country.
Julia Simpson, WTTC President & CEO, highlighted Japan’s achievements: “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.”
Japan’s Travel & Tourism sector is on the brink of a record-breaking year in 2024. With substantial economic contributions, job growth, and visitor spending, the sector is poised to significantly impact the national economy. The government’s focus on sustainable tourism and innovative strategies further solidifies Japan’s position as a leading destination, promising a bright future for the country’s tourism industry.