Golden Week in Japan — What It Is & Why Hawaiʻi’s Real Estate Market Pays Attention Every Year

Every spring, a unique rhythm of travel ripples across the Pacific that has long influenced Hawaiʻi’s visitor economy and, by extension, the Oahu real estate market.

This annual surge begins with Golden Week, a cluster of national holidays in Japan that ranks among the busiest travel periods of the year for Japanese residents. For decades, Golden Week has not only brought crowds to Waikīkī and Honolulu International Airport but has also shaped lodging demand, vacation-home investment interest, and even short-term rental dynamics on Oahu.

In this blog, we’ll explain what Golden Week is, why it matters, how it affects tourism and real estate trends here in Hawaiʻi, and what current shifts in Japanese travel behavior mean for the Oahu market going forward.

What Is Golden Week?

Golden Week refers to a series of Japanese national holidays clustered between late April and early May, typically including Shōwa Day (April 29), Constitution Memorial Day (May 3), Greenery Day (May 4), and Children’s Day (May 5). Because these holidays fall so close together, many Japanese workers take additional paid time off to create a longer vacation period, turning this span into one of the longest and most popular travel weeks of the year for residents of Japan.

In practical terms, that means from around April 29 through May 5 (give or take year-to-year calendar shifts), travel volume from Japan spikes both domestically and internationally as families and couples capitalize on this extended break. Much like Thanksgiving or Christmas in the U.S., Golden Week becomes a time for travel, experiences, and discretionary spending.

Historically, Hawaiʻi has been one of the top international destinations for Japanese travelers. Before COVID-19, the Islands welcomed around 1.5 million visitors from Japan annually. That’s more than from any other foreign market. Oahu, with its warm beaches, safe environment, cultural exchanges, and deep historical ties to Japan, has traditionally been the preferred island destination for Golden Week visitors, particularly Waikīkī’s beaches, shopping districts, and resort hotels.

This travel wave has multiple impacts:

• Increased hotel occupancy – during Golden Week, Oahu hotels and resorts often see a rise in reservations from Japanese tour groups and independent travelers.
• Retail and service revenue surges – Japanese tourists traditionally spend generously on shopping, dining, and cultural experiences.
• Short-term rental demand — Vacation rentals on Oahu — especially those marketed to international tourists — historically benefit from the influx of Golden Week travelers.

In other words, Golden Week functions almost like a mini peak season for Hawaiʻi tourism, particularly for businesses, properties, and services tailored to the Japanese market.

The Unique Real Estate Tie-In

So how does a week of holiday travel connect to the Oahu real estate market? There are a few important linkages:

1. Japanese Buyer Interest in Vacation Homes

For many years, Japanese buyers have been a key segment of Hawaiʻi’s non-resident property purchasers, especially in luxury condos and vacation homes in Waikīkī and resort pockets of Oahu. They view Hawaiʻi properties as:

• Vacation retreats timed with holiday periods like Golden Week.
• Investments that also cater to rental income during future Golden Weeks and holiday travel seasons.
• A way to stay connected to Hawaiʻi’s culture and lifestyle.

Before the pandemic, some Japanese investors purchased dozens of properties as part of long-term investment strategies or for personal vacation use. Golden Week often served as a motivator for planning those trips, viewing Hawaiʻi not just as a destination but a seasonal home.

2. Tourism Trends Influence Real Estate Demand

There’s a direct correlation between tourism traffic and real estate interest:

• Hotel performance influences confidence. If Golden Week brings strong hotel performance and tourism spending, it signals healthy visitor demand — which can spur interest from investors considering vacation rentals or income-producing properties.
• Exposure builds desire. Japanese travelers who visit during Golden Week and fall in love with Hawaiʻi sometimes return as prospective buyers — whether for vacation homes or retirement investments.

Real estate agents like myself on Oahu often tell stories of Japanese visitors who, after experiencing Hawaiʻi during a holiday week, return later not just for another vacation but to buy property.

COVID, Currency Shifts & Changing Visitor Dynamics

Golden Week’s impact on demand and investment isn’t static. It has shifted significantly in recent years due to global economic and travel changes.

Decline & Recovery in Japanese Tourism

After COVID-19 travel restrictions, Japanese visitor numbers to Hawaiʻi plummeted. In 2021, arrivals dropped to just over 24,000 from a peak of more than 1.5 million. Since then, numbers have gradually increased, but not yet fully recovered to pre-pandemic levels. In the first quarter of recent years, arrival counts were about 60 % of pre-COVID levels.

Exchange Rate Impacts

A critical factor shaping Japanese travel and real estate interest is the yen-to-U.S. dollar exchange rate. A weak yen (high yen price per dollar) makes travel to the U.S. expensive, and income earned in yen goes less far when converted to dollars.

This dynamic affects:

• Vacation planning – fewer families opt to travel if costs are prohibitive.
• Spending patterns – visitors may curtail discretionary spending on shopping and dining.
• Investment – a weak yen reduces purchasing power for real estate acquisitions in Hawaiʻi, dampening interest from Japanese buyers.

So even as Golden Week draws Japanese travelers, the overall economic context shapes how many choose Hawaiʻi, and how much they spend or invest when they get here.

Golden Week & Local Market Signals

Despite these shifts, Golden Week still functions as a meaningful seasonal marker for Hawaiʻi’s tourism ecosystem and the broader real estate market for several reasons:

1. Tourism as Economic Momentum

Every uptick in visitor arrivals during Golden Week — even if not at pre-COVID peaks — still injects spending into local hotels, shops, and services. That boosts confidence among investors and agents watching trend momentum rather than single data points.

2. Property Demand & Seasonal Views

For sellers and agents in the Oahu market:

• Observing increased hotel occupancy and visitor interest during Golden Week can be an early indicator of broader spring and early summer demand.
• If certain property segments (like short-term rental–friendly condos) see renewed interest among international travelers, it can influence pricing and listing strategies.

3. Cultural Ties & Brand Hawaiʻi

Many Japanese travelers still see Hawaiʻi as a dream destination — a place tied to memories, family trips, and long-held aspirations. Golden Week can perpetuate and refresh those sentiments. This deeper cultural connection continues to support Oahu’s long-term visibility as a desirable lifestyle and investment market, even if annual visitor numbers fluctuate.

A Seasonal Beat That Still Matters

Golden Week may only last about a week each year, but its rhythm is felt far longer in Hawaiʻi’s economic and real estate landscape. From tourism spending spikes and renewed connections to long-term buyer interest and strategic calendar planning for market cycles, this Japanese holiday season remains a piece of Hawaiʻi’s story.

For Oahu’s real estate professionals (like myself) and property sellers (many that I work with), Golden Week isn’t just about one week of travel. It’s about understanding how global cultural and economic rhythms intersect with local markets.

If you would like to discuss more about how Golden Week might impact the sale of your property, feel free and give me a call sometime and we can discuss specifics….Aloha, Jon.