Lack of a clear recovery in personal consumption
First written in FY2016-Q2. 13 of 35 entries say "Worsened", first in FY2017-Q1. Latest entry: 2026-10-09.
Can Do moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 53 of 68 companies on the "Worse" side.
29 other companies' latest entry also says "Restated".
- 2026-10-09RestatedEarnings
「In the company's business environment, inflation caused by rising costs has continued, while consumers' strong focus on protecting their household budgets has also persisted.」
物価高と高い生活防衛意識が併存する消費環境を継続して記載している。 - FY2027-H1RestatedAnnual report
「During the current interim consolidated accounting period, from 1 March 2026 to 31 August 2026, Japan’s economy remained on a gradual recovery trend, with personal consumption recovering amid improvements in employment and income conditions.」
The company describes a gradual recovery trend supported by improved employment and income conditions and a recovery in personal consumption, continuing its previous explanation of the consumer environment. - 2026-07-09RestatedEarnings
「In the company's business environment, inflation caused by rising costs has continued, while consumers' strong focus on protecting their household budgets has also persisted.」
The company continued to describe a consumer environment characterized by persistent inflation and strong household cost-consciousness. - FY2026RestatedAnnual report
「In the company's business environment, inflation caused by rising costs has continued, while consumers' strong focus on protecting their household budgets has also persisted.」
The company continued to describe a consumer environment characterized by persistent inflation and strong household cost-consciousness. - FY2026-H1RestatedAnnual report
「In the company's business environment, inflation caused by rising costs has continued, while consumers' strong focus on protecting their household budgets has also persisted.」
The Group continued to describe a consumer environment in which a recovery in personal consumption coexisted with persistently high prices and a strong focus on protecting household budgets. - FY2024-Q2RestatedAnnual report
「During the three-month period ended the first quarter, the Japanese economy showed a moderate recovery trend, with personal consumption recovering as social activity normalized and employment and income conditions improved, and with inbound demand also recovering. Meanwhile, prices continued to rise due to prolonged international uncertainty, soaring raw material prices and foreign exchange effects, and the outlook remained uncertain.」
The Group continued to describe the coexistence of a recovery in personal consumption and inbound demand with rising prices caused by international conditions, high raw material prices and foreign exchange effects, as well as uncertainty regarding the outlook. - FY2024RestatedAnnual report
「Although personal consumption showed signs of recovery, consumer prices were trending upward, and the operating environment surrounding the Group was expected to remain challenging.」
The Group continued to describe the coexistence of a recovery in personal consumption and a challenging operating environment caused by rising prices. - FY2023-Q4Recovery alongside a preference for saving and uncertaintyAnnual report
「During the nine-month period ended the third quarter (1 March 2023 to 30 November 2023), the Japanese economy continued on a recovery trend due to the recovery in personal consumption and inbound demand and improvements in employment and income conditions. Meanwhile, the outlook remained uncertain as consumers increasingly favored saving due to the effects of global monetary tightening, concerns about the outlook for the Chinese economy and rising prices.」
The recovery in personal consumption and inbound demand and improvements in employment and income conditions were noted, alongside a growing preference for saving due to rising prices and concerns about the outlook for the Chinese economy. - FY2023-Q2RestatedAnnual report
「In the retail industry, personal consumption showed signs of recovery, but the business environment remained challenging due to soaring utility costs and purchase prices, as well as higher personnel and recruitment costs associated with labor shortages.」
The Group continued to describe the coexistence of a recovery in personal consumption and a challenging retail environment caused by rising costs and labor shortages. - FY2023RestatedAnnual report
「Although personal consumption showed signs of recovery, consumer prices were trending upward, and the operating environment surrounding the Group was expected to remain challenging.」
The Group continued to describe the coexistence of a recovery in personal consumption and a challenging environment caused by rising consumer prices. - FY2022-Q3Recovery alongside concerns about stagnationAnnual report
「In the retail industry, personal consumption showed signs of recovery, but energy and raw material prices were rising rapidly, making the business environment challenging.」
While the recovery in personal consumption was noted, the challenging business environment caused by rapidly rising energy and raw material prices was also cited, indicating the coexistence of recovery and concerns about stagnation. - FY2022-Q2SoftenedAnnual report
「In the retail industry, personal consumption showed signs of recovery following the end of priority preventive measures, but consumer prices were trending upward, and it was considered necessary to closely monitor consumer trends going forward.」
The end of priority preventive measures was associated with a recovery in personal consumption, softening the previous language concerning a sharp decline in consumption. Meanwhile, rising consumer prices and the need to monitor future trends were also noted. - FY2022-Q1WorsenedAnnual report
