Japan Holiday Spending: Updated Feb. 13, 2024

 

Inflation, weak yen hit appetite for holiday spending in Japan

Article Source: https://mainichi.jp/english/articles/20231231/p2g/00m/0bu/025000c

Ideas:

No doubt the continued inflation challenges are affecting Japanese holiday plans and spending plans. But each household is very much different so some might be cutting back and some might not be as their income is high enough that they are not concerned with inflation.

Traditionally the New Year holiday period is a big event in Japan as many families have a long holiday during the New Year period. But because inflation has decreased the extra income of some families they might be cutting back on the New Years holiday plans.

When I was in Yokohama Japan in Jan. of this year, 2024, you couldn't really tell that people were reducing their spending as shoppers were everywhere in the Yokohama eki, station, area, as its a major shopping area in Yokohama.

In South Korea, the lunar new year is a major holiday period, of four days, and many families return to their hometowns, but at the same time, many now travel overseas such as Japan for the four day holiday. But at the same time, many people, especially in the Seoul city region, don't travel to the southern part of the country anymore as many of them are not interested in travel as they just want to rest. I'm sure in Japan, maybe many families just want to rest the the New Year holiday period.

The weak yen has maybe discourage many Japanese from traveling overseas as they have to pay more for what they buy, as their purchasing power has been reduced.

At the same time, because of the weak yen, maybe many Chinese and many South Korean, along the Taiwanese, and other Asian tourists want to travel to Japan because of the weak yen and the increased purchasing power.

For the most part, Japan has been characterized as a country of savers compared to the US which has been seen as country of spenders. 

Most likely, the inflation situation has forced many people to save more and spend less in Japan and or they are saving what they can despite the inflation challenges.

People always want to move around or travel or even just get out and to shopping or something, as the pandemic might have prevented them from doing what they wanted as much as they wanted.

Again, when I was in Yokohama, which is just southeast of Tokyo, there were hordes of shoppers in Sogo department store and in the Yokohama station, eki, areas as its didn't look like many people were there just to eye shop as they were all buying whatever, and the Starbucks shops were all full with people all day long.

Have a nice day and be safe.