Weak Personal Consumption and Continued Thrift-Oriented Behavior
First written in FY2017. 12 of 29 entries say "Restated". Latest entry: FY2027-H1.
Aeon Kyushu 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".
- FY2027-H1WorsenedAnnual report
「Although a gradual recovery trend continued against a backdrop of improving employment and income conditions and recovering inbound demand, the outlook remained unpredictable as consumers' preference for thrift and selective spending became entrenched amid high prices caused by elevated raw-material prices and foreign exchange fluctuations.」
While referring to improving employment and income conditions and the recovery in inbound demand, the company describes the entrenchment of thrift and selective spending against a backdrop of high prices. - FY2026WorsenedAnnual report
「In Kyushu, the company's core operating region, the regional economy is benefiting from increased inbound tourism and spillover effects from more active capital investment, particularly in semiconductor-related industries. However, the U.S. tariff policy, uncertainty over international conditions and the impact on inbound demand of the Chinese government's request in November for Chinese citizens to refrain from traveling to Japan represent downside risks to the overall economy.」
While referring to factors improving the regional economy, the company explicitly identifies the U.S. tariff policy, the Chinese government's request to refrain from travel to Japan, surging prices and negative real wage growth as downside factors. - FY2026-H1WorsenedAnnual report
「During the interim consolidated accounting period under review (1 March 2025 to 31 August 2025), the domestic economy saw consumer sentiment shift further toward protecting household finances, as real wages remained negative amid the impact of surging prices, including a further acceleration in food-price increases from June, although」
The company describes accelerating food-price inflation, continued negative real wage growth and the shift in consumer sentiment toward protecting household finances as new factors worsening the environment for personal consumption. - FY2025-H1WorsenedAnnual report
「In Kyushu, the company's core operating region, the regional economy is beginning to benefit from increased inbound demand and spillover effects from more active capital investment, particularly in semiconductor-related industries. However, the operating environment for the supermarket industry in Kyushu, including the company, has become more challenging, with growth slowing from the same period of the previous year due to consumers' stronger preference for thrift amid rising prices, intensifying competition across industries and business formats, and increasing oligopolization through M&A.」
While referring to spillover effects on the regional economy in Kyushu, the company cites a stronger preference for thrift due to rising prices, cross-format competition and oligopolization through M&A, and describes slower growth and a worsening environment for the supermarket industry. - FY2025-Q1WorsenedAnnual report
「The operating environment for supermarkets in Kyushu, including the company, has grown more challenging, with growth slowing from the same period of the previous year amid growing consumer efforts to protect household finances due to higher prices.」
The company states that, in addition to growing efforts to protect household finances due to higher prices, growth in the environment surrounding supermarkets in Kyushu has slowed year on year and conditions have become more challenging. - FY2024SoftenedAnnual report
「The Kyushu economy, the company's core operating region, is expected to recover gradually as social and economic activity normalizes following the COVID-19 pandemic and overseas tourism demand increases. However, the business environment surrounding the company is expected to remain uncertain due to changes in the macro environment, including demographics, intensifying competition across industries and business formats, surging resource and energy prices, foreign exchange rates, and rising prices resulting from conditions overseas.」
The company indicates a recovery driven by the normalization of social and economic activity and increased tourism demand, while uncertainty related to demographics, competition, resource prices, foreign exchange rates and conditions overseas continues. - FY2024-Q3SoftenedAnnual report
「During the cumulative third quarter of the consolidated fiscal period under review (1 March 2023 to 30 November 2023), the domestic economy continued to face an uncertain outlook, as social and economic activity normalized following the reclassification of COVID-19 under the Infectious Diseases Control Law as a Category 5 infectious disease, while foreign exchange fluctuations and surging raw-material and energy prices persisted.」
The company continues to describe an uncertain outlook due to foreign exchange fluctuations and surging raw-material and energy prices, while stating that social and economic activity has normalized following the reclassification of COVID-19 as a Category 5 infectious disease. - FY2024-Q2RestatedAnnual report
「Meanwhile, the outlook for the economy remains uncertain due to risks of weaker consumption arising from prolonged geopolitical risks, the resulting surge in raw-material and energy prices, and increased inflationary pressure associated with fluctuations in foreign exchange rates.」
While personal consumption is recovering, the company continues to cite risks of weaker consumption due to geopolitical risks, raw-material and energy prices, foreign exchange fluctuations and rising prices. - FY2024-Q1SoftenedAnnual report
「In Kyushu, the company's core operating region, personal consumption followed a gradual recovery trend against a backdrop of improving employment and income conditions, while inbound demand also recovered markedly due to the easing of entry restrictions and other factors.」
In contrast to the concerns about cooling consumer sentiment through the previous fiscal year, the company describes improving employment and income conditions, a gradual recovery in personal consumption and a recovery in inbound demand. However, uncertainty related to foreign exchange rates and energy prices remains. - FY2023WorsenedAnnual report
「However, the outlook remains uncertain, with concerns about a cooling in consumer sentiment due to latent concerns about COVID-19, a sharp rise in resource prices caused by the conflict in Ukraine and other factors, higher energy prices resulting from the weaker yen, and rapid price increases, particularly for food.」
In addition to the previous factors, including population decline and sluggish consumption, the company explicitly identifies concerns that the conflict, higher resource prices, the weaker yen and rising prices will cause consumer sentiment to cool. - FY2023-Q3SoftenedAnnual report
