Stagnant Consumer Sentiment and Flat Personal Consumption
First written in FY2017-Q2. 8 of 22 entries say "Worsened", first in FY2017. Latest entry: FY2027-H1.
and ST HD moved to the "Worse" side of this theme in 2026, 6 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 14 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「As high prices persisted and interest rates rose, consumers became even more inclined to economize and more sensitive to prices.」
While improvements in employment and income conditions and a recovery trend in personal consumption are indicated, the description states that high prices and rising interest rates have further strengthened consumers' inclination to economize and price sensitivity. - FY2026WorsenedAnnual report
「Against a backdrop of continued yen depreciation and labor shortages, inflation caused by high food, raw material and energy prices is becoming prolonged and poses a downside risk to personal consumption.」
Although inbound demand and rising wages provide support, rising prices continue to pose a downside risk to personal consumption. - FY2026-H1WorsenedAnnual report
「However, inflation caused by persistently high food, raw material and energy prices, against a backdrop of yen depreciation and labor shortages, is becoming prolonged and poses a downside risk to personal consumption.」
Although consumer appetite is described as resilient, rising prices are explicitly identified as a downside risk to personal consumption. - FY2025MitigatedAnnual report
「Inbound demand and wage increases, which have continued since last year, supported domestic demand, and consumer demand remained firm.」
It is stated that domestic demand and consumer appetite remained resilient against a backdrop of inbound demand and wage increases. - FY2025-H1RestatedAnnual report
「Inbound demand and wage increases, which have continued since last year, supported domestic demand, and demand for fashion-related goods remained firm.」
The description that demand for fashion-related goods remained resilient against a backdrop of inbound demand and wage increases continues. - FY2024MitigatedAnnual report
「Personal consumption continued to recover against a backdrop of gradual improvements in employment and income conditions, among other factors, while demand for fashion-related goods remained resilient despite the impact of the heatwave and the mild winter.」
It is stated that the recovery trend in personal consumption and resilience in fashion-related consumption continued against a backdrop of improving employment and income conditions. - FY2024-Q2MitigatedAnnual report
「During the cumulative second-quarter consolidated period, behavioral restrictions and restrictions on entry from overseas were substantially eased following the reclassification of COVID-19 to Category 5, and economic and social activity moved toward normalization. In addition, personal consumption continued to recover gradually against a backdrop of a gradual improvement in the income environment, among other factors, while demand for fashion-related goods remained resilient.」
Against a backdrop of the reclassification of the infectious disease to Category 5, the easing of behavioral and entry restrictions, and an improvement in the income environment, the recovery trend in personal consumption and resilience in fashion-related consumption continue. - FY2024-Q1MitigatedAnnual report
「The easing of restrictions on movement related to COVID-19 and entry restrictions for visitors from overseas increased the flow of people. As economic and social activity normalized, personal consumption showed a gradual recovery.」
Personal consumption showed a gradual recovery as behavioral and entry restrictions were eased, foot traffic increased, and economic and social activity normalized. - FY2023-Q3RestatedAnnual report
「During the nine months ended the third quarter of the current consolidated fiscal year, supply chain disruptions caused by the Shanghai lockdown from May to June and the spread of COVID-19 due to the Omicron variant in July occurred. However, the recovery in human mobility and normalization of consumption activity accompanying the easing of restrictions on movement meant that the operating environment remained better than in the previous year, with sales exceeding the previous year's level at both all stores and existing stores in every month.」
Although Shanghai's lockdown and the impact of the Omicron variant were factors, the company reports normalized foot traffic and consumer activity due to the easing of behavioral restrictions, as well as same-store and total store sales exceeding the previous year in every month. - FY2023-Q2Normalization of consumption coexisting with a decline in customer traffic due to a renewed spread of infectionsAnnual report
「In the first quarter, the COVID-19 pandemic subsided and the easing of restrictions on activities led to a recovery in foot traffic and signs of normalized consumption activity. However, the spread of the Omicron variant from July onward temporarily reduced customer numbers.」
Although the easing of behavioral restrictions led to signs of normalized foot traffic and consumer activity, the spread of the Omicron variant from July temporarily reduced customer traffic, with a recovery in consumption trends coexisting with renewed uncertainty. - FY2023-Q1MitigatedAnnual report
