Uncertainty over the economic outlook and sluggish personal consumption
First written in FY2017-Q1. 25 of 37 entries say "Restated". Latest entry: 2026-10-28.
Cawachi Limited moved to the "Worse" side of this theme in 2024, 5 years after the typical company in this theme (2019).
The whole theme swung hardest in 2019: 98 of 177 companies on the "Worse" side.
60 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Although personal consumption showed signs of recovery against a backdrop of improving employment and income conditions, prices continued to rise and consumers' preference for saving as a defensive measure strengthened further. Meanwhile, spending related to improving quality of life, including health and beauty, remained firm.」
We continue to describe a situation in which consumption is recovering on the back of improving employment and income conditions, while rising prices are further strengthening consumers' preference for saving as a defensive measure. - 2026-04-28RestatedEarnings
「物価上昇基調は続いており、生活防衛としての節約志向は一段と高まりを見せる一方、健康や美容等のQOL向上に関する消費については堅調に推移いたしました。」
物価上昇と節約志向の高まりを継続して記載する一方、健康・美容等の消費は堅調とした。 - FY2026-H1RestatedAnnual report
「Although personal consumption showed a gradual recovery, supported in part by increased movement of visitors to Japan, prices have continued to rise faster than real wages, and consumers' inclination to save as a means of protecting household finances has increased further.」
We continue to believe that consumption will recover gradually as the increase in foot traffic from visitors to Japan supports consumer activity, while rising prices continue to outpace growth in real wages, further strengthening consumers' preference for saving as a defensive measure. - FY2025WorsenedAnnual report
「Although personal consumption showed a gradual recovery, supported in part by increased movement of people in Japan and overseas, wage growth has not exceeded price growth, and consumers' inclination to save has increased further.」
While indicating a recovery in consumption due to increased movement of people, the company explicitly notes that wage growth has not exceeded price growth and that consumers' inclination to save has strengthened further. - FY2025-H1SoftenedAnnual report
「Although personal consumption showed a gradual recovery, supported in part by increased movement of people in Japan and overseas, the burden on household expenses increased because of rising prices, while real wages appeared to be bottoming out, and consumers' inclination to save increased further.」
The wording has changed from “real wages continued to decline” in the previous quarter to “real wages appeared to be bottoming out.” Meanwhile, the burden on household expenses from rising prices and the strengthening of consumers' inclination to save continue. - FY2025-Q1WorsenedAnnual report
「Although personal consumption showed a gradual recovery, supported in part by increased movement of people in Japan and overseas, the burden on household expenses increased because of rising prices, while real wages continued to decline, and consumers' inclination to save increased further.」
While indicating a gradual recovery in consumption due to increased movement of people, the company explicitly notes the continued decline in real wages and describes the increased burden on household expenses and the strengthening of consumers' inclination to save. - FY2024-Q3RestatedAnnual report
「Although personal consumption began to recover gradually as opportunities to go out increased, the burden on household expenses increased because of higher utility costs and raw material prices, and consumers' inclination to save increased further.」
The company continues to describe a gradual recovery in personal consumption, higher household expenses due to increases in utility and raw material prices, and the strengthening of consumers' inclination to save. - FY2024-Q2RestatedAnnual report
「Although personal consumption showed a gradual recovery as restrictions on activities were eased, the burden on household expenses increased because of higher utility costs and higher product prices resulting from rising raw material prices, and consumers' inclination to save increased further.」
The company continues to describe a gradual recovery in personal consumption, higher household expenses due to increased utility and product prices, and the strengthening of consumers' inclination to save. - FY2023-Q3RestatedAnnual report
「Household living expenses have increased because of higher utility costs resulting from surging fuel prices and higher product prices resulting from increases in raw material prices. Against a backdrop of continued concerns about downside risks to the economy, consumers' inclination to save has increased further.」
The company continues to cite the burden on household expenses from higher fuel and raw material prices, concerns about downside risks to the economy, and the strengthening of consumers' inclination to save, as in the previous quarter. - FY2023-Q2WorsenedAnnual report
「Household living expenses have increased because of higher utility costs resulting from surging fuel prices and higher product prices resulting from increases in raw material prices. Against a backdrop of continued concerns about downside risks to the economy, consumers' inclination to save has increased further.」
The company newly specifies higher utility costs due to surging fuel prices and higher product prices due to rising raw material prices, and describes the resulting increase in household expenses and further strengthening of consumers' inclination to save. - FY2023-Q1WorsenedAnnual report
「Consumers' inclination to save has increased further because of continued concerns about downside risks to the economy, in addition to higher costs resulting from surging raw material and fuel prices.」
