Dependence on Domestic Economic Conditions and Personal Consumption
First written in FY2016. 7 of 15 entries say "Worsened", first in FY2020. Latest entry: FY2026.
Tea Life 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: 53 of 68 companies on the "Worse" side.
29 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「Personal consumption continued to lack strength owing to persistently high prices.」
The company continues to describe the lack of strength in personal consumption against a backdrop of high prices and the risk of reliance on the domestic market. - FY2026-H1WorsenedAnnual report
「Household income conditions improved owing to substantial wage increases, while continued price increases, particularly for food, made the recovery in personal consumption sluggish. As a result, the pace of economic recovery has weakened.」
Although household income conditions improved owing to wage increases, higher food prices made the recovery in personal consumption sluggish, explicitly indicating a weaker pace of economic recovery. - FY2025WorsenedAnnual report
「The outlook remains uncertain, as higher energy prices, labor costs and raw material prices continue to drive inflation, while consumers’ increasing propensity to economize raises concerns about a slowdown in personal consumption.」
Concerns about a slowdown in domestic personal consumption owing to higher prices and consumers’ propensity to economize have again been explicitly identified. - FY2024SoftenedAnnual report
「Consumer activity is showing signs of recovery owing to factors including continued wage increases and stronger inbound demand.」
Although higher prices and geopolitical risks remain, the company describes a recovery in consumption driven by wage increases and stronger inbound demand, partially softening its description of the domestic consumption environment. - FY2024-Q3SoftenedAnnual report
「Although the outlook remains uncertain owing to soaring resource prices, the impact of foreign exchange rates, prolonged geopolitical risks in Ukraine and the Gaza Strip, the Noto Peninsula Earthquake and advancing inflation, consumer activity is showing signs of recovery owing to factors including continued wage increases and stronger inbound demand.」
Although downward pressures from soaring resource prices and inflation remain, the company describes a recovery in consumer activity driven by continued wage increases and stronger inbound demand, and has softened its description of the domestic consumption environment in part. - FY2023-Q3SoftenedAnnual report
「In the retail and wholesale industries, the burden of living expenses has increased due to higher utility costs and price increases for products resulting from higher raw material prices. Although strong cost-cutting sentiment has persisted, signs of a gradual recovery have emerged as efforts to balance infection prevention with social and economic activity have progressed.」
Although the burden of living expenses caused by higher utility and raw material costs and consumers’ propensity to economize persist, the domestic consumption environment is showing a gradual recovery as infection prevention is balanced with social and economic activity. - FY2022WorsenedAnnual report
「Personal consumption has remained sluggish as consumers have become more focused on protecting their household finances, due to the impact of higher global raw material prices following Russia's invasion of Ukraine and rising prices caused by the weaker yen.」
The company explicitly identifies higher resource and raw material prices, yen depreciation and increased consumer caution over household finances due to inflation as factors contributing to weak domestic personal consumption. - FY2022-Q3WorsenedAnnual report
「Conditions remained weak as consumers became more cost-conscious amid concerns about inflation caused by higher crude oil and food raw material costs.」
Regarding domestic personal consumption, the company states that consumer caution over household finances strengthened against a backdrop of higher crude oil and food raw material costs, and that consumption remained soft. - FY2022-Q2WorsenedAnnual report
「Consumer sentiment has remained weaker than expected, due in part to heightened cost-consciousness amid inflation caused by higher resource prices, including crude oil, and labor shortages.」
Regarding domestic personal consumption, the company states that consumer caution over household finances strengthened against a backdrop of higher prices caused by rising resource costs and labor shortages, and that consumption remained weaker than expected. - FY2022-Q1WorsenedAnnual report
「In the retail and wholesale industries, conditions remain challenging, as the recovery in personal consumption is expected to take some time owing to bankruptcies caused by the impact of COVID-19 and deterioration in employment and income conditions resulting from unemployment.」
Regarding reliance on domestic economic conditions and personal consumption, deterioration in employment and income conditions owing to bankruptcies and unemployment, along with the delayed recovery in personal consumption, are identified as specific downward pressures. - FY2020WorsenedAnnual report
「In Japan, declining birth rates and an aging population, changes in consumer purchasing behavior and the recent spread of COVID-19 could lead to a decline in the number of end users and lower average customer spending, resulting in lower sales if these conditions worsen. They could also lead to requests for rent reductions from tenants whose performance has deteriorated and lower occupancy rates at rental properties owing to cancellations.」
Regarding the risk of reliance on domestic economic conditions and personal consumption, the company has added lower end-user numbers and average customer spending due to COVID-19 and other factors, as well as deteriorating tenant performance and lower property occupancy rates due to cancellations, to its impact scenarios. - FY2019RestatedAnnual report
「The Group has a high level of dependence on the domestic market, and its performance is significantly affected by economic conditions in Japan, including domestic economic trends and personal consumption.」
The company continues to describe its reliance on the domestic market and the risk that domestic economic conditions and personal consumption trends could affect performance. - FY2018RestatedAnnual report
「The Group has a high level of dependence on the domestic market, and its performance is significantly affected by economic conditions in Japan, including domestic economic trends and personal consumption.」
The company continues to describe its reliance on the domestic market and the risk that domestic economic conditions and personal consumption trends could affect performance. - FY2017RestatedAnnual report
「Because the Group depends on the domestic market, its performance is significantly affected by economic conditions in Japan, including domestic economic trends and personal consumption.」
The company continues to describe the risk that economic conditions and personal consumption trends could affect performance owing to its reliance on the domestic market. - FY2016First statedAnnual report
「Because the Group depends on the domestic market, its performance is significantly affected by economic conditions in Japan, including domestic economic trends and personal consumption.」
For the first time, the company explicitly identified the risk that deterioration in economic conditions and personal consumption could affect performance owing to its reliance on the domestic market.