A report by Renub Research entitled “Japan Hotel Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028″. Furthermore, the report encompasses a study of competitors and regions and the recent growth in the Japan Hotel Market.
It is anticipated that between 2022 and 2028, the Japan hotel market will expand at a CAGR of 13.30%. Japan obtained the top ranking on the Travel and Tourism Development Index by the World Economic Forum for the maiden time in 2022 (up from top two position in the erstwhile survey in 2019) despite being off-limits to tourists for the previous two years. Japan ranked extremely high for both the quantity of cultural resources and the quality of its infrastructure among the 117 economies included in the index. Aside from its excellent transportation systems and extensive cultural heritage, Japan performed well across the board, coming in ninth for health and hygiene and fifteenth for safety and security.
After more than two years of isolation, Japan finally lifted all travel restrictions related to the pandemic in early October. Since then, the nation has seen an increase in tourists. According to the most recent statistics from the Japan National Tourism Organization, April saw a post-pandemic high of nearly 2 million visitors to the country famous for its cherry blossoms, onsen, and well-known anime movies and series. Japan Hotel Market size is predicted to reach US$26.92 Billion by 2028, is expected to be driven by an increase in tourism, government initiatives, and significant international events.
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As the nation’s tourism sector starts to gain steam, the hotel sector in Japan is displaying encouraging signs of recovery. The Japanese authorities have a goal of attracting 60 Million overseas traffic annually to Japan by 2030. To cater to such a large range of human beings and offer top-notch services, hotel and lodging companies are actively hiring worldwide group of workers. By the 2023, Tokyo’s hotel performance is expected to approach the degrees visible in 2019, and there should be inflation-adjusted increase via 2024. The resort industry’s growth plans are well-balanced compared to the existing supply, mainly whilst as compared to other Asian markets. According to JTB Corporation, Japan’s largest adventure corporation, they anticipate that there can be approximately 21.1 million inbound visits to Japan in 2023, which is prepared -thirds of the visits recorded in 2019 and extra than 4 instances the total visits in 2022.
The booming Japanese tourism market is being supported via a strengthening economy and investments from foreign investors seeking out actual property opportunities. According to MSCI Real Assets, the motel zone in the 1/3-biggest financial system in the world saw nearly ninety eight billion yen (US$691 million) in overseas funding among January and mid-June these 12 months, above 5 instances the 17.8 billion yen in the early year of 2022.
The first quarter of 2023 has endured to grow, largely because of rising hotel rate up until the busy journey week when the cherry blossoms are in complete bloom. The highest occupancy rate for hotel in Japan since changed into 77.6% in March 2023. This changed introduced on by boom in foreign vacationers, especially during cherry blossom season in Tokyo’s Ueno Park location, the restart of financial pastime, and the rest of border controls.
Japanese hotel may additionally view increasing room costs as a chance to enhance the wages in their personnel and the operators’ monetary balance, which had suffered all through the pandemic. Furthermore, a sharp fee increase would possibly lessen demand.
One of the maximum well-known worldwide motel chains, Tokyo Inn Co. Limited serves the majority of the arena’s main traveller hotspots. It has obtained generation from Neurospace Co., Ltd., which creates the SleepTech commercial enterprise that uses technologies to deal with people’s sleep issues. It makes use of an evolving sleep tracking gadget developed in collaboration with KDDI Co., Ltd. Customers can measure the effectiveness way to the napping help characteristic that has been given to Toyoko Inn Co., Ltd. All 430 of the Toyoko Inn’s deliberate houses will use it. Toyoko Inn makes use of newly evolved technologies and improved materials to deliver customers to its selected properties.
The luxury hotel segment in Japan hotel market is expected to grow exponentially in the coming years.
Increased demand for luxury hotels is being seen among wealthy tourists looking for experiences that will serve as status symbols as a result of an increase in inbound tourism, which has been fuelled by eased visa requirements, Japanese cultural allure, and a strong economy. Affluent Japanese consumers are choosing high-end “staycations,” and the government is encouraging domestic travel, which is increasing the demand for upscale lodging. Domestic tourism is also growing in popularity. The global middle class’s wealth, social media influence, and a desire for exclusive experiences have all contributed to the rise of the “luxury traveller” phenomenon, which has increased demand for luxury accommodations. Since more foreign hotel chains have entered the Japanese market, there is more competition, which spurs innovation and investment for the benefit of customers looking for opulent and exclusive lodging.
Hotel Type – Japan Hotel Market has been discussed from two different aspects.
- High-End Hotel
- Mid-Scale Hotel
- Budget Hotel
Online ordering will likely become more popular in the Japan hotel market.
In hotels, there are many advantages for customers who order online. It provides convenience because guests can order food and other services without leaving their rooms, which is beneficial in bigger hotels or resorts. Speed is increased because orders can be quickly placed from rooms, and hotel staff can quickly prepare and deliver the items. A wider range of food and services, such as room service, laundry, and spa services, are available when ordering online. The availability of discounts and promotions for online orders also allows guests to save money. The ability to personalize orders based on preferences for food, delivery window, and payment method further enhances the personalized experiences offered by online ordering.
Ordering Platform – Japan hotel market has been discussed from two angles.
- Online Hotel Booking
- Offline Hotel Booking
Competitive Landscape.
Marriott International, Inc., Tokyu Corporation, Park Hyatt Tokyo, Intercontinental Hotels Groups, Kintetsu Group Holdings Co. Ltd., and Hoshino Resorts REIT Inc. are significant players in the Japan hotel market. They stand for many luxurious and reputable hotel brands.
All companies have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue
Company Analysis:
- Marriott International, Inc.
- Tokyu Corporation
- Park Hyatt Tokyo
- Intercontinental Hotels Groups
- Kintetsu Group Holdings Co. Ltd.
- Hoshino Resorts REIT Inc.
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