Weak Personal Consumption Due to Sluggish Disposable Income Growth and Greater Frugality
First written in FY2019-Q3. 2 of 4 entries say "Worsened", first in FY2020-Q3. Latest entry: FY2020.
Aun Consulting moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 10 of 14 companies on the "Worse" side.
4 other companies' latest entry also says "Worsened".
- FY2020WorsenedAnnual report
「During the fiscal year ended 31 May 2020 (1 June 2019 to 31 May 2020), the Japanese economy had been on a moderate recovery trend against a backdrop of improved corporate earnings, but the sense of an economic downturn intensified due in part to a decline in personal consumption following the consumption tax increase. In addition, all economic activity was constrained by the spread of COVID-19, causing the economy to slow rapidly.」
In addition to the decline in personal consumption following the consumption tax increase, the filing describes the suppression of economic activity and rapid economic slowdown caused by COVID-19, indicating further deterioration in personal consumption and the economic environment. - FY2020-Q3WorsenedAnnual report
「During the nine-month period of the current fiscal year, the Japanese economy had been on a moderate recovery trend against a backdrop of improved corporate earnings, but the sense of an economic downturn intensified due in part to a decline in personal consumption following the consumption tax increase.」
The filing describes a decline in personal consumption following the consumption tax increase and an intensifying sense of economic downturn, indicating a worsening trend in sluggish personal consumption. - FY2019RestatedAnnual report
「Regarding personal consumption, the situation remains difficult to view optimistically as a recovery in the economy that is felt by consumers has yet to emerge, partly because of stagnant growth in disposable income and a stronger preference for saving.」
The filing continues to identify sluggish personal consumption caused by stagnant growth in disposable income and a stronger preference for saving as a risk to the domestic economic environment. - FY2019-Q3First statedAnnual report
「Meanwhile, personal consumption remains difficult to view optimistically as a recovery in the economy that is felt by consumers has yet to emerge, partly because of stagnant growth in disposable income and a stronger preference for saving.」
The filing identifies the lack of progress toward a consumer-perceived economic recovery through personal consumption, due to stagnant growth in disposable income and a stronger preference for saving, as a new risk to the domestic economy.