Consumer preference for saving and low prices, and weak consumer sentiment

「In China, personal consumption remained sluggish against a backdrop of the prolonged property-market downturn and stagnant employment conditions, and the economy remained weak.」

「In China, the economy remained weak, mainly due to the prolonged downturn in the property market and sluggish personal consumption.」

「In China, the economy remained weak amid the prolonged property-market downturn and sluggish personal consumption.」

「In China, the economic recovery lacked momentum due to the impact of the prolonged property-market downturn and sluggish personal consumption.」

「In Japan, consumers’ preference for saving strengthened amid higher prices, resulting in a slow economic recovery.」

「In China, personal consumption remained deeply unsettled after movement restrictions were lifted. Together with the prolonged downturn in the property market, this weakened the economic recovery, with the slowdown becoming particularly pronounced in the second half.」

「Although economic activity resumed in China, the recovery remained slow due to growing concerns about the property market and slowing personal consumption.」

「In China, economic activity has been normalizing since movement restrictions were lifted, but personal consumption has remained sluggish, and weakness in domestic demand continues to be a concern.」

「During the consolidated fiscal year, Japan’s economy was on a moderate recovery path as efforts to balance measures against COVID-19 with economic activity progressed. However, the outlook remained uncertain due to higher raw material and energy prices following the emergence of geopolitical risks, including turmoil after China substantially eased its zero-COVID policy and the prolonged situation in Ukraine, as well as shortages of parts and semiconductors resulting from global supply chain disruptions and concerns about an economic slowdown resulting from anti-inflation measures in various countries.」

「In China, pent-up demand emerged following the easing of movement restrictions under the zero-COVID policy, and personal consumption showed signs of recovery. However, shortages of various products in the domestic Chinese market and delivery delays affected a wide range of industries, and the outlook remained uncertain.」

「Although efforts to balance measures against COVID-19 with economic activity progressed, the pandemic had not been brought under control, and economic activity was expected to normalize only amid continued uncertainty over the outlook. The outlook nevertheless remained uncertain due to higher resource prices, currency volatility and increased geopolitical risk arising from developments in the United States and Eastern European countries, among other factors.」

「Although efforts to balance measures against COVID-19 with economic activity progressed during the nine-month period ended [the relevant period], the pandemic had not been brought under control, and normalization of economic activity and continued uncertainty over the outlook were expected. At the same time, expectations for an economic recovery increased as the vaccination rate rose, the number of infections declined and the state of emergency was lifted. However, as the number of countries experiencing a renewed spread of infections overseas increased, concerns about another domestic outbreak could not be dispelled, and the outlook remained uncertain.」

「During the six-month period ended [the relevant period], signs emerged of efforts to mitigate the impact of COVID-19, including the start of vaccinations, as well as a recovery in production and consumer activity. However, the renewed spread of infections continued, including through the further extension of the state of emergency, and economic conditions remained uncertain.」

「During the cumulative first quarter under review, Japan’s economic conditions remained uncertain as the impact of the novel coronavirus disease continued. Efforts to mitigate its effects, including the start of vaccinations, and signs of a recovery in production and consumption activity were observed. On the other hand, concerns over a renewed spread of infections remain, including the further extension of the state of emergency, and economic conditions remain uncertain.」

「As consumers’ purchasing behavior for clothing continued to diversify and their preference for saving remained deep-rooted amid higher prices for everyday necessities, challenging conditions continued.」

「During the cumulative second quarter under review, Japan’s economic conditions deteriorated sharply as economic activity was significantly restricted amid the spread of the novel coronavirus. The global economy likewise deteriorated rapidly, and severe conditions are expected to continue for the time being amid concerns over a second wave of infections. It is therefore considered necessary to closely monitor the impact of volatility in financial and capital markets.」

「Meanwhile, in the retail and wholesale industries in which we operate, conditions remained generally challenging due to the diversification of consumers’ purchasing behavior for clothing and their continued, deep-rooted preference for saving, compounded from February onward by the growing impact of the novel coronavirus.」

「Meanwhile, in the retail and wholesale industries, the challenging environment continued due to unseasonable weather, including successive typhoons and a mild winter, as well as a stronger preference for saving following the consumption tax increase from October.」

「Meanwhile, in the retail and wholesale industries in which we operate, conditions remained challenging as consumers’ purchasing behavior for clothing continued to diversify and their preference for saving remained deep-rooted amid higher prices for everyday necessities.」

「Meanwhile, in the retail and wholesale industries in which we operate, conditions remained challenging as consumers’ purchasing behavior for clothing continued to diversify and their preference for saving remained deep-rooted amid higher prices for everyday necessities.」

「Meanwhile, in the retail and wholesale industries in which we operate, conditions remained generally challenging due to the diversification of consumers’ purchasing behavior for clothing and their continued, deep-rooted preference for saving.」

「Meanwhile, in the retail and wholesale industries, a persistent preference for low prices remains evident, while the recovery in consumer sentiment has been slow, and the challenging environment continues.」

「Meanwhile, in the retail and wholesale industries, a persistent preference for low prices remains evident, while the recovery in consumer sentiment has been slow, and the challenging environment continues.」

「Meanwhile, in the retail and wholesale industries, a persistent preference for low prices remains evident, while the recovery in consumer sentiment has been slow, and the challenging environment continues.」

「Meanwhile, in the retail and wholesale industries, a persistent preference for low prices remains evident, while the recovery in consumer sentiment has been slow, and the challenging environment continues.」

「In the retail and wholesale industries, a persistent preference for low prices remains evident, while the recovery in consumer sentiment has been slow, and the challenging environment continues.」

「During the cumulative third quarter of the consolidated fiscal year under review, our company’s performance developed amid uncertainty over the outlook for the global economy and weak consumer sentiment. In the casualwear market in which we operate, personal consumption remained strongly oriented toward saving and low prices, and cautious consumer behavior continued amid a challenging market environment.」

「Personal consumption continued to develop amid a challenging market environment, with a persistent preference for saving and low prices and cautious consumer behavior.」

「During the fiscal year, our performance was affected by uncertainty over the outlook for the global economy and severe consumer sentiment. In the casualwear market in which we operate, personal consumption continued to be characterized by a strong preference for saving and low prices, with consumers maintaining cautious spending behavior in a challenging market environment.」

「During the third quarter cumulative period, our performance was affected by uncertainty over the outlook for the global economy and severe consumer sentiment. In the casualwear market in which we operate, personal consumption continued to be characterized by a strong preference for saving and low prices, with consumers maintaining cautious spending behavior in a challenging market environment.」

「During the second quarter cumulative period, our performance was affected by uncertainty over the outlook for the global economy and severe consumer sentiment. In the casualwear market in which we operate, personal consumption continued to be characterized by a strong preference for saving and low prices, with consumers maintaining cautious spending behavior in a challenging market environment.」