Risk of Fluctuating Accommodation Demand and Market Contraction
First written in FY2022. 8 of 15 entries say "Mitigated", first in FY2023-Q2. Latest entry: 2026-09-14.
The whole theme swung hardest in 2020: 8 of 15 companies on the "Worse" side.
7 other companies' latest entry also says "Mitigated".
- FY2026-H1MaterialisedAnnual report
「Meanwhile, the number of Chinese travelers has declined substantially due to the Chinese government’s request that its citizens refrain from traveling to Japan, affecting some accommodation facilities to a certain extent. Demand from other markets, particularly Taiwan and Korea, has expanded to compensate, limiting the impact on total inbound demand.」
The company disclosed an actual decline in Chinese travelers and an impact on some accommodation facilities. It stated, however, that demand from Taiwan, Korea and other markets has offset the decline, limiting the impact on total inbound demand. - FY2025More specific external-environment factorsAnnual report
「The accommodation market is susceptible to changes in the external environment. Domestic travelers and international visitors may decline due to natural disasters or other extraordinary events, public-health events including infectious diseases, international conflicts and geopolitical risks, reduced willingness to travel or travel restrictions and advisories resulting from deteriorating relations between countries, and constraints on airline capacity.」
Although accommodation demand recovered, more specific demand drivers were listed, including natural disasters, infectious diseases, geopolitics, travel restrictions, airline capacity, foreign exchange and prices. - FY2025-H1RestatedAnnual report
「According to the Japan Tourism Agency’s Accommodation Travel Statistics Survey, total guest nights, including international visitors to Japan, were 105% of the same month in 2019 during the interim consolidated accounting period. Japanese guest nights were 99% and international visitor guest nights were 126%.」
Accommodation demand recovered to 105% of 2019 levels overall and 126% for international visitors, while Japanese guest nights were 99%; the possibility of demand fluctuations was not described as eliminated. - FY2024MitigatedAnnual report
「According to the Japan Tourism Agency’s Accommodation Travel Statistics Survey, total guest nights, including international visitors to Japan, were 108% of the same month in 2019 during the consolidated fiscal year. Japanese guest nights were 101% and international visitor guest nights were 136%.」
Accommodation demand recovered to 108% of 2019 levels overall and 136% for international visitors, reducing the demand-contraction risk from the previous year. The possibility of market fluctuations due to natural disasters and other factors remains. - FY2024-Q2MitigatedAnnual report
「According to statistics from the Japan Tourism Agency, total guest nights, including international visitors to Japan, recovered to 106% of the same month in 2019 during the fiscal year. Japanese guest nights recovered to 101%, approximately the same level as 2019, while international visitors reached 127%, exceeding 2019 levels. From July 2023 onward, guest nights exceeded the same month of 2019 in most months.」
Total guest nights were 106% of 2019 levels and international visitors were 127%, with normalized conditions continuing. - FY2024-Q1MitigatedAnnual report
「According to statistics from the Japan Tourism Agency, total guest nights, including international visitors to Japan, recovered to 108% of the same month in 2019 during the fiscal year. Japanese guest nights recovered to 103%, approximately the same level as 2019, while international visitors reached 131%, exceeding 2019 levels.」
Total guest nights recovered to 108% of 2019 levels and international visitors to 131%, further reducing the accommodation-demand contraction risk from the previous year. - FY2023MitigatedAnnual report
「Recovery progressed further in the fiscal year ended October 2023, reaching 97.7%, close to pre-pandemic levels. During the second half, from May through October, the figure consistently exceeded 95%, making the recovery in total guest nights clear.」
Accommodation demand recovered to 97.7% of the same months in 2019, reducing the market-contraction risk from the previous year. International visitors, however, were at 86% for the full year, so the risk was not described as eliminated. - FY2023-Q2MitigatedAnnual report
「Total guest nights, including international visitors to Japan, recovered to 95% of the same month in 2019 during the cumulative second-quarter period. Japanese guest nights were 102%, exceeding 2019 levels, while guest nights by international visitors remained at 69%. International visitor demand was recovering, reaching 92% in April 2023 compared with 7% in the fiscal year ended October 2022.」
Total guest nights recovered to 95% of 2019 levels and international visitors reached 92% in April 2023. However, international visitors were still at 69% during the cumulative second-quarter period, and the demand risk was not described as eliminated. - FY2023-Q1Demand recoveryAnnual report
「Total guest nights, including international visitors to Japan, recovered to 95% of the same month in 2019, before the spread of COVID-19, during the cumulative first-quarter period. Japanese guest nights were 104%, exceeding 2019 levels, while guest nights by international visitors to Japan remained at 58%.」
Accommodation demand recovered, but international visitors remained at 58% of 2019 levels; the risk of fluctuating demand was not described as eliminated. - FY2022First statedAnnual report
「If domestic travelers and international visitors to Japan decline due to natural disasters or other extraordinary events, outbreaks of viral diseases other than COVID-19, international conflicts or other unforeseen circumstances, accommodation facilities’ revenue may deteriorate and efforts to promote DX in the hospitality industry may weaken. As a result, operating revenue may fail to grow as originally planned, which could affect our business and results.」
Total guest nights as a percentage of 2019 levels were 60.6% in the fiscal year ended October 2020, 51.8% in the fiscal year ended October 2021 and 73.3% in the fiscal year ended October 2022. The company stated that COVID-19 had an actual impact.