Weak Personal Consumption and More Discerning Customer Product Selection
First written in FY2017-Q1. 9 of 30 entries say "Restated". Latest entry: FY2026.
Kotobuki Spirits moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 53 of 68 companies on the "Worse" side.
19 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「While high prices persisted, consumers remained strongly inclined to save, and their selection of products and services became increasingly rigorous.」
Although the economy was recovering, the prolonged period of high prices, consumers’ strong preference for saving, and increasingly rigorous selection of products and services were noted. - 2026-05-14WorsenedEarnings
「As continued inflation further intensifies the polarization of consumption and raises concerns about its impact on personal consumption, the outlook is expected to remain uncertain.」
The wording now states that inflation is expected to further intensify the polarization of consumption. - FY2026-H1Economic recovery coexists with slower growth in inbound visitors and a stronger preference for savingAnnual report
「During the interim consolidated accounting period, the economy showed signs of recovery, supported by improvements in employment and income conditions. However, conditions remained uncertain due to surging raw material prices, slower growth in the number of visitors to Japan, and consumers’ increasingly strong preference for saving amid sustained price increases.」
Although the economy was recovering, higher raw material prices, slower growth in the number of visitors to Japan, and an increasingly strong preference for saving due to rising prices were also identified as new sources of uncertainty. - FY2025-H1Recovery momentum coexists with the after-effects of revenge spending, rising prices, and disaster concernsAnnual report
「During the interim consolidated accounting period, conditions remained on a gradual recovery track as socioeconomic activity moved further toward normalisation, supported by improvements in employment and income conditions and a recovery in inbound demand. However, the outlook remained uncertain due to the after-effects of the surge in “revenge spending” following the end of COVID-19 last year, further increases in raw material prices, and weakening consumer sentiment against a backdrop of rising prices. In August this year, some people refrained from going out due to the announcement of the Nankai Trough Earthquake Temporary Information (Megathrust Earthquake Advisory) and the effects of unsettled weather.」
While socioeconomic activity, employment, and inbound tourism continued to recover, the after-effects of revenge spending, higher raw material prices, rising prices, and curtailed outings due to earthquake information and unsettled weather persisted. - FY2024-Q3Recovery momentum coexists with the after-effects of travel supportAnnual report
「During the third quarter consolidated cumulative period, socioeconomic activity moved further toward normalisation following the reclassification of COVID-19 as a Class 5 disease and the lifting of movement restrictions, while inbound tourism gradually recovered and conditions remained on a gradual recovery track. However, uncertainty persisted due to the increasingly serious labour shortage, further rises in raw material and energy prices, and concerns that inflation would weaken consumer sentiment. In the third quarter consolidated accounting period, the impact of COVID-19 movement restrictions had run its course, and the after-effects of the nationwide travel support programme launched in October 2022 were also observed.」
While the recovery in socioeconomic activity and inbound tourism was described as being on a gradual recovery track, labour shortages, higher costs, concerns about weakening consumer sentiment, and the after-effects of the nationwide travel support programme were also noted, with positive and uncertain factors coexisting. - FY2024-Q2RestatedAnnual report
「The business environment surrounding the Group showed some positive signs as socioeconomic activity moved further toward normalisation following the reclassification of COVID-19 as a Class 5 disease and the lifting of movement restrictions, while inbound tourism gradually recovered. However, uncertainty persisted due to the increasingly serious labour shortage, further rises in raw material and energy prices, and concerns that inflation would weaken consumer sentiment.」
Although socioeconomic activity is normalising and inbound tourism shows signs of recovery, labour shortages, higher costs, and concerns that rising prices will weaken consumer sentiment persist. - FY2024-Q1Normalisation of socioeconomic activity and inbound recovery coexist with concerns about higher costsAnnual report
「The business environment surrounding the Group showed some positive signs as socioeconomic activity moved further toward normalisation following the reclassification of COVID-19 as a Class 5 disease and the lifting of movement restrictions, while inbound tourism gradually recovered. However, uncertainty persisted due to the increasingly serious labour shortage, further rises in raw material and energy prices, and concerns that inflation would weaken consumer sentiment.」
While socioeconomic activity and inbound tourism continued to recover, labour shortages, surging raw material and energy prices, and concerns that inflation would weaken consumer sentiment persisted. - FY2023-Q3Recovery in people flows coexists with concerns about infection and rising pricesAnnual report
「As Japan entered its first summer season and year-end and New Year travel season in 3 years without restrictions on movement, and with the addition of the nationwide travel support programme launched in October last year and the easing of border-control measures, people flows generally recovered and showed signs of improvement. However, the outlook remained uncertain amid concerns that consumer sentiment would weaken due to latent anxiety about COVID-19 and inflation caused by surging raw material and energy prices.」
