Cool Japan’s Hot Market
As Japan Tourism Agency prepares to gear up its tourism promotion of “Cool Japan” with its slogan of a country with “Endless Discoveries”, trying to entice even more, and wealthy visitors from abroad with a proposed war chest of ¥31.6 billion in the fiscal 2017 budget, a “measly” 58% increase over last year, the hotel and accommodation market is certainly going to continue to heat up. Right now, many international tourists from abroad are already fiercely competing for the limited places to hang their hats with Japanese business and domestic travelers, especially in Tokyo and Osaka, which has seen hoteliers raising room rates last year to levels seen before the bubble burst in the early 1990s. Another new and upcoming company benefiting from this boom in foreign tourists is Airbnb Inc., an internet based community marketplace for people to list and book accommodations online around the world, has seen its Japan business as one of the fastest-growing markets worldwide. So with the government of Japan planning to draw around 40 million foreign visitors by 2020 when Tokyo hosts the summer Olympic Games, and 60 million by 2030 there is certainly no sign that Japan’s lodging and accommodation market cooling down anytime soon and you might also “discover” that it is not so easy to find or book accommodations once you get here.