「During the three-month period ended the first quarter (1 December 2021 to 28 February 2022), economic activity temporarily began to recover as new infections declined due to the effects of promoting COVID-19 vaccinations. However, severe conditions continued due to the renewed spread of the infection caused by the Omicron variant, heightened tensions surrounding Ukraine and soaring global raw material prices.」
While a temporary increase in economic activity was noted, severe conditions continued due to the renewed spread of the infection caused by the Omicron variant, the situation in Ukraine and soaring raw material prices. - FY2021WorsenedAnnual report
「There were also concerns about the negative impact of economic stagnation caused by activity restrictions and requests to refrain from going out in response to infectious diseases, including mutant strains.」
The impact of economic stagnation caused by activity restrictions and requests to refrain from going out in response to infectious diseases, including mutant strains, was identified as an ongoing concern surrounding personal consumption. - FY2021-Q3WorsenedAnnual report
「In particular, as the impact of the spread of COVID-19 across countries and its prolongation continued, declarations of a state of emergency, the application of priority preventive measures and requests to refrain from going out in Japan triggered a sharp contraction in consumer spending and employment concerns, creating conditions in which the risk of a major economic recession was a concern.」
The prolonged impact of the spread of the infection, the sharp contraction in consumer spending and employment concerns caused by declarations of a state of emergency and related measures, and the risk of a major economic recession were expressly noted. - FY2021-Q2WorsenedAnnual report
「In the retail industry, consumers increasingly favored saving, while hygiene-related products and stay-at-home consumption-related products performed well. Depending on progress in vaccinations, however, it was necessary to pay close attention to the impact of infection trends on the economy.」
In addition to the growing preference for saving, it was indicated that infection trends could affect the economy depending on the progress of vaccinations, and uncertainty in the consumer environment continued. - FY2021-Q1WorsenedAnnual report
「In the retail industry, the outlook remained extremely uncertain due to the negative effects of economic stagnation caused by activity restrictions following the reissuance of the state of emergency and requests to refrain from going out.」
Although demand for hygiene-related products increased, the reissuance of the state of emergency, activity restrictions and economic stagnation caused by requests to refrain from going out increased uncertainty surrounding the outlook for personal consumption. - FY2020WorsenedAnnual report
「In the retail industry, demand for masks and hygiene-related products increased, but the operating environment remained uncertain due to the negative effects of economic stagnation caused by activity restrictions and requests to refrain from going out amid the spread of COVID-19, as well as the effects of prolonged rainfall and low temperatures, including the July 2020 torrential rains.」
Although demand for hygiene-related products increased, activity restrictions, requests to refrain from going out, economic stagnation, torrential rains, prolonged rainfall and low temperatures overlapped, and challenging conditions in the retail environment continued. - FY2020-Q3SoftenedAnnual report
「During the nine-month period ended the third quarter (1 December 2019 to 31 August 2020), the Japanese economy saw a significant decline in consumer sentiment, partly because the government declared a state of emergency in April in response to the spread of COVID-19. Although signs of a gradual recovery emerged after the state of emergency was lifted, the impact of the continuing spread of the virus remained a concern, and the outlook remained extremely uncertain.」
While a significant decline in consumer sentiment was noted, signs of a gradual recovery after the state of emergency was lifted were also indicated. However, the need to monitor the spread of the infection and extremely high uncertainty regarding the outlook continued. - FY2020-Q2WorsenedAnnual report
「In the retail industry, the business environment remained challenging, as personal consumption declined rapidly due to the spread of COVID-19 amid the effects of the record warm winter.」
The spread of COVID-19 was described as having caused personal consumption to decline rapidly, indicating a worsening consumer environment. - FY2020-Q1WorsenedAnnual report
「In the retail industry, the slowdown in personal consumption continued and conditions remained challenging, due to the reaction to the rush in demand before the consumption tax rate increase, the effects of the record warm winter and the expanding impact of COVID-19.」
The reaction to the consumption tax increase, the record warm winter and the expanding impact of COVID-19 overlapped, and personal consumption was described as continuing to slow. - FY2019WorsenedAnnual report
「In the retail industry, the business environment remained challenging, partly due to the consumption tax rate increase and a succession of natural disasters, including Typhoon Hagibis in 2019. Although personal consumption benefited from a rush in demand before the consumption tax increase, growth was weak and consumption remained in a lull.」
The consumption tax rate increase and typhoons were cited as additional factors, while personal consumption was described as showing weak growth and remaining in a lull. - FY2019-Q3WorsenedAnnual report
「In the retail industry, the e-commerce market continued to expand, but the environment remained on a downward trend amid rising labor and logistics costs due to worsening labor shortages and soaring raw material prices, as well as declining consumer sentiment caused by record-low temperatures and prolonged rainfall.」
