Japanese budget for summer holidays hits record high: survey
The increase to 104,901 yen came as 18.5 percent of respondents said they intend to increase their budgets, with many planning to travel. But the overall rise masked a divergence of sentiment, as a similar proportion, at 18.3 percent, said they will spend less due chiefly to rising inflation.
The average budget for summer vacations hit a new record for the first time in 10 years, surpassing 89,296 yen marked in 2015, according to the online survey conducted in June by Meiji Yasuda Life Insurance Co. with responses from 1,120 people in their 20s to 50s.
Of those who plan to increase spending, 74.9 percent cited "plans to go on a trip" as the reason, followed by 27.5 percent who cited higher wages.
The percentage citing wage hikes was up nearly twofold from the previous year, with nearly half selecting that answer employed at large companies, according to the survey.
Of the respondents who plan to cut spending, 62.0 percent said they are facing a tight budget due to the higher cost of living, while 24.9 percent plan to save money due to anxiety about the future.
The average budget of people planning a domestic trip came to 151,938 yen, up 10.6 percent from last year, reflecting surging accommodation fees amid a rise in the number of overseas tourists.
In contrast, the budget for people who plan travel abroad dropped 13.3 percent to 380,051 yen, with around 40 percent of them saying they will take food and beverages with them to save money amid a weaker yen, the survey said.
"Many households are being forced to hold back on spending this summer, as employees at small and midsize companies are not benefiting from rising wages," said Yuya Kikkawa, an economist at the Meiji Yasuda Research Institute.
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