Summer Vacation Budgets In Japan Shrink Despite Wage Hikes: Survey
Date
7/17/2024 10:30:12 AM
(MENAFN- IANS) Tokyo, July 17 (IANS) The average budget for summer vacations in Japan has decreased from the previous year due to rising prices and a weaker yen, a recent survey showed on Wednesday.
The figure came in at 58,561 yen (about 374 US dollars), down 2.6 percent year on year despite wage increases among major companies in the 2024 spring labour negotiations and the introduction of a flat-rate tax reduction in June, according to the survey conducted by market research firm INTAGE Inc.
Some 69.6 percent responded that rising prices and the weak yen "considerably" or "somehow" affected their summer vacation plans, Xinhua news agency reported.
Due to price increases and the weaker yen, 51.5 percent of respondents reported budget reductions, with "no salary increase" as the most cited reason at 35.2 percent, followed by "higher electricity and gas bills" at 33.1 percent.
Meanwhile, 26.9 percent of the surveyed reported an increase in their summer vacation budgets.
Regarding vacation plans, 36.9 percent of respondents said they would spend time at home, 19.1 percent planned domestic trips with overnight stays, 18.5 percent opted for shopping or dining out, and 12.9 percent intended to visit their parents' homes.
Only 2.1 percent of the surveyed planned overseas travel, with the budget averaging 443,058 yen (about 2,828 US dollars), a 13.8 percent decrease from the previous year.
Asian destinations are becoming more popular as travel costs are lower compared to Europe, likely due to the weaker yen, the survey showed.
The survey, conducted from June 27 to July 1, included responses from 5,000 individuals aged 15 to 79 nationwide.
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