Slowing Inbound Demand and Changes in Consumer Behavior
First written in FY2017-Q1. 10 of 25 entries say "Restated". Latest entry: 2026-07-10.
Aun Consulting moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 19 of 23 companies on the "Worse" side.
4 other companies' latest entry also says "Mitigated".
- 2026-07-10MitigatedResults presentation
「2025 inbound visitor spending: ¥9.4549 trillion (up 16.4% year on year)」
The record-high level of inbound visitor spending is presented as market data indicating that previous concerns about a slowdown in inbound demand and changes in spending behavior are easing. - FY2025RestatedAnnual report
「However, challenges including labour shortages and overtourism remain, and the Company recognises that the outlook for proactive promotional activities is difficult to assess. In addition, if the spread of a new infectious disease leads to travel restrictions or requests from governments to refrain from activities, the Group’s business and performance may be adversely affected by a substantial contraction in economic activity, including a decline in inbound demand.」
While recognising that the inbound market is in a recovery and growth phase, the Company continues to identify labour shortages, overtourism and travel restrictions resulting from a new infectious disease as constraints and risks. - FY2025-H1MitigatedAnnual report
「Demand for inbound marketing, including promotions targeting visitors to Japan, has been gradually recovering. However, as the Group restructures its organisational structure through efficiency improvements and rationalisation across the Group, sales and profit have not yet expanded substantially during the interim consolidated accounting period.」
The Company indicates that demand for inbound marketing is gradually recovering, suggesting that the risk of slowing demand has eased from previously. However, sales and profit have not yet expanded substantially. - FY2024New constraints after the inbound market recovery identifiedAnnual report
「The inbound market for travel to Japan is currently recovering sharply and steadily, having moved from recovery into a growth phase. Demand among Japanese companies for promotions targeting foreign visitors is expected to continue increasing. However, challenges including labour shortages and overtourism remain, and the Company recognises that the outlook for proactive promotional activities is difficult to assess.」
The Company’s view has shifted from its previous explanation that the inbound market had not fully recovered to a recognition that it has entered a recovery and growth phase. At the same time, it identifies labour shortages and overtourism as new constraints. - FY2024-Q3MitigatedAnnual report
「In the inbound market, demand recovered substantially. According to the Japan National Tourism Organization (JNTO), the number of international visitors to Japan in 2023 was approximately 25.06 million, around 80% of the level in the same period of 2019 before the COVID-19 pandemic.」
The inbound market showed a substantial recovery in demand, with the number of international visitors to Japan recovering to approximately 80% of the level in the same period of 2019. However, it had not yet reached pre-COVID levels. - FY2024-Q2MitigatedAnnual report
「In the inbound market, demand recovered substantially. According to the Japan National Tourism Organization (JNTO), the number of international visitors to Japan from January through November 2023 was 22.33 million, approximately 76% of the level in the same period of 2019 before the COVID-19 pandemic.」
The Company states that inbound demand showed a substantial recovery, with the number of international visitors to Japan recovering to approximately 76% of the level in the same period of 2019. Overall, however, it remained below pre-COVID levels. - FY2024-Q1MitigatedAnnual report
「In the inbound market, demand recovered substantially. According to the Japan National Tourism Organization (JNTO), the number of international visitors to Japan from January through August 2023 was 15.18 million, approximately 69% of the level in the same period of 2019 before the COVID-19 pandemic. The weaker yen also provided support, and the number of visitors to Japan from Southeast Asia, the United States and Australia in August 2023, as most recently announced, exceeded the level in the same month of 2019. Demand among Japanese companies for promotions targeting foreign visitors is therefore expected to increase.」
Inbound demand changed from not having fully recovered to showing a substantial recovery. The number of international visitors to Japan from January through August 2023 was 15.18 million, recovering to approximately 69% of the level in the same period of 2019 and exceeding the level in the same month of 2019 in some regions. Overall, however, it remained below pre-COVID levels. - FY2023-Q3RestatedAnnual report
「As the effects of the COVID-19 pandemic continued, demand for inbound marketing, including promotions targeting visitors to Japan, mainly among private-sector companies, had not recovered fully. The business environment surrounding the Company therefore remained extremely challenging.」