「In Kyushu, the company's core operating region, although the effects of COVID-19 continued, the economy, including a recovery in personal consumption, followed a gradual recovery trend from October, partly due to government tourism support measures and the issuance of premium gift certificates aimed at revitalizing regional economies.」
Although the impact of COVID-19 continued, personal consumption in Kyushu recovered, supported by government tourism support measures and other initiatives, and the economy was described as being on a gradual recovery trend. - FY2023-Q2RestatedAnnual report
「Uncertainty continues over the impact on personal consumption of higher crude oil and raw-material prices caused by geopolitical risks and sharp fluctuations in foreign exchange rates, among other factors.」
The company continues to cite geopolitical risks, foreign exchange fluctuations and the impact of higher crude oil and raw-material prices on personal consumption as sources of uncertainty. - FY2022RestatedAnnual report
「The company's business, financial condition and performance may be affected by the contraction of the Kyushu market due to population decline, economic deterioration and a decline in personal consumption, as well as intensifying competition across industries and business formats.」
The company continues to identify population decline, market contraction, economic deterioration and a decline in personal consumption as risks associated with its reliance on the retail market. - FY2022-Q3RestatedAnnual report
「Concerns about a renewed spread of infections, including the emergence of new variants, could not be dispelled, and uncertainty continued, including the impact of trends in raw-material prices on the economy.」
While referring to signs of recovery driven by vaccinations and the easing of activity restrictions, the company states that uncertainty continues, including concerns about a renewed spread of infections and trends in raw-material prices. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter under review (1 March 2021 to 31 August 2021), the domestic and Kyushu economies remained uncertain, as states of emergency were declared intermittently amid the resurgence of COVID-19 infections, resulting in sluggish personal consumption.」
The company continues to cite the resurgence of COVID-19 infections and sluggish personal consumption associated with the declarations of a state of emergency as factors affecting the business environment. - FY2021-Q2MaterialisedAnnual report
「The company was unable to offset the first-quarter decline caused by COVID-19, and operating revenue for the cumulative second quarter was 95.9% of the level in the same period of the previous year.」
The impact of COVID-19 on personal consumption and business activity remained visible as lower revenue in the first quarter, with cumulative operating revenue reaching 95.9% of the level in the same period of the previous year. - FY2021-Q1MaterialisedAnnual report
「As a result, personal consumption fell sharply, and Kyushu also faced a challenging business environment with no clear outlook. Consequently, for the cumulative first quarter under review, operating revenue, comprising net sales plus other operating income, was ¥49,063 million (91.8% of the level in the same period of the previous year)」
The sharp decline in personal consumption caused by the spread of COVID-19 materialized as a decline in operating revenue to 91.8% of the level in the same period of the previous year, bringing the risk of sluggish consumption into actual performance. - FY2020RestatedAnnual report
「Fluctuations in the prices of everyday necessities, including electricity and gasoline, may affect personal consumption and the company's performance.」
The company continues to identify fluctuations in the prices of everyday necessities as a risk to personal consumption and its performance. - FY2019WorsenedAnnual report
「In the future, personal consumption in the Kyushu economy is expected to remain sluggish due to population decline, shrinking real disposable income and the entrenchment of consumers' preference for thrift, while uncertainty over the outlook for the environment surrounding the company is expected to persist, including the planned increase in the consumption tax rate in October 2019.」
In addition to the previous preference for thrift, the company explicitly identifies population decline, shrinking real disposable income and the increase in the consumption tax rate as factors likely to weigh on personal consumption and create uncertainty. - FY2019-Q2RestatedAnnual report
「To respond to customers' growing efforts to protect household finances」
The company continues to view growing efforts to protect household finances as a factor affecting the business environment and is responding with price reductions on food and daily necessities. - FY2019-Q1WorsenedAnnual report
「Meanwhile, consumers' efforts to protect household finances have intensified due to higher utility charges, including electricity and gas rates, and rising prices associated with higher logistics and raw-material costs, and the environment surrounding the retail industry remains challenging.」
The company links growing efforts to protect household finances with higher utility charges, rising logistics and raw-material costs, and higher prices. - FY2018WorsenedAnnual report
「In the future, personal consumption in the Kyushu economy is expected to remain sluggish due to population decline, shrinking real disposable income and the entrenchment of consumers' preference for thrift, while uncertainty over the outlook for the environment surrounding the company is expected to persist.」
In addition to the previous weakness in consumption and preference for thrift, the company explicitly identifies population decline and shrinking real disposable income as factors, and expects personal consumption to remain sluggish. - FY2018-Q3RestatedAnnual report
「However, in terms of sales, customers' strong preference for thrift remains」
The company states that the persistent preference for thrift in personal consumption is a factor contributing to the challenging environment surrounding the retail industry. - FY2018-Q2RestatedAnnual report
「However, customers' strong preference for thrift remains」
The company continues to cite consumers' strong preference for thrift as a factor contributing to the persistently challenging business environment. - FY2018-Q1RestatedAnnual report
「Growing consumer efforts to protect household finances amid uncertainty over the economic outlook」
The company continues to cite uncertainty over the economic outlook and growing consumer efforts to protect household finances as factors contributing to the persistently challenging business environment. - FY2017First statedAnnual report
「The retail industry has remained sluggish in recent years due to weak personal consumption and intense competition among retailers. If personal consumption fails to recover or deteriorates further, our business, financial condition and results of operations may be adversely affected.」
The company explicitly identifies weak personal consumption and consumers' preference for thrift as risks associated with its reliance on the retail market.