Japan "Minpaku" Market Estimated at 125.1 B. Yen in 2017
Newsfrom JapanEconomy Guide to Japan Politics
Osaka, June 8 (Jiji Press)--The Japanese market for "minpaku" private lodging services in 2017 is estimated at 125.1 billion yen, more than double the previous year's 61.9 billion yen, Resona Research Institute Co. said Friday.
Minpaku services are attracting attention because the private lodging business law, the country's first law to regulate the new sector, will enter into force on June 15.
According to the Japan Tourism Agency, the number of minpaku business operators that registered their services under the law stood at 724 as of May 11.
The estimated size of the market is put at 44.7 billion yen in the Kansai western region and 43.4 billion yen in the Kanto eastern region including Tokyo. In 2016, the estimated figure in Kansai was smaller than that in Kanto.
Kansai outpaced Kanto because many Asian visitors go to Kansai, according to the think tank wholly owned by banking group Resona Holdings Inc. <8308>.
[Copyright The Jiji Press, Ltd.]