Although the recovery in people flows was supported by seasons without movement restrictions, travel support and eased border-control measures, latent anxiety about the infection and concerns that rising prices would weaken consumer sentiment persisted. - FY2023-Q2Recovery in people flows coexists with concerns about renewed infection and rising pricesAnnual report
「Although the number of people testing positive for COVID-19 increased again from mid-July through August, people flows generally recovered and showed signs of improvement as Japan entered its first Golden Week and summer season in 3 years without restrictions on movement. However, the outlook remained uncertain amid concerns that consumer sentiment would weaken due to latent anxiety about COVID-19 and inflation caused by surging raw material and energy prices.」
Although people flows recovered and consumption showed signs of improvement, renewed infection, surging raw material and energy prices, and concerns about weakening consumer sentiment were also noted. - FY2023-Q1Economic activity normalisation coexists with concerns about rising pricesAnnual report
「Economic activity moved toward normalisation after the lifting of all quasi-emergency measures in late March, and signs of recovery emerged as Japan entered its first Golden Week in 3 years without restrictions on movement. However, with the end of the COVID-19 pandemic still uncertain, concerns that consumer sentiment would weaken due to inflation caused by surging raw material and energy prices meant that the outlook remained uncertain.」
Although economic activity and consumption showed signs of recovery, concerns about the uncertain end of the infection and weakening consumer sentiment due to surging raw material and energy prices were also noted. - FY2022SoftenedAnnual report
「Although economic activity is expected to normalise and private consumption to move toward a gradual recovery,」
The description of private consumption has changed from a slump amid the spread of infection to an expectation of a gradual recovery. However, uncertainty remains. - FY2022-Q3Consumption recovery coexists with concerns about a renewed spread of the infectionAnnual report
「During the third quarter consolidated cumulative period, conditions remained unpredictable through September because states of emergency were declared intermittently. From October onward, consumer sentiment began to recover following the lifting of the state of emergency, but conditions remained challenging and uncertain, including concerns about a renewed spread of the infection caused by new variants.」
While conditions remained challenging through September due to the state of emergency, consumer sentiment was said to be recovering from October onward, and concerns about a renewed spread of the infection caused by new variants were also noted. No risk was quantified, and the cited passage does not state that a new renewed spread of infection had occurred. - FY2022-Q2RestatedAnnual report
「In addition to the loss of inbound demand, requests to refrain from nonessential, nonurgent outings, returning to one’s hometown, and travelling forced substantial production adjustments, leaving the Company in a persistently challenging business environment.」
The loss of inbound demand and the impact on consumption and production of requests to refrain from going out, returning to one’s hometown, and travelling continue to be cited as challenging factors in the business environment. - FY2022-Q1WorsenedAnnual report
「In addition to the loss of inbound demand, the slump in demand for souvenirs resulting from requests to refrain from travelling and going out forced substantial production adjustments, leaving the Company in a persistently challenging business environment.」
In addition to the loss of inbound demand, the slump in souvenir demand caused by requests to refrain from travelling and going out, together with substantial production adjustments, continues to make the consumption environment challenging. - FY2021-Q3Signs of recovery coexist with a renewed spread of the infectionAnnual report
「Although signs of recovery emerged in the latter part of the period, supported by the resumption of economic activity following the lifting of the state of emergency and the effects of the government’s Go To Travel Campaign, infections continued to subside and spread repeatedly, and conditions remained unpredictable.」
Although signs of recovery emerged in the consumption environment in the latter part of the period, infections continued to subside and spread repeatedly, and conditions remained unpredictable. - FY2021-Q2WorsenedAnnual report
「Following the renewed increase in the number of people testing positive from July, conditions remained unpredictable, with businesses strongly affected by requests to refrain from travelling and returning to their hometowns.」
The impact of requests to refrain from travelling and returning to one’s hometown was added to the renewed spread of the infection, and uncertainty in the consumption environment has continued. - FY2021-Q1WorsenedAnnual report
「The spread of COVID-19 not only eliminated inbound demand, but also led to a rapid contraction in consumption following the government’s declaration of a state of emergency covering all prefectures in April this year. An unprecedentedly severe business environment has continued.」
In addition to the previous weakness in private consumption and increasingly stringent consumer selection, consumption contracted rapidly due to the spread of the infection and the declaration of a state of emergency. - FY2020-Q3RestatedAnnual report