The Company continues to recognise that the effects of COVID-19 remain and that demand for inbound marketing among private-sector companies has not recovered fully. - FY2023-Q2RestatedAnnual report
「In the inbound market, signs of recovery have emerged, supported by the easing of restrictions on the entry of foreign nationals and the weaker yen. However, the Company believes that the market will take time to recover to pre-COVID levels.」
While describing signs of recovery driven by the easing of entry restrictions and the weaker yen, the Company continues to state that the inbound market will take time to recover to pre-COVID levels. - FY2023-Q1MitigatedAnnual report
「In the inbound market, signs of recovery have emerged following the easing of restrictions on the entry of foreign nationals for the first time. However, marketing promotions by the Company’s customers have yet to resume fully. With the yen weak, the removal of limits on the number of entrants, the resumption of independent travel and visa exemptions are expected to support a recovery in inbound demand.」
The market has shown signs of recovery following the easing of restrictions on the entry of foreign nationals, and a recovery in demand is expected as entry restrictions and other measures are lifted. This represents more evidence of a recovery than previously. However, customer companies’ marketing promotions have yet to resume fully, so risks remain. - FY2022RestatedAnnual report
「Although the resumption of entry by foreign tourists is expected to rekindle inbound demand, the Company believes that a full recovery will take time.」
While maintaining its view that a full recovery in inbound demand will take time, the Company newly adds expectations that demand will be rekindled following the resumption of entry by foreign tourists. - FY2022-Q3RestatedAnnual report
「If infections spread again due to a significant delay in vaccinations, the emergence of new variants or other factors, and travel restrictions and requests from governments to refrain from activities continue for an extended period, the Group’s business and performance may be affected.」
The Company continues to recognise the risk of lower inbound demand due to COVID-19, delays in vaccinations, new variants and prolonged travel restrictions. - FY2021WorsenedAnnual report
「If infections spread again due to a significant delay in vaccinations, the emergence of new variants or other factors, and travel restrictions and requests from governments to refrain from activities continue for an extended period, the Group’s business and performance may be affected.」
The Company specifies delayed vaccination, new variants, renewed spread of infections and prolonged travel restrictions as new uncertainties relating to the risk of a delayed recovery in the inbound market. - FY2021-Q3RestatedAnnual report
「Against a backdrop of strong demand for travel to Japan from Asia, the Group had sought to expand earnings by focusing on the growth area of multilingual inbound services, meaning services in languages other than Japanese. However, as the COVID-19 pandemic spread, many inbound-related advertising campaigns, particularly those placed by private-sector companies, were suspended, and the Company believes that a full recovery in the inbound market will take time.」
The Company continues to state that inbound-related advertising campaigns have been suspended and that a full recovery will take time. - FY2021-Q1MaterialisedAnnual report
「However, as the COVID-19 pandemic spread, many inbound-related advertising campaigns, particularly those placed by private-sector companies, were suspended, and the Company believes that a full recovery in the inbound market will take time.」
The slowdown in inbound demand has materialised in the suspension of many advertising campaigns, particularly by private-sector companies, and the Company states that a full recovery will take time. - FY2020WorsenedAnnual report
「However, repeated travel cancellations by foreign visitors to Japan due to the COVID-19 pandemic caused the number of international visitors to Japan from January through May 2020 to fall 71.3% year on year to 3.944 million.」
The decline in demand for travel to Japan caused by COVID-19 worsened further from the decline reported as of the third quarter, falling 71.3% year on year from January through May 2020. - FY2020-Q3MaterialisedAnnual report
「However, repeated travel cancellations by foreign visitors to Japan due to the COVID-19 pandemic caused the number of international visitors to Japan from January through February 2020 to fall 29.2% year on year to 3.746 million.」
Travel cancellations due to COVID-19 and the resulting decline in visitors to Japan actually occurred, making the impact on inbound demand evident. - FY2020-Q2RestatedAnnual report
「In the inbound market, the number of visitors to Japan from South Korea has fallen sharply following the deterioration in Japan–South Korea relations. However, in addition to the increase in visitors from Europe, the United States and Australia associated with the 2019 Rugby World Cup in Japan, visitor numbers from Southeast Asia remained strong. The number of international visitors to Japan from January through November 2019 reached 29.35 million, up 2.8% year on year.」