In addition to the longstanding concerns about downside risks to the economy, the company explicitly cites surging raw material and fuel prices and higher costs, and states that consumers' inclination to save has increased further. - FY2022RestatedAnnual report
「Consumers' inclination to save has increased further because of continued concerns about downside risks to the economy, in addition to higher costs resulting from increases in raw material and fuel prices.」
The company maintains its view that consumers' inclination to save has increased further against a backdrop of higher raw material and fuel prices, higher costs and concerns about downside risks to the economy. - FY2022-Q3WorsenedAnnual report
「Although expectations for spending on high-value goods and other items increased toward year-end, consumers' inclination to save continued amid ongoing concerns about downside risks to the economy and higher raw material and fuel prices and other costs.」
While consumers' inclination to save continues, higher raw material and fuel prices and other costs are explicitly identified as new downward pressures on personal consumption. - FY2022-Q2RestatedAnnual report
「Consumers' inclination to save continued amid concerns about downside risks to the economy, in addition to future increases in various financial burdens.」
The company maintains its view that consumers' inclination to save continues against a backdrop of concerns about future financial burdens and downside risks to the economy. - FY2022-Q1RestatedAnnual report
「Consumers' inclination to save continued amid concerns about downside risks to the economy, in addition to future increases in various financial burdens.」
The company maintains its view that consumers' inclination to save continues against a backdrop of concerns about future financial burdens and downside risks to the economy. - FY2021RestatedAnnual report
「Consumers' inclination to save continued amid concerns about downside risks to the economy, in addition to future increases in various financial burdens.」
The company maintains its view that consumers' inclination to save continues against a backdrop of concerns about downside risks to the economy and future financial burdens. - FY2021-Q3SoftenedAnnual report
「Consumers' inclination to save continued amid concerns about downside risks to the economy, in addition to future increases in various financial burdens.」
The wording has weakened this quarter, from “consumers' inclination to save increased further” in the previous quarter to “consumers' inclination to save continues.” - FY2021-Q2RestatedAnnual report
「Consumers' inclination to save increased further amid growing concerns about downside risks to the economy from stagnating economic activity, in addition to future increases in various financial burdens, and higher household living expenses resulting from restrictions on outings, working from home and school closures.」
The company maintains its view that consumers' inclination to save increased further amid stagnating economic activity and concerns about downside risks caused by COVID-19. - FY2021-Q1WorsenedAnnual report
「During the three months ended 15 June 2020 (16 March 2020 to 15 June 2020), Japan's economy remained in an uncertain environment, amid signs of stagnating economic activity against the backdrop of the global spread of COVID-19. Personal consumption was affected by people refraining from nonessential outings under the state of emergency, working from home and school closures, among other factors, which increased household living expenses, while concerns about downside risks to the economy grew amid future increases in various financial burdens and stagnating economic activity. As a result, consumers' inclination to save increased further.」
The company explicitly cites stagnating economic activity and downside risk concerns caused by COVID-19, and states that consumers' inclination to save increased further. - FY2020WorsenedAnnual report
「Consumers' inclination to save increased further because of the consumption tax increase, repeated typhoon damage, the impact of higher prices resulting from various cost increases, and growing concerns about future increases in various financial burdens.」
The description of consumers' inclination to save has been strengthened from its previous characterization as continuing to say that it has increased further, with the consumption tax increase, typhoon damage and higher costs added as factors. - FY2020-Q3RestatedAnnual report
「Although personal consumption showed signs of a gradual recovery, and a temporary rush in spending occurred ahead of the consumption tax increase, consumers' inclination to save continued amid the effects of repeated typhoon damage, the impact of higher raw material prices and other cost increases on prices, changes in various tax rates, and concerns about future increases in various financial burdens.」
The company describes a gradual recovery in personal consumption and the continued inclination to save. It also adds the rush in spending ahead of the consumption tax increase, typhoon damage and changes in various tax rates as factors. - FY2020-Q2ReframedAnnual report
「Although personal consumption showed signs of a gradual recovery, consumers' inclination to save continued because of concerns about the impact of higher raw material prices and other cost increases on prices, as well as future increases in various financial burdens.」
While maintaining the view that personal consumption is gradually recovering and consumers' inclination to save continues, the risk factor has shifted from the previous reference to declining real wages to the impact of higher raw material prices and other cost increases on prices. - FY2020-Q1WorsenedAnnual report
