ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Business trends

In spectator-less Olympics, hotel bust drives retail boom

Money saved from rooms and tickets goes to big-screen TVs and designer handbags

A hotel in Chiba Prefecture prepares to host athletes from Europe. Many hotels have been forced to cut rates after the Games' organizer banned spectators for Tokyo area events.   © Reuters

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more