Japan's Travel and Tourism Industry Expected to Set New Milestones in 2024
Japan's Travel & Tourism Sector Forecasted for Record Growth
Japan's Travel & Tourism sector is set to experience a significant growth in the coming years, according to the World Travel & Tourism Council (WTTC). The sector is expected to contribute nearly ¥48.64 trillion annually to Japan's GDP by 2034, representing 7.9% of the economy.
In 2023, the sector showed a remarkable recovery, growing more than a third (34.4%) to nearly ¥41.8 trillion. This growth was driven by a surge in both domestic and international tourism. Domestic visitor spending rose 17.9% to reach ¥23.41 trillion, while international visitor spending grew an impressive 447% to ¥5.66 trillion.
The WTTC forecasts a record-breaking year for Japan's Travel & Tourism sector in 2024. International visitor spending is expected to set a new record at ¥6.3 trillion, surpassing the previous year's figure by 16%. Domestic visitor spending is also projected to hit nearly ¥24.9 trillion in 2024, marking a similar increase over 2023 levels.
This growth is expected to boost employment in the sector. In 2023, Japan's Travel & Tourism sector generated 328K new jobs, reaching 5.5MN. Employment is forecasted to surpass 6MN jobs in 2024, a 10% increase from the previous year. By 2034, employment in the sector is projected to reach nearly 6.8MN jobs, with one in 10 working in the sector.
The increased tourism spending and employment are expected to significantly contribute to Japan's economy. By 2024, the sector's contribution to Japan's GDP is expected to reach nearly ¥44.6 trillion, marking a 5.7% increase over the 2019 peak.
The WTTC predicts that Japan's Travel & Tourism sector will continue to grow, contributing nearly ¥48.64 trillion annually to Japan's GDP by 2034. However, the economic contribution of the tourism sector in Germany for the year 2034 is not explicitly stated in the provided search results, nor is the expected number of jobs created by that time.
In conclusion, Japan's Travel & Tourism sector is poised for a bright future, with record-breaking growth forecasted in the coming years. The sector's significant contribution to Japan's economy, along with the creation of millions of jobs, underscores the importance of this industry in Japan's overall economic health.
