Risk of Deterioration in Private Consumption Due to a Consumption Tax Hike
First written in FY2019. 2 of 5 entries say "Restated". Latest entry: FY2022.
The whole theme swung hardest in 2026: 4 of 7 companies on the "Worse" side.
30 other companies' latest entry also says "Dropped".
- FY2022DroppedAnnual reportThe FY2022 business and other risks contain no direct reference to deterioration in private consumption due to the consumption tax hike.
- FY2020-Q3RestatedAnnual report
「In the jewelry industry to which the group belongs, the business environment was extremely difficult as the spread of COVID-19 had a significant impact. Business activity was substantially curtailed nationwide amid continued requests for people to refrain from going out and the closure or shortened operating hours of commercial facilities, compounded by the declaration of a state of emergency in April 2020 and the expansion of the areas covered.」
In addition to the deterioration in consumer sentiment caused by the consumption tax rate increase, restrictions on business activities due to the spread of COVID-19 continued. - FY2020-Q2RestatedAnnual report
「In the jewelry industry, the business environment was difficult as soaring personnel expenses resulting from the chronic labor shortage, successive natural disasters including typhoons, the higher consumption tax rate, and the spread of COVID-19 further worsened consumer sentiment.」
The adverse impact of the consumption tax rate increase on consumer sentiment continued to be described as an actual business environment factor, together with other deterioration factors. - FY2020-Q1MaterialisedAnnual report
「The business environment was generally difficult, compounded by a decline in consumption due to the increase in the consumption tax rate and the effects of a succession of natural disasters, including typhoons.」
The decline in consumption following the consumption tax rate increase, which had been cited as a concern in the previous fiscal year, was described as an actual business environment factor. - FY2019First statedAnnual report
「In Japan, the outlook for economic conditions is expected to remain uncertain, owing to concerns about the adverse impact of the consumption tax hike on private consumption, the worsening labor shortage, uncertainty in overseas economies, and risk factors arising from volatility in the financial and capital markets.」
The Company explicitly identified for the first time the possibility that the consumption tax hike could adversely affect private consumption as a business environment risk for the next fiscal year.