Economic growth in Japan has remained relatively static, with GDP growth at about 1% over the past four years.
Contributing to this is a reduction in the country’s exports as well as an aging population, but things are expected to turn around. Wages are on the rise, and Tokyo is hosting the 2020 Summer Olympics, which could lead to improvement in infrastructure development, employment and inbound travel.
A new report from Phocuswright looks at what this means for Japan’s total travel market, which is predicted to expand slowly over 2020 and then right the course in 2021.
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Japan Online Travel Overview Tenth Edition, written by Haruo Ushiba, Claudia Unger and Maggie Rauch, also looks at the Japanese government’s domestic travel initiatives as well as how the industry has responded through efforts on attracting inbound travelers.
The report is FREE for existing Phocuswright Open Access, Global and Asia Pacific subscribers (learn about how to become one here).