Tokyo Marathon Generates $100 Million in Spending, Mastercard Economics Institute Analysis Shows

The Tokyo Marathon 2025 generated an estimated USD 100 million (JPY 155 billion) in incremental consumer spending over three days, according to new analysis from the Mastercard Economics Institute (MEI).

Merchants within a 10-kilometer radius of the finish line recorded spending approximately 7% higher than a typical non-marathon weekend, highlighting the event’s measurable short-term economic impact.

“Major sporting events are measurable economic catalysts,” said David Mann, Chief Economist, Asia Pacific, at Mastercard. “The Tokyo Marathon demonstrates how domestic demand and international travel combine to drive broad-based spending gains. For economies across Asia Pacific prioritizing tourism-led growth, understanding how events influence consumer movement and cross-border travel patterns is increasingly important for policy and investment decisions.”

While hotels and restaurants benefited, gains extended broadly across retail and services. Spending rose 47% in family apparel, 30% in cosmetics, 18% in drug stores, and 14% in women’s clothing, reflecting elevated discretionary and event-driven purchases across categories.

District-level data shows how the uplift spread across Tokyo’s commercial hubs:

•  Chiyoda: Hotel spending by Japanese visitors increased 72%.

•  Minato: Bar revenues rose 57%.

•  Ginza: Theater and museum spending increased 37%, with retail and dining up around 10%.

•  Shibuya: Children’s apparel sales rose 28%, alongside strong dining and souvenir activity.

•  Taito: Leisure spending increased 27%, while department store sales rose 23%.

Domestic consumers accounted for more than 83% of incremental spending, underscoring how large-scale events can activate local demand and support neighborhood economies.

International visitors also contributed meaningfully, particularly in premium retail and hospitality. Travelers from the United States, United Kingdom, Germany, Italy, and Australia represented a significant share of cross-border spending. Notably, 73% of participants from the US and UK visited other Japanese cities within a week, extending economic activity beyond Tokyo.

The findings are based on MEI’s analysis estimating the marathon’s economic impact by comparing actual spending during the event period with a modeled baseline of expected spending in its absence. The approach uses aggregated and anonymized historical Mastercard transaction data to isolate the marathon’s incremental effect. 

The Mastercard Economics Institute provides insights into global and local economic trends using advanced analytics and Mastercard’s proprietary data, supporting businesses, governments, and policymakers with timely analysis.

Mastercard is a sponsor of the Tokyo Marathon.