The retail environment was described as being on a downward trend due to the overlapping effects of labor shortages and rising costs, soaring raw material prices, and declining consumer sentiment caused by low temperatures and prolonged rainfall. - FY2019-Q2SoftenedAnnual report
「Although personal consumption was recovering, partly due to a gradual increase in the real employment index, consumer sentiment remained weak. The situation also remained unstable due to the continued low temperatures in late March.」
Personal consumption was described as recovering, while weak consumer sentiment and weather-related instability were cited together. - FY2019-Q1WorsenedAnnual report
「In the retail industry, conditions were generally improving, but personal consumption continued to fluctuate. Consumer sentiment remained weak, and the situation remained unstable, including sluggish sales of winter merchandise due to the unusually mild winter.」
Personal consumption was described as fluctuating and consumer sentiment as weak, while poor sales of winter merchandise due to the unusually mild winter further highlighted the weakness of the consumer environment. - FY2018-Q3SoftenedAnnual report
「During the nine-month period ended the third quarter, the Japanese economy remained on a moderate recovery trend, with personal consumption showing signs of recovery despite remaining sluggish, against a backdrop of increased corporate capital investment and improved employment conditions.」
Although personal consumption was still described as sluggish, signs of recovery were expressly noted, softening the language indicating weakness used previously. - FY2018-Q2SoftenedAnnual report
「In the retail industry, personal consumption and consumer sentiment were showing signs of recovery, but the operating environment remained uncertain as higher costs associated with labor shortages and rising fuel prices continued.」
Personal consumption and consumer sentiment were described as showing signs of recovery, and the language concerning weakness in personal consumption was softer than in the previous quarter. Meanwhile, higher costs caused by labor shortages and rising fuel prices continued. - FY2018-Q1SoftenedAnnual report
「In the retail industry, personal consumption was gradually recovering, but the operating environment remained uncertain due to the effects of adverse weather, labor shortages and higher costs associated with rising fuel prices.」
Personal consumption was described as gradually recovering, softening the language indicating weakness somewhat. Meanwhile, adverse weather, labor shortages and rising fuel prices were cited together as severe environmental factors. - FY2017WorsenedAnnual report
「During the current consolidated fiscal year, from 1 December 2016 to 30 November 2017, Japan's economy continued on a moderate recovery trend, supported by improvements in the employment and income environment, although personal consumption lacked strength.」
Although the employment and income environment improved, personal consumption was described as lacking strength, indicating a weak recovery. - FY2017-Q3SoftenedAnnual report
「In the retail industry, personal consumption was recovering moderately and consumer sentiment was improving. However, the business environment remained difficult because of prolonged unsettled weather, intensifying competition driven by consumers' preference for saving, and increasing difficulty securing personnel as the effective job-openings-to-applicants ratio rose.」
The disclosure cited a recovery in personal consumption and an improvement in consumer sentiment, softening the previous fiscal year's wording concerning weak personal consumption. At the same time, unsettled weather, intensifying competition and difficulty securing personnel were also listed as adverse business-environment factors. - FY2017-Q2SoftenedAnnual report
「In the retail industry, employment conditions improved, and personal consumption also began to recover.」
The disclosure cited improvements in employment conditions and a recovery in personal consumption, softening the wording used through the previous fiscal year that personal consumption showed little sign of recovery. - FY2017-Q1WorsenedAnnual report
「Consumer sentiment, which had been sluggish, has begun to recover as the employment and income environment improves, but personal consumption remains stagnant.」
While consumer sentiment showed signs of recovery, personal consumption was still described as stagnant, reversing from the previous fiscal year's improvement trend to wording that indicated continuing weakness. - FY2016SoftenedAnnual report
「In the retail industry, the employment and income environment improved moderately and consumer sentiment also began to recover. Despite unsettled weather and the effects of earthquakes, signs of improvement were evident.」
The description changed to indicate that the retail industry was improving, supported by a recovery in the employment and income environment and consumer sentiment. - FY2016-Q3SoftenedAnnual report
「In the retail industry, although the employment and income environment and consumer sentiment showed signs of improvement, the purchasing power of visitors to Japan showed signs of weakening. Against the backdrop of weather-related factors, personal consumption continued to show little sign of recovery.」
While a statement was added noting an improvement in consumer sentiment, the company explained that personal consumption remained weak because of the purchasing power of visitors to Japan and weather-related factors. - FY2016-Q2First statedAnnual report
「In the retail industry, although the trend toward improvement in the employment environment continued, consumer sentiment remained stagnant. The trend toward an increase in visitors to Japan continued, but the shift toward a stronger yen cast a shadow over their purchasing power, and personal consumption continued to show little sign of recovery.」
Stagnant consumer sentiment, reduced purchasing power among visitors to Japan due to the stronger yen, and weak personal consumption were cited as concerns in the business environment.