Consumer Frugality and Cautious Spending
First written in FY2017-Q1. 18 of 32 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Star seeds moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 12 of 19 companies on the "Worse" side.
7 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In Japan’s domestic apparel market, foot traffic to physical stores was recovering as economic activity normalized. However, consumers’ heightened focus on protecting household finances due to rising prices meant that strict selective purchasing and a preference for low prices in apparel remained deeply entrenched.」
Although foot traffic to physical stores was recovering, strict selective purchasing and a preference for low prices remained strong because consumers were focused on protecting household finances amid rising prices. - 2026-04-17WorsenedRevision to earnings forecasts
「In the apparel and related business, the number of store visitors and purchasers declined due to abnormal weather and rising prices, preventing us from securing the expected profit.」
The decline in store visitors and purchasers caused by abnormal weather and rising prices was expressly identified as a reason why the expected profit could not be secured. - FY2026-H1WorsenedAnnual report
「While prolonged price increases increased the burden on households, concerns continued regarding the impact of geopolitical risks overseas, US tariff policies and exchange-rate movements on corporate economic activity and personal consumption. Consumers therefore strengthened their thrift-oriented mindset and continued to spend cautiously.」
In addition to the increased household burden from rising prices, concerns over geopolitical risks, US tariff policies and exchange-rate movements strengthened consumers’ thrift-oriented and cautious stance. - FY2025WorsenedAnnual report
「Consumers have become increasingly selective in choosing goods and services, and companies are required to make greater management efforts.」
In addition to the thrift-oriented mindset arising from higher prices and other factors, consumers are becoming increasingly selective in choosing goods and services. - FY2025-H1WorsenedAnnual report
「Inbound consumption continued to trend upward, but consumers remained cautious about spending as unprecedented climate change and stagnant real wage growth heightened their focus on protecting household finances. The operating environment therefore remained challenging.」
While inbound consumption was increasing, unprecedented climate change and stagnant real wage growth were explicitly added as factors heightening consumers’ focus on protecting household finances and sustaining cautious spending. - FY2025-Q1RestatedAnnual report
「Consumers continued to be cautious about spending as rising prices heightened their desire to save, and the operating environment remained challenging.」
The thrift-oriented and cautious spending behavior associated with rising prices, together with the challenging operating environment, continued. - FY2024-Q3RestatedAnnual report
「In the apparel retail industry, rising domestic prices heightened consumers’ focus on protecting household finances, and the operating environment remained challenging.」
Rising domestic prices heightened consumers’ focus on protecting household finances, and difficult consumer conditions continued. - FY2024-Q2WorsenedAnnual report
「In the apparel retail industry, as prices for daily necessities continued to rise, consumers’ purchasing behavior shifted toward protecting household finances, and the operating environment became challenging.」
The report explicitly states that consumers’ purchasing behavior shifted toward protecting household finances amid rising prices for daily necessities, making the effects of thrift-oriented and cautious spending more specific. - FY2024-Q1RestatedAnnual report
「In the apparel retail industry, consumer sentiment tended to weaken as the rising cost of living heightened the desire to save, and the operating environment remained challenging.」
The rising cost of living heightened consumers’ desire to save and weakened consumer sentiment, sustaining a difficult consumer environment. - FY2023WorsenedAnnual report
「As repeated price increases for consumer goods increased the burden on households, consumers’ thrift-oriented mindset strengthened further, and the operating environment remained challenging.」
The increased household burden caused by rising prices further strengthened consumers’ thrift-oriented mindset. - FY2023-Q3WorsenedAnnual report
「Personal consumption was on a moderate recovery trend, but household burdens increased due to rising prices, and defensive spending behavior was also strengthening, so the operating environment remained challenging.」
While personal consumption was recovering moderately, higher household costs due to rising prices added to the factors strengthening defensive spending behavior and consumers’ cautious stance. - FY2023-Q2RestatedAnnual report
「In the apparel retail industry, consumer sentiment was expected to recover as restrictions on activity were eased, but rising prices for daily necessities remained a negative factor, requiring close attention to future developments.」
Although easing activity restrictions raised expectations for a recovery in consumer sentiment, rising prices for daily necessities remained a negative factor affecting consumer activity. - FY2023-Q1WorsenedAnnual report
「In the apparel retail industry, store sales improved as foot traffic recovered, but rising prices and other negative factors affecting consumer activity meant that developments required close attention.」
Store sales were improving as foot traffic recovered, while rising prices emerged as a new negative factor affecting consumer activity. - FY2022-Q3RestatedAnnual report
「In the apparel retail industry, prolonged requests to refrain from going out had made restrained behavior routine, store visitor numbers had not recovered, and the operating environment remained extremely challenging.」
Restrained behavior had become entrenched, store visitor numbers had not recovered, and the extremely difficult operating environment continued. - FY2022-Q2RestatedAnnual report
「In the apparel retail industry, requests were made for large commercial facilities to close or restrict their operations, consumer purchasing appetite remained stagnant, and the operating environment remained extremely challenging.」
Requests for large commercial facilities to close or restrict operations and stagnant consumer purchasing appetite continued to make the consumer environment extremely challenging. - FY2021-Q3WorsenedAnnual report
「There were signs of a recovery after the state of emergency was lifted, but the spread of infections continued to accelerate, and the operating environment remained extremely challenging and uncertain.」
Although signs of recovery after the lifting of the state of emergency were noted, the accelerating spread of infections deepened the severity of the consumer and operating environment. - FY2021-Q2WorsenedAnnual report
