Stalled Economic Activity and Changes in Demand Structure Due to the Spread of COVID-19

「In the drugstore industry to which the company's group belongs, beauty-related products and other items recovered due in part to increased movement of people. However, demand for infection-control products such as masks and cold medicines declined from the previous year, while competition with other business formats following price increases for various products and competitors' aggressive store openings continued, leaving the industry in a difficult environment.」

「While there was a decline following the previous year's increase in demand for masks and other products」

「In the drugstore industry to which the Group belongs, recovery driven by inbound demand and other factors has begun as the movement of people increases in Japan and overseas, while beauty-related products such as cosmetics have also begun to recover as opportunities to go out increase. However, demand has declined following the previous year's demand for antigen test kits and rush demand ahead of price increases, and competitors continue their aggressive store openings and competition with other business formats following price increases for various products, so the challenging environment persists.」

「In the drugstore industry to which the Group belongs, recovery driven by inbound demand and other factors has begun as the movement of people increases in Japan and overseas, while beauty-related products such as cosmetics have also begun to recover as opportunities to go out increase. However, competitors continue their aggressive store openings, and competition with other business formats following price increases for various products continues, so the challenging environment persists.」

「In the drugstore industry to which the company's group belongs, signs of recovery were seen in beauty-related products such as cosmetics and in inbound demand as the movement of people increased in Japan and overseas. However, the difficult environment continues, including because competition with other business formats following price increases for various products continues, in addition to competitors' aggressive store openings.」

「In the drugstore industry to which the Group belongs, hygiene products and antipyretic analgesics remained firm due to the effects of the spread of infectious diseases, while cosmetics and other products began to recover as opportunities to go out increased. However, competition across business formats following price increases for various products and competitors' aggressive store openings continue, and the challenging environment persists.」

「Compared with the previous year, when the effects of the spread of infectious diseases continued, this fiscal year has been affected by a decline in shopping opportunities resulting from increased opportunities to go out and the reversal of the special demand seen through the previous year. In addition, consumers are holding back on purchases following price increases for various products, while competitors continue their aggressive store openings, and the challenging environment therefore persists.」

「Compared with the previous year, when the effects of the spread of infectious diseases continued, this fiscal year has been affected by a decline in shopping opportunities resulting from increased opportunities to go out and the reversal of the special demand seen through the previous year. In addition, competitors continue their aggressive store openings, and the challenging environment therefore persists.」

「In the drugstore industry to which the company's group belongs, demand for preventive products and eating at home increased in the previous fiscal year due to the spread of infectious diseases. This fiscal year, the industry remains in a difficult environment, including because it was affected by the resulting decline as the number of infected people temporarily trended downward.」

「In the drugstore industry to which the company's group belongs, demand for preventive products and eating at home increased during the same period of the previous year due to the spread of infectious diseases. This period, the industry remains in a difficult environment, including because it was affected by the decline following the previous year's increase in demand as the number of infected people temporarily trended downward.」

「In the drugstore industry to which the company's group belongs, the declaration of a state of emergency during the same period of the previous year led to a sharp increase in demand for infection-prevention products, particularly hygiene products, and for eating at home as people refrained from going out, worked from home, and kept schools closed. This period, although infection-prevention products remained firm amid the spread of infectious diseases, the group was affected by the decline following the previous year's surge in demand because measures such as restrictions on going out and school closures were limited.」

「While the declaration of a state of emergency issued during the same period of the previous year led to a sharp increase in demand for infection-prevention products, particularly hygiene products, and for eating at home as people refrained from going out, worked from home, and kept schools closed, demand related to the spread of infectious diseases remained firm to a certain extent this period. However, because restrictions on going out were limited and schools did not close, the company was affected by the decline following the temporary surge in stockpiling demand during the same period of the previous year.」

「Meanwhile, in addition to responding to the new lifestyle, preventive products remained firm as infections continued to spread, while demand for eating at home and daily necessities increased because, although the tendency to refrain from going out was easing, it continued.」

「Meanwhile, in addition to responding to the new lifestyle, preventive products remained firm as infectious diseases continued to spread, while demand for daily necessities and eating at home increased because, although the tendency to refrain from going out was easing, it continued.」

「Meanwhile, preventive products remained firm as the company responded to the new lifestyle, while demand for daily necessities and eating at home increased, including as a result of more people staying at home.」

「Meanwhile, preventive products remained firm as the company responded to the new lifestyle, while demand for daily necessities and eating at home increased, including as a result of more people staying at home.」

「Amid the global spread of COVID-19 and the resulting stagnation in economic activity, uncertainty about the outlook remained elevated. In personal consumption, consumers became even more inclined to economize, reflecting the consumption tax increase, repeated typhoon damage, the impact of higher costs on prices, and growing concerns about future increases in various burdens. Meanwhile, demand for preventive products and daily necessities increased due to the spread of COVID-19, and demand for eating at home also increased as people increasingly refrained from going out.」