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海擇短評 Haize Comment：
日本觀光廳近期公告2024年2月日本43家國內主要旅遊公司和團體的運營數據，主要趨勢變迭與過往差異不大。這次海擇資本簡短談談日本國民旅遊的火熱趨勢與疫情後巨頭的影響力：
1. 團隊遊式微明確：２月日本主要旅行社所售出的出境遊產品、入境遊產品、國民旅遊產品總交易額分別為1,025億日元、117億日元、1,726億日元，其中團隊遊占比分別為約9.7%、7‰、29.4%，與1月各產品的佔比10.2%、1.1%、28.3%相比，在出境遊與國民旅遊層面大體差距不大。值得注意的是，外國人赴日後，在日本當地本來就不習慣購買團隊遊產品，2023年平均值約1%左右，在2月更大幅下滑到7‰，團隊遊產品幾無存在感。
2. 國內旅遊佔比巨大：若將日本的旅遊產品區分為日本人出境遊、外國人入境遊、日本人國民(境內)旅遊三大領域。從交易額看，國民旅遊恢復得最快，2月已達2019年同期的87.7%；其產值也最大，2月交易額1,726億日元較出境遊交易額高68.4%。如果境內旅遊公司能將日本客源做為潛在市場，將能有極高的增長潛力。
3. 巨頭各擅勝場：2月日本主要旅遊設在日本人出境遊、外國人入境遊、日本人國民旅遊三大領域的交易額，分別為2019年同期的65.8%、78.6%、87.7%。從各公司的2月自結交易數據(令和6年2月分各社別内訳)來看，前五大旅行社都各有優勢，遠高於行業的恢復率：其中，HIS(エイチ・アイ・エス)的出境遊產品銷售已恢復到2019年的72.1%，是五大社中最高；近畿控股(KNT-CTホールディングス)與日本旅行在入境遊產品的銷售恢復率，皆已超過2019年同期，分別為112.7%與112.2%；而JTB、阪急交通社、HIS的國民旅遊產品銷售則分別為2019年同期的115.9%、98.9%、97.2%。
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The Japan Tourism Agency recently released operational data for February 2024 from 43 major domestic travel companies and organizations in Japan, showing that the main trends have not changed significantly from the past. In this brief discussion, Haize Capital will talk about the booming trend in domestic travel among Japanese nationals and the influence of major players post-pandemic.
1. The decline in group tours is clear: In February, major Japanese travel agencies recorded total sales of outbound, inbound, and domestic travel products at 102.5 billion yen, 11.7 billion yen, and 172.6 billion yen, respectively. The proportion of group tours accounted for approximately 9.7%, 0.7%, and 29.4%, respectively. Compared to January, where the proportions were 10.2%, 1.1%, and 28.3%, the differences in outbound and domestic travel were relatively minor. Notably, foreigners traveling to Japan typically do not prefer group tours, with the average in 2023 around 1%, which significantly dropped to 0.7% in February, making group tours almost negligible in presence.
2. Domestic travel holds a significant share: When categorizing Japan's travel products into three main areas—Japanese outbound travel, foreign inbound travel, and domestic travel for Japanese nationals—it's clear that domestic travel has recovered the fastest. In February, it reached 87.7% of the same period in 2019; it also had the highest output, with February's transaction amount of 172.6 billion yen being 68.4% higher than that of outbound travel. If domestic travel companies can target Japanese customers as a potential market, there is significant growth potential.
3. Giants excel in their fields: In February, the transaction volumes in Japan for Japanese outbound travel, foreign inbound travel, and domestic travel were 65.8%, 78.6%, and 87.7% of the same period in 2019, respectively. Looking at the self-reported February transaction data from the top five travel agencies, each has strengths well above the industry's recovery rate: HIS has the highest recovery in outbound travel sales at 72.1% of 2019 level among the top five; Kinki Holdings and Nippon Travel Agency have both exceeded their 2019 inbound travel sales, at 112.7% and 112.2%, respectively; and JTB, Hankyu Travel, and HIS have reached 115.9%, 98.9%, and 97.2% of their 2019 domestic travel sales, respectively.
標籤 Label： Tourism Domestic Outbound Inbound HIS JTB