「Even after the state of emergency was lifted, restrained spending behavior continued. In July, concerns about a resurgence of infections intensified, and the operating environment remained extremely challenging amid an uncertain outlook.」
Restrained spending behavior continued after the state of emergency was lifted, while concerns about a resurgence of infections intensified in July, sustaining and worsening the difficult consumer environment. - FY2021-Q1WorsenedAnnual report
「During the cumulative first-quarter period, the Japanese economy entered a sharp downturn as the spread of COVID-19 led to requests to limit outings and to suspend or shorten business hours for retailers and service businesses, causing personal consumption to decline significantly.」
In addition to the earlier thrift-oriented and cautious spending behavior, COVID-19 and requests to limit outings and suspend or shorten business operations caused a substantial decline in personal consumption, further worsening the consumer environment. - FY2020WorsenedAnnual report
「The impact of a consumption tax increase, an unusually warm winter and the novel coronavirus infection on the retail industry was greater than anticipated, and sales from the third quarter onward remained below the initial plan.」
In addition to consumers’ thrift-oriented mindset and diversified spending patterns, the greater-than-expected effects of a consumption tax increase, an unusually warm winter and COVID-19 led to sales falling short of plan. - FY2020-Q3WorsenedAnnual report
「In the apparel retail industry, conditions remained challenging due in part to continued thrift-oriented behavior, unsettled weather such as late-summer heat and typhoons, and the impact of a consumption tax increase.」
Unsettled weather and the impact of a consumption tax increase were added to continued thrift-oriented behavior as factors sustaining difficult conditions in the apparel retail industry. - FY2020-Q2MitigatedAnnual report
「Employment and income conditions continued to improve, and personal consumption, supported by these trends, continued to expand moderately. However, the outlook for the economy remained uncertain due to factors including US-China trade friction and a consumption tax increase.」
Personal consumption was described as continuing to expand moderately, indicating some improvement from the earlier stagnation and cautious spending behavior. At the same time, uncertainty remained due to factors including a consumption tax increase. - FY2019WorsenedAnnual report
「For the time being, consumers are expected to remain focused on saving on everyday expenses, while spending patterns diversify. Competition among companies across business formats is expected to intensify, and the impact of a consumption tax increase is also anticipated, so the operating environment is expected to remain challenging.」
In addition to thrift-oriented behavior and diversified spending patterns, intensifying cross-format competition and the impact of a consumption tax increase were added as future environmental factors. - FY2019-Q3RestatedAnnual report
「In the apparel retail industry, consumers’ thrift-oriented mindset toward apparel remained strong, while spending patterns diversified, including increased use of sharing services, and the operating environment remained challenging.」
Consumers continued to focus on saving on apparel, while spending patterns diversified, including through greater use of sharing services. - FY2019-Q2RestatedAnnual report
「In the apparel retail industry, as consumer spending patterns continued to diversify, consumers’ thrift-oriented mindset toward apparel remained strong, and the operating environment remained challenging.」
While consumer spending patterns diversified, consumers’ thrift-oriented mindset toward apparel remained strong and the operating environment continued to be challenging. - FY2018RestatedAnnual report
「In the apparel retail industry, consumer spending continued to diversify, while consumers’ preference for low prices and saving on apparel persisted, and the operating environment remained challenging.」
The company reiterated that consumers’ continued preference for low prices and saving was contributing to a challenging operating environment. - FY2018-Q3RestatedAnnual report
「However, the overall consumer environment remained characterized by a strong thrift-oriented mindset. Personal consumption did not reach a full recovery, and the operating environment remained challenging.」
A strong thrift-oriented mindset and the lack of a full recovery in personal consumption continued to contribute to a challenging operating environment. - FY2018-Q2WorsenedAnnual report
「In the apparel retail industry, consumers’ preference for low prices remained strong, while the stagnation in personal consumption continued for an extended period, resulting in a challenging operating environment.」
The continued preference for low prices and prolonged stagnation in personal consumption are cited as factors underscoring the difficult consumer environment. - FY2018-Q1WorsenedAnnual report
「In the apparel retail industry, consumers’ thrift-oriented mindset continued, while competition intensified not only on price but also on quality and functionality, and the operating environment remained challenging.」
As consumers continued to focus on saving, competition intensified not only on price but also on quality and functionality, adding to the challenging competitive environment. - FY2017WorsenedAnnual report
「In the apparel retail industry, in addition to consumers’ continued thrift-oriented mindset, their expectations regarding product value, including quality and functionality, became more demanding, and the operating environment remained challenging.」
In addition to consumers’ thrift-oriented mindset, higher expectations for product value, including quality and functionality, emerged as a new factor affecting the operating environment. - FY2017-Q3RestatedAnnual report
「In the apparel retail industry, cautious spending behavior driven by a continued thrift-oriented mindset persisted, and the operating environment remained challenging.」
Consumers’ thrift-oriented mindset and cautious spending behavior continued to contribute to a challenging operating environment. - FY2017-Q2RestatedAnnual report
「In the apparel retail industry, consumers continued to show a strong desire to save and favor low prices, while cautious spending behavior persisted, resulting in a challenging operating environment.」
Consumers’ desire to save, preference for low prices and cautious spending behavior are described as continuing. - FY2017-Q1First statedAnnual report
「In the apparel retail industry, consumers remained strongly focused on saving, cautious spending behavior continued, and the operating environment remained challenging.」
A thrift-oriented mindset and cautious spending behavior are described as ongoing features of the operating environment.