Key regions: Malaysia, Europe, Singapore, Vietnam, United States
Japan's Travel & Tourism market is experiencing significant growth and development.
Customer preferences: Travelers in Japan are increasingly seeking unique and authentic experiences, moving away from traditional tourist attractions towards off-the-beaten-path destinations. There is a growing interest in cultural activities, local cuisine, and immersive experiences that allow visitors to fully engage with the local culture.
Trends in the market: One notable trend in the Japanese Travel & Tourism market is the rise of sustainable and eco-friendly travel practices. Travelers are becoming more environmentally conscious and are actively seeking ways to minimize their carbon footprint while exploring new destinations. This trend has led to the emergence of eco-friendly accommodations, green transportation options, and responsible tourism initiatives across the country.
Local special circumstances: Japan's unique blend of traditional culture and modern innovation sets it apart as a top travel destination. The country offers a diverse range of experiences, from bustling metropolises like Tokyo and Osaka to serene natural landscapes such as Mount Fuji and the Japanese Alps. The rich history, delicious cuisine, and renowned hospitality of the Japanese people further contribute to the country's appeal to travelers from around the world.
Underlying macroeconomic factors: The Japanese government has been actively promoting tourism as a key driver of economic growth, leading to investments in infrastructure, promotion of cultural exchange programs, and relaxation of visa requirements for visitors. Additionally, the depreciation of the yen in recent years has made Japan a more affordable destination for international travelers, further boosting the Travel & Tourism market in the country.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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