August arrivals fell 9.6% while 14 markets set records — revenue management has to follow the guest mix, not the headline

8月訪日旅客跌9.6%，但14個市場創新高——收益管理要跟隨客源結構，而非總數

Published 7 October 2026 as part of the Weekly Market Review series, a retrospective review of each week since May 2026.本文於2026年10月7日發表，屬「每週市場回顧」系列，逐週回顧2026年5月以來的市場。

In the week of 14 September 2026, JNTO reported 3.10 million visitor arrivals for August, down 9.6% year on year — the lowest monthly total of 2026 so far — even as 14 markets set August records. The decline came almost entirely from mainland China; arrivals from everywhere else rose by about 11%. Results from listed hotel operators and a hotel REIT released the same week showed occupancy holding above 80% but rate growth slowing. For hotel owners, the lesson is that the guest mix and the seasonal calendar now matter more to stable NOI than the national total.

2026年9月14日當週，日本政府觀光局（JNTO）公布8月訪日旅客為310萬人次，按年下跌9.6%，為2026年至今最低的單月數字；但同月有14個市場創8月新高。跌幅幾乎全部來自中國內地，其他市場合計增長約11%。同週公布的上市酒店營運商及一隻酒店 REIT 業績顯示，入住率維持八成以上，但房價升幅放緩。對酒店業主而言，客源結構與季節曆，對 NOI 穩定性的影響，已比全國總數更重要。

1. August arrivals were 3,098,900 (−9.6%), but 14 markets — including South Korea, Taiwan, Hong Kong, the US, Mexico and several European markets — set August records; mainland China fell 59.0% after its government advised against travel to Japan.
2. Excluding mainland China, arrivals rose by about 11% in August and 14% in January–August (our calculation from JNTO data); China’s share of August arrivals fell from about 30% to 13.5%.
3. Hotel data released the same week showed resilience but slowing momentum: listed hotel brands held 82.7% occupancy in April–June with rate growth easing, and a listed hotel REIT reported RevPAR down 5.5% for February–July, citing the drop in Chinese visitors.

1. 8月訪日旅客3,098,900人次（跌9.6%），但韓國、台灣、香港、美國、墨西哥及多個歐洲市場等14個市場創8月新高；中國內地在當地政府提醒避免赴日後，按年下跌59.0%。
2. 剔除中國內地，8月訪日旅客增長約11%，1至8月增長約14%（按 JNTO 數據計算）；中國內地佔8月旅客比例由約30%降至13.5%。
3. 同週公布的酒店數據顯示有韌性但動力放緩：上市酒店品牌4至6月入住率82.7%，房價升幅收窄；一隻上市酒店 REIT 2至7月 RevPAR 下跌5.5%，原因是中國旅客減少。