Retail Sector: Inbound Monthly Update on visitor numbers to Japan, duty-free sales at major retailers, and noteworthy stocks (May 2026)

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Retail Sector: Inbound Monthly Update on visitor numbers to Japan, duty-free sales at major retailers, and noteworthy stocks (May 2026)

J P M O R G A N Asia Pacific Equity Research

21 May 2026

Retail Sector: Inbound Monthly

Update on visitor numbers to Japan, duty-free sales at

major retailers, and noteworthy stocks (May 2026)

April data show the number of visitors to Japan fell 5.5% YoY to 3.69 million. This Japan Equity Research

is the highest monthly number of visitors so far in 2026. The main factor behind

Retail

the YoY decline in the number of visitors was the delayed timing of Easter holidays,

which caused demand to visit Japan to be spread out between late March and early Dairo Murata AC

April. The total cumulative number of visitors through April exceeded 14 million. (81-3) 6736 8620

dairo.murata@jpmorgan.com

The decline in visitors from China was completely offset by visitors from other AC Ami Terai

regions, and the number of visitors is trending in line with 2025, when the full-year (81-3) 6736-8660

number reached an all-time high. ami.terai@jpmorgan.com

• Subsectors and stocks to watch: We maintain our preference rankings over Kazuha(81-3) 6736-8614Matsuo

the next three to six months for the stocks we cover (see Figure 1 for details). kazuha.matsuo@jpmorgan.com

Please refer to our April 13 report, Retail: Earnings Outlook (Jan-Mar) for JPMorgan Securities Japan Co., Ltd.

details.

• Number of visitors to Japan in April: Figure 2 shows the number of foreign

visitors to Japan. The number of visitors fell 5.5% YoY to 3.692 million in April

2026. While the number fell due to the delayed timing of Easter holidays,

mainly in Europe, demand also grew with the cherry blossom season, raising

the number of visitors especially from South Korea, Vietnam, and the US.