3 days ago
Japan summer budgets grow, but so does spending gap
A new survey shows that people in Japan are gearing up for big spending this summer, with the average amount set aside for the holidays reaching a record. But there's also a growing gap between those splashing out and those cutting back.
Major life insurer Meiji Yasuda held the survey in early June. Over 1,000 people from their 20s to their 50s responded.
It shows that the average household budget for summer vacation grew 26.4 percent from last year. The figure reached nearly 105,000 yen, or over 710 dollars.
It marks the fourth increase in a row and the first time the sum has surpassed 100,000 yen since 2006.
The numbers show that 18.5 percent of respondents said they plan to boost summer holiday spending.
As for the reasons, nearly three quarters said they wanted to travel, and over a quarter cited higher pay.
But not everyone is increasing their budgets, as 18.3 percent said they are cutting back.
More than 60 percent said soaring prices are squeezing finances. Almost a quarter said they are saving cash amid an uncertain outlook.