While the decline in visitors to Japan from South Korea continued, the Company cites an increase in visitors from Europe, the United States and Australia associated with the Rugby World Cup and strong visitor numbers from Southeast Asia. Overall, the number of visitors to Japan increased 2.8% year on year from January through November 2019. - FY2020-Q1MaterialisedAnnual report
「In the inbound market, the number of visitors to Japan from South Korea has fallen sharply following the deterioration in Japan–South Korea relations. However, visitor numbers from Southeast Asia remain strong, and demand among Japanese companies for promotions targeting foreign visitors is expected to continue increasing.」
The Company states that the deterioration in Japan–South Korea relations has actually led to a decline in visitors to Japan from South Korea. Meanwhile, visitor numbers from Southeast Asia remain strong, and expectations for expanding promotional demand targeting foreign visitors continue. - FY2019-Q3RestatedAnnual report
「In the inbound market, demand for travel to Japan stagnated due to natural disasters including torrential rain in western Japan, typhoons and earthquakes. However, the number of international visitors to Japan in 2018 reached 31.19 million, up 8.7% year on year, the highest level since statistics began in 1964.」
While noting the stagnation in demand for travel to Japan caused by natural disasters, the Company states that the number of international visitors to Japan reached 31.19 million, up 8.7% year on year, a record high. - FY2019-Q2MaterialisedAnnual report
「In the inbound market, demand for travel to Japan stagnated due to natural disasters including torrential rain in western Japan, typhoons and earthquakes, but recovered in October 2018. The number of international visitors to Japan from January through 18 December 2018 exceeded 30 million for the first time in history (Japan National Tourism Organization (JNTO), “Number of Visitor Arrivals to Japan”).」
The Company states that demand for travel to Japan actually stagnated due to natural disasters. However, demand recovered in October 2018, and the number of international visitors to Japan exceeded 30 million for the first time in history. - FY2017RestatedAnnual report
「In the inbound market, travel spending has been trending downward since 2016 as the consumption behaviour of visitors to Japan shifted from “buying goods” to “buying experiences.” However, the number of international visitors to Japan in 2016 reached a record high of 24.039 million, up 21.8% year on year (Japan National Tourism Organization (JNTO), “Number of Visitor Arrivals to Japan”), and the number of visitors to Japan is expected to continue increasing as Asian economies grow, while demand among Japanese companies for promotions targeting foreign visitors is also expected to rise further.」
While continuing to describe the downward trend in travel spending resulting from the shift from buying goods to buying experiences, the Company also cites the record number of international visitors to Japan and expectations for expanding promotional demand. - FY2017-Q3RestatedAnnual report
「In the inbound market, travel spending has been trending downward since 2016 as the consumption behaviour of visitors to Japan shifted from “buying goods” to “buying experiences.” However, the number of international visitors to Japan in 2016 reached a record high of 24.039 million, up 21.8% year on year (Japan National Tourism Organization (JNTO), “Number of Visitor Arrivals to Japan”), and the number of visitors to Japan is expected to continue increasing as Asian economies grow, while demand among Japanese companies for promotions targeting foreign visitors is also expected to rise further.」
While continuing to describe the downward trend in travel spending associated with the shift from buying goods to buying experiences, the Company also cites expectations for growth in visitor numbers and expanding promotional demand. - FY2017-Q2WorsenedAnnual report
「In the inbound market for the Group’s principal business, “multilingual SEM services for Japanese companies,” spending by visitors to Japan has been trending downward since 2016 as their consumption shifted from “buying goods” to “buying experiences.”」
The Company has gone beyond its previous concern over changes in consumer behaviour, stating that the shift from buying goods to buying experiences has contributed to the downward trend in travel spending. - FY2017-Q1First statedAnnual report
「In the inbound market for the Group’s principal business, “multilingual SEM services for Japanese companies,” concerns have arisen since 2016 that the end of large-scale shopping by visitors to Japan, owing to the stronger yen and China’s higher tariffs, would affect demand. Consumer spending has been shifting from high-priced goods such as watches and branded products to consumables such as cosmetics and fragrances, as well as services such as tourism, dining and beauty treatments.」
The Company identifies concerns over the end of large-scale shopping by visitors to Japan due to the stronger yen and China’s higher tariffs, together with the shift in visitors’ spending from high-priced goods to consumables and services, as new business-environment risks.