「During the nine months ended the first quarter of the current consolidated fiscal year, the COVID-19 pandemic subsided, and the easing of restrictions on movement led to a recovery in human mobility and signs of normalization in consumption activity.」
It is stated that the easing of the infectious disease outbreak and behavioral restrictions led to signs of recovering foot traffic and normalized consumer activity. - FY2022-Q3Recovery in consumption accompanying the recovery in demand for going outAnnual report
「In the first half of the third quarter, sales remained sluggish because the state of emergency continued and temperatures were higher than usual. In the second half, sales of fall and winter products recovered as temperatures fell and demand for going out recovered.」
Although sales were sluggish in the first half of the third quarter, sales of fall/winter products recovered in the second half as demand for going out recovered. - FY2022-Q2WorsenedAnnual report
「However, second-quarter sales were slightly below the year-earlier level because the state of emergency and priority preventive measures were expanded and prolonged, unstable weather including a long rainy season had an impact, and there was no “revenge spending” as seen the previous year.」
After recovering in the first quarter as the store operating environment improved, domestic sales slowed to a slight year-on-year decline in the second quarter due to the expansion and prolongation of areas subject to infection-control measures and the absence of revenge spending. - FY2021-Q3Recovery in brick-and-mortar sales and renewed uncertainty over consumption trendsAnnual report
「Although the impact of reduced demand for going out continued, domestic brick-and-mortar store sales improved month by month and recovered significantly in the third quarter as temperatures fell and demand for going out recovered. However, personal consumption remained uncertain, as the number of store visitors again began to decline in late November amid growing concern about a resurgence of infections.」
Although brick-and-mortar sales recovered sharply in the third quarter, the number of store visitors declined in late November amid concerns about a renewed spread of infections, and uncertainty over personal consumption continues. - FY2021-Q2MitigatedAnnual report
「In the second quarter, when all stores resumed operations on 3 June, the impact of reduced demand for going out continued, but the decline in domestic brick-and-mortar sales narrowed compared with the first quarter.」
Although the impact of reduced demand for going out continued, the decline in domestic brick-and-mortar sales narrowed compared with the first quarter after all stores resumed operations. - FY2021-Q1WorsenedAnnual report
「The outlook for the recovery in economic activity and consumer sentiment is extremely difficult to assess because of calls to refrain from going out and changes in lifestyles.」
Restrictions on going out and changes in lifestyles are described as making the recovery in consumer sentiment extremely difficult to foresee. - FY2019RestatedAnnual report
「Spending restraint is also occurring in Japan's apparel market, making it increasingly difficult to sell even the quantities initially projected.」
Spending restraint in Japan's apparel market and the difficulty of securing sales volumes continue to be described as challenges in the operating environment. - FY2018WorsenedAnnual report
「At the same time as consumer preferences are diversifying, spending restraint is also occurring in Japan's apparel market.」
In addition to the previous description of stagnant consumer sentiment and weak personal consumption, spending restraint is said to be occurring in Japan's apparel market. - FY2018-Q1WorsenedAnnual report
「Meanwhile, personal consumption remained weak, with consumer spending below the year-earlier level for an extended period.」
Personal consumption is described as remaining weak, with consumer spending below the same month of the previous year for an extended period, rather than the previous year's description of stagnant and sluggish consumer sentiment. - FY2017WorsenedAnnual report
「Although the employment and income environment was improving, the recovery in consumer sentiment stalled, and personal consumption remained sluggish.」
The wording has changed from the previous quarter's indications of a recovery and resilience back to a description of continued stagnant recovery in consumer sentiment and sluggish personal consumption. - FY2017-Q3MitigatedAnnual report
「Personal consumption was generally firm, with real gross employee income increasing moderately and signs of a recovery in consumer sentiment.」
The wording has changed from the previous quarter's description of stagnant recovery in consumer sentiment and flat personal consumption to wording indicating a recovery and resilience. - FY2017-Q2First statedAnnual report
「Although employment and income conditions continued to improve, the recovery in consumer sentiment stalled, and personal consumption was broadly flat.」
Stagnant recovery in consumer sentiment and flat personal consumption are described as the economic environment for the quarter.