Japan ‘s tourism boom and India’s festival spending surge in 2024

MEI reveals Japan’s post-pandemic tourism surge and India’s festive season spending, highlighting major economic growth drivers for both countries.

The Mastercard Economics Institute (MEI) has released its latest data on global travel trends, shedding light on two critical markets: Japan‘s post-pandemic tourism surge and India‘s upcoming festival season spending.

Japan Emerges as the Top Global Travel Destination

Japan has quickly become the top travel destination in 2024, surpassing its pre-pandemic visitor numbers. According to MEI, total visitor arrivals in the first half of 2024 have exceeded 2019 figures by 7%. This growth is largely driven by an influx of tourists from North America and other Asia-Pacific regions, a significant shift from the pre-pandemic era when the majority of visitors came from Northeast Asia. Now, the U.S., Canada, Australia, and Singapore have emerged as new key growth drivers for Japan’s inbound tourism.

MEI’s insights also delve into the spending habits of travelers visiting Japan. The four cities attracting the most attention from international tourists are Kyoto, Tokyo, Osaka, and Okinawa, with each offering a unique blend of cultural heritage, modern attractions, and natural beauty. These destinations have become central hubs for travelers seeking a blend of tradition and innovation.

India’s Festival Season: A Spending Extravaganza

As India prepares for its much-anticipated festival season, set to begin in mid-September and culminating with Diwali on November 1, MEI has also released key insights into consumer spending behavior during this festive period. India’s billion-plus consumers traditionally loosen their purse strings during this time, splurging on everything from jewelry and apparel to groceries and festive gifts.

The data highlights a surge in online shopping, particularly for auspicious purchases. The shopping frenzy, however, isn’t limited to major cities. MEI notes that tier 2 cities in India are increasingly participating in the festive spending boom, with trends suggesting that the appetite for pre-festival sales continues to grow year after year.

MEI’s research shows that consumers during this 45-day extravaganza are keen to invest in both modern and traditional items, emphasizing the importance of festivities in driving India’s economy during this period.

Global Economic Impacts

The data from MEI underscores the continued recovery and evolution of consumer spending patterns across major global markets. Japan’s renewed status as a leading travel destination and India’s festival-driven economic surge highlight how both countries are capitalizing on shifting trends, with tourism and consumer spending serving as major economic drivers in 2024.

George is the News Feed Manager, Content Creator, and Social Media Manager at the TravelDailyNews network of online newspapers. At the same time, he is completing his studies in the Department of Business Administration at the Athens University of Economics and Business.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}