TOKYO -- This month's decision to hold the Tokyo Olympics without fans at venues around the capital has dashed the hospitality industry's hopes of a boost to business, but sales of pricey watches and TVs are on the rise instead as consumers put freed-up money elsewhere.
The cost of hotel rooms has plunged since the July 8 announcement as businesses try to woo back travelers. The median price for a room for two adults on Thursday -- the day before the opening ceremony -- at hotels on booking site Jalan slumped roughly 30% from 9,750 yen ($89) as of June 30 to about 7,000 yen on Sunday. There was an especially sharp drop on the day of the decision.