「Although positive developments included the boost from the extended holiday period accompanying the change of era name, private consumption remained weak amid growing uncertainty caused by the impact of successive natural disasters and concerns that the consumption tax rate increase would undermine consumer sentiment.」
Although the extended holiday period provided a positive factor, private consumption remained weak due to natural disasters and concerns about the consumption tax rate increase. - FY2020-Q2RestatedAnnual report
「Private consumption remained weak amid growing uncertainty, including concerns that the consumption tax rate increase implemented in October this year would undermine consumer sentiment.」
Weak private consumption and an uncertain outlook continue to characterise the business environment, accompanied by concerns about the consumption tax rate increase. - FY2020-Q1WorsenedAnnual report
「Private consumption remained weak amid growing uncertainty, including concerns that the consumption tax rate increase scheduled for October this year would undermine consumer sentiment.」
Private consumption is now described as lacking strength, with uncertainty increasing, rather than as recovering or remaining on a recovery track. - FY2019-Q3RestatedAnnual report
「The outlook for private consumption remains uncertain.」
The uncertain outlook for private consumption continues to be identified as a risk in the business environment. - FY2019-Q2WorsenedAnnual report
「During the second quarter consolidated cumulative period, the business environment surrounding the Group remained on a gradual economic recovery track, while the outlook for private consumption continued to be uncertain.」
The description has changed from the previous quarter’s recovery in private consumption and economic recovery trend to an uncertain outlook. - FY2019-Q1SoftenedAnnual report
「Private consumption continued to recover and the economy remained on a gradual recovery track. However, the business environment remained challenging due to increasingly diverse consumer activity, intensifying competition across industries and business formats, and rising logistics costs.」
Private consumption has shifted from the previous sluggishness and increasingly stringent selection toward recovery, while challenges caused by increasingly diverse consumption activity and intensifying competition remain. - FY2018SoftenedAnnual report
「Private consumption generally showed signs of recovery, and the economy recovered gradually, with strong inbound tourism also having a positive impact. However, conditions remained challenging as competition across market boundaries continued to intensify.」
Private consumption is now described as recovering rather than remaining sluggish, while challenging conditions caused by intensifying competition persist. - FY2018-Q3RestatedAnnual report
「During the first 3 quarters consolidated cumulative period, the business environment surrounding the Group showed signs of a gradual economic recovery against a backdrop of improving corporate earnings and employment conditions. However, private consumption remained uncertain, and conditions continued to be challenging as consumers became increasingly selective and sales competition intensified.」
The uncertain outlook for private consumption, increasingly stringent consumer selection, and intensifying sales competition continue to be cited as features of the business environment. - FY2018-Q2RestatedAnnual report
「Private consumption remained sluggish. As consumers became increasingly selective about products and services, sales competition intensified, and conditions remained challenging.」
Sluggish private consumption, increasingly stringent consumer selection, and intensifying sales competition continue to be cited as features of the business environment. - FY2018-Q1RestatedAnnual report
「During the first quarter consolidated cumulative period, the business environment surrounding the Group showed signs of a gradual economic recovery, while private consumption remained strongly oriented toward saving and consumers continued to be increasingly selective.」
Consumers’ preference for saving and the difficulty of meeting increasingly selective demand continue to be cited as part of the business environment. - FY2017-Q3RestatedAnnual report
「Although consumers remain strongly inclined to save, the polarisation of consumption has become more pronounced, including the growing trend toward celebratory and experiential spending」
The challenging and changing consumption environment, including consumers’ preference for saving, continues to be cited as part of the business environment. - FY2017-Q2WorsenedAnnual report
「With the domestic market showing limited growth, competition among companies across industries has tended to intensify. Although consumers remain strongly inclined to save, the polarisation of consumption has become more pronounced, including the growing trend toward celebratory and experiential spending. Inbound tourism trends are also changing rapidly: while the number of overseas visitors to Japan has increased significantly, inbound demand, particularly for high-priced goods, has begun to slow.」
In addition to the longstanding preference for saving and rigorous customer selection, intensifying competition and changes in inbound demand are identified, broadening the risk factors in the business environment. - FY2017-Q1First statedAnnual report
「Private consumption has remained sluggish due to stagnant growth in real income and an increasingly strong preference for saving, while customers have continued to scrutinise products and services more rigorously.」
The business environment during the quarter is described as one of sluggish consumption and increasingly stringent customer selection.