Tourism-related stocks in Japan and South Korea surged on Thursday after China said it would relax pandemic-era restrictions on tour groups travelling to dozens of countries, as investors anticipated the lucrative return of the mass-market visitor.China’s tourism ministry said on Thursday it was lifting restrictions on group travel to 78 countries with immediate effect. The list included Japan and South Korea — favourite destinations of Chinese tour groups before 2020 — as well as Australia, Germany, the UK and the US.
Before the coronavirus pandemic, Chinese group tours were a boon to multiple sectors and economies. Travellers spent on everything from the highest-end luxury goods to electronic rice cookers, making them among the most powerful forces in retail sales.
In Tokyo, shares in department stores climbed sharply on Thursday, while those of Japan Airport Terminal, which operates the capital’s newly expanded Haneda airport, rose more than 9 per cent. Kyoritsu Maintenance, which runs a hotel chain favoured by mainland Chinese tourists, gained more than 11 per cent.