Japanese Media "Most Japanese Cannot Travel Abroad"
Yen Weakness Makes Overseas Travel Reluctant, Domestic Travel Also Burdensome
Top Summer Overseas Destination for Koreans is Japan
Local media analysis has revealed that Japanese people are turning their attention to domestic travel instead of expensive overseas trips. On the 26th, the Japanese weekly magazine "Gendai Business" pointed out in an article titled "Most Japanese Can No Longer Travel Abroad... The Sad Reality Japan Ignores" that the travel preference of Japanese people is gradually decreasing. The main reason cited was the cost burden caused by the weak yen, which discourages overseas travel.
According to the travel and tourism consumption trend survey for the first quarter of this year released last month by the Japan Tourism Agency, the amount spent by Japanese people on domestic travel was 4.7574 trillion yen (approximately 41 trillion 540 billion won), an 11.8% increase compared to the same period last year. This amount is 13.0% higher than in 2019, before the COVID-19 pandemic. The total number of travelers was recorded at 50.38 million.
The media analyzed that although the money spent by Japanese people on domestic travel increased, it is difficult to say that long-term travel has increased. Earlier, the Japanese travel agency JTB surveyed travel trends during the 2024 Golden Week (April 25 to May 5), and 73.6% of respondents answered that they would not take a trip of one night or more, including returning home, during that period. The proportion of people citing economic reasons such as "travel costs are high" and "household finances are tight" as reasons for not traveling increased.
There was also an evaluation that Japanese people are becoming stingy with overseas travel. Travel journalist Hashiga Hidenori told the media, "People who gave up overseas travel are shifting to domestic overnight trips, and those who gave up domestic overnight trips are moving to day trips," adding, "There is an increasing number of cases where travel plans are being downgraded with a focus on cost."
As the value of the yen continued to decline, the yen/dollar exchange rate briefly rose to 160.39 yen per dollar in the foreign exchange market on the afternoon of the 26th. [Image source=Yonhap News]
The main reason for the decline in preference for overseas travel was identified as the "weak yen phenomenon." Until just before COVID-19, the yen-dollar exchange rate was maintained around 100 yen per dollar, but since last year, the exchange rate has fluctuated significantly, and as of this day, the yen-dollar exchange rate exceeded 160 yen, dropping the yen's value to its lowest level in 38 years. In the past, spending 1,000 dollars required 100,000 yen, but now it requires 160,000 yen.
The rising cost of living in popular overseas tourist destinations preferred by Japanese people also acts as a burden. Prices in Korea are higher than in Japan, and Taiwan is no longer relatively cheap compared to Japan. Mihara Higashi High School, located in southern Hiroshima Prefecture, was planning a school trip to Taiwan, but when the cost per person soared from the past 100,000 yen to a recent 150,000 yen, they changed the destination to Tokyo. Among 30 high schools in the area, 22 made similar decisions.
On the other hand, due to the weak yen phenomenon, the number of Korean travelers visiting Japan is increasing. According to a survey conducted on the 25th by data consulting company PMI targeting 3,000 men and women aged 20 to 69 nationwide about their summer vacation plans, the country most chosen by respondents planning overseas travel was Japan (37.3%). Due to relatively cheaper travel expenses and the advantage of close proximity, demand for travel to Japan continues.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
