Japan Strategy, Tourism – Too Much of a Good Thing

INBOUND AND DOMESTIC TOURISM COULD FACE A TOUGH YEAR.

Kyoto

• A total 19.8 million inbound tourists arrived in the first 10 months 2023. With the run rate in October topping that of 2019.
• Post COVID inbound tourist mix has changed; significantly fewer high volume shopping tours, significantly more experience seeking westerners.
• This year there are five key headwinds for tourism revenues, and a risk to domestic consumption and seasonal spending.

In this note JAPANMACRO looks at the inbound tourist boom and the prospects for 2024 with domestic tourism and seasonal consumption - and it does not look good.

Something to consider now as Japanese equities are in demand and the liquidity is good.

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