Golden Week budget falls to ¥27,660 as inflation and weak yen curb holiday spending
Intage survey finds average Golden Week budget at ¥27,660 in 2026, down 5.4% as inflation, weaker yen and global concerns prompt many to stay home.
Japan’s average Golden Week budget has dropped to ¥27,660 for 2026, marking a 5.4% decline from last year and the lowest level since 2023, according to a nationwide survey by market research firm Intage. The survey, conducted online in late March with 5,000 valid responses from people aged 15 to 79, found that rising prices and a softer yen were major factors in households trimming their Golden Week budget. Nearly half of respondents cited inflationary pressures or currency weakness as reasons for cutting back on holiday spending.
Survey shows steep drop from 2025 peak
The Intage results show the average Golden Week budget fell from a record high of ¥29,237 in 2025 to ¥27,660 in 2026, reversing last year’s rebound following pandemic-era restrictions. This decline places the 2026 figure at its lowest point since 2023, when travel demand first recovered in earnest from COVID-19 disruptions. The survey’s sample size and age range give it broad demographic coverage across Japan, and the online timing in late March captured consumer intentions shortly before the holiday period.
Inflation and the weaker yen cited as primary causes
When asked about reasons for scaling back holiday spending, 49.2% of respondents pointed to inflation and the weaker yen as primary drivers. Other commonly cited concerns included stagnant wages and uncertainty about future personal finances, indicating that household income expectations are weighing on discretionary spending. The combination of higher everyday costs and currency-related price effects appears to be prompting many households to economize on what has traditionally been a peak travel and retail period.
Many households plan to stay home or opt low-cost activities
The survey found that 41.2% of respondents had no concrete plans for Golden Week, an increase of 4.7 percentage points from 2025, suggesting a rise in tentative or postponed decision-making. Among those who did plan activities, 35.1% said they would spend time at home, while dining out accounted for 17.0% and shopping for 15.9% of planned activities. Domestic travel was chosen by 12.3% of respondents, and overseas travel remained negligible at 1.0%, reflecting both cost sensitivities and lingering caution about international trips.
International developments affect a minority of travelers
Intage also asked respondents whether global events would alter their holiday plans. While 74.6% said international developments would not affect their Golden Week arrangements, 19.6% reported they would scale back budgets or shorten itineraries in response to geopolitical or economic uncertainties. A small but notable 2.4% said they would switch plans from overseas travel to domestic trips, highlighting how external shocks can shift demand within Japan’s travel market even when the majority remain unaffected.
Economic impact on tourism, dining and retail sectors
The downward adjustment in the Golden Week budget could have immediate implications for sectors that rely on holiday spending, including domestic tourism, restaurants and retail. With fewer households planning travel and more choosing low-cost or home-based activities, businesses dependent on peak-season footfall may face softer demand than in 2025. Industry observers say the mixed pattern — modest domestic travel alongside strong stay-home intentions — will create winners and losers across regions and retail categories.
Consumer behavior shows caution ahead of the holiday
The timing of the survey in late March suggests many consumers delayed finalizing plans as they weighed rising prices and wage prospects. The increase in undecided respondents points to a careful, last-minute approach to holiday spending this year. For policymakers and businesses, the findings underscore the sensitivity of consumer sentiment to cost-of-living pressures and currency movements in shaping short-term demand.
The Intage survey paints a picture of a Golden Week in 2026 marked by retrenchment: an average Golden Week budget that has eased from last year’s peak, a substantial share of households opting out of plans, and a clear link between inflation, the weaker yen and more cautious consumer choices. As the holiday period unfolds through May 6, analysts will watch actual travel bookings, restaurant reservations and retail sales to see whether intentions recorded in late March translate into subdued spending across Japan.