「Although personal consumption showed signs of a gradual recovery, consumers' inclination to save continued because of concerns stemming from declining real wages and future increases in various financial burdens.」
Personal consumption is showing signs of recovery, while the description has changed from an improvement in real wages to a decline in real wages, indicating that concerns about future financial burdens and the inclination to save continue. - FY2019RestatedAnnual report
「Although personal consumption began to show signs of a gradual recovery, consumers' inclination to save continued because of concerns about future increases in various financial burdens.」
The company states that personal consumption is showing signs of recovery, while concerns about future increases in financial burdens and the inclination to save continue. Sluggish demand for seasonal goods due to the warm winter was also cited as a factor behind the decline in sales for the fiscal year. - FY2019-Q3RestatedAnnual report
「Although personal consumption began to show signs of a gradual recovery, consumers' inclination to save continued because of concerns about future increases in various financial burdens.」
The company states that personal consumption is showing signs of recovery, while concerns about future increases in financial burdens and the inclination to save continue. - FY2019-Q2RestatedAnnual report
「Although personal consumption began to show signs of a gradual recovery, consumers' inclination to save continued because of concerns about future increases in various financial burdens.」
The company states that personal consumption is showing signs of recovery, while concerns about future increases in financial burdens and the inclination to save continue. - FY2019-Q1RestatedAnnual report
「Although personal consumption began to show signs of a gradual recovery against a backdrop of improving real wages, consumers' inclination to save continued because of concerns about future increases in various financial burdens.」
The company states that real wages and consumption are showing signs of recovery, while concerns about future financial burdens and the inclination to save continue. - FY2018RestatedAnnual report
「Although personal consumption began to show signs of a gradual recovery, consumers' inclination to save continued because of concerns about future increases in various financial burdens.」
The company states that real wages and consumption are showing signs of recovery, while concerns about future financial burdens and the inclination to save continue. - FY2018-Q3RestatedAnnual report
「Personal consumption remained sluggish. Although signs of a gradual improvement in real wages began to emerge, consumers' inclination to save remained strong because of concerns about future increases in various financial burdens.」
Although real wages showed signs of improvement, personal consumption remained sluggish against a backdrop of concerns about future increases in financial burdens and a strong inclination to save. - FY2018-Q2RestatedAnnual report
「Personal consumption remained sluggish. Although signs of a gradual improvement in real wages began to emerge, consumers' inclination to save remained strong because of concerns about future increases in various financial burdens.」
Although real wages showed signs of improvement, personal consumption remained sluggish against a backdrop of concerns about future increases in financial burdens and a strong inclination to save. - FY2018-Q1RestatedAnnual report
「Personal consumption remained sluggish. Although signs of a gradual improvement in real wages began to emerge, concerns about living conditions persisted amid gradual increases in the prices of necessities and other goods.」
Although real wages showed signs of improvement, personal consumption remained sluggish against a backdrop of rising prices and concerns about living conditions. - FY2017RestatedAnnual report
「Although some improvement was seen in consumption, supported by a gradual improvement in real wages and the upward trend in stock prices, consumers continued to restrain spending amid ongoing uncertainty about the outlook, including a trend toward a weaker yen, and personal consumption remained sluggish.」
The company reiterates its view that some consumption is improving, while uncertainty about the outlook and the tendency to restrain spending continue. - FY2017-Q3RestatedAnnual report
「Although some improvement was seen in high-value consumption, supported by a gradual improvement in real wages and the upward trend in stock prices, consumers continued to restrain spending amid ongoing uncertainty about the outlook, including a trend toward a weaker yen.」
The company describes a situation in which some consumption and economic conditions are improving, while uncertainty about the outlook and the tendency to restrain spending continue. - FY2017-Q2RestatedAnnual report
「Personal consumption remained sluggish, as consumers continued to restrain spending amid growing uncertainty about the outlook, including higher prices, a stronger yen and unstable stock prices, as well as concerns about social security, despite signs of a gradual improvement in real wages.」
Personal consumption remained sluggish against a backdrop of concerns about social security, rising prices, a stronger yen and unstable stock prices. - FY2017-Q1First statedAnnual report
「Personal consumption remained sluggish, as consumers continued to restrain spending amid growing uncertainty about the outlook, including higher prices and instability in foreign exchange rates and stock prices, despite signs of a gradual improvement in real wages.」
Sluggish consumer spending is described as the actual business environment, against a backdrop of unstable foreign exchange rates and stock prices and uncertainty about the outlook.