Since the middle ages, Wajima has been famous for lacquerware (漆器 shikki) production, to an extent that "Japan" used to mean lacquerware in the same sense that "China" meant porcelain ware. Japan's finest lacquerware still comes from this town, although industrial lacquerware production (of perceived lower quality) is distributed around the nation.
The Wajima morning market is one of the town's best-known attractions.
No youth hostels, but a good number of ryokan (Japanese inns). These are more expensive than elsewhere (e.g. Kanazawa) because competition is less and it is more remote.