Development of tourism in Japan post Covid

1. Development of tourism in Japan post-Covid The spread of COVID-19 affected both the Japanese and foreign travel markets to Japan, prompting travel-related businesses to shrink, temporarily cease operations, or close down. However, Japanese people's desire to travel after the COVID-19 slump remains strong, as does the willingness of people from Asia, Europe, the United States, and Australia to visit Japan. The Japanese government provides loans and other assistance to travel-related business owners in order for them to survive the COVID-19 crisis. In preparation for the recovery period of travel demand, they advance steps to boost the advantage of lodging facilities and tourism locations. Japan's tourism business was thriving before the outbreak. According to the Japanese hospitality & tourism management agencies, Japan received 31.9 million international tourists in 2019, ranking the country 11th in the world and third in Asia. International visitors climbed roughly five times in a decade, paralleling a global increase in the number of tourists.

2. In 2019, the majority of visitors were from neighboring East Asian nations, notably China (30.1%), South Korea (17.5%), Taiwan (15.3%), Hong Kong (7.2%), and the United States (5.4%). In the same year, tourist spending was valued at 4.8 trillion yen (US$36 billion). However, because of the global COVID-19 pandemic, the number of international tourists fell to 4.1 million in 2020, with tourist spending falling by approximately 85 percent. Despite government subsidies and the 'Go-To Japan' domestic travel campaign, tourism has been one of the country's hardest-hit businesses. The Japanese government, however, has high hopes for the country's tourism after the COVID-19 pandemic outbreak. Despite the outbreak complications, the country plans to target welcoming 60 million international visitors yearly by 2030, with an additional 20 million visitors in the next eight years. According to Fitch Ratings, Japan's real GDP growth will be 1.7 percent in 2022 and 1.3 percent in 2023, supported by the country's liberal fiscal policy, a recovery in the service sector, and a gradual correction of supply-chain issues, which will boost manufacturing and exports. Despite the concerns of geopolitical tensions and higher pricing, the reopening to international visitors is considered to be a plus. According to hospitality & tourism management research agencies, travelers are projected to provide a much-needed 5 trillion yen ($35 billion) boost to the world's third-largest economy in 2022 after Tokyo lifted most of its remaining pandemic-related border restrictions. Tourism receipts in 2019 totaled 4.8 trillion yen ($34.5 billion at the current currency rate), which is greater than the export value of several of Japan's key industrial sectors, such as electronic components (4 trillion yen) and steel (3.1 trillion yen). Experts believe Japan now has a chance to determine what kind of destination it wants to be as it takes modest measures toward recovering the industry. It could also alleviate some issues that arose during the first boom. Less-known destinations may also play a significant role.