Global Economic Downside Risks and Consumer Thriftiness
First written in FY2017-Q1. 20 of 37 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-08-12.
Chimney moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2025: 7 of 10 companies on the "Worse" side.
3 other companies' latest entry also says "Restated".
- 2026-08-12RestatedEarnings
「In the food-service industry, recovery has continued with the increase in foreign tourists. However, consumers’ preference for economy and selective spending resulting from continuing inflation remains elevated, and the business environment has become increasingly challenging amid rising raw-material, utility, labor, and construction costs.」
The company has again confirmed that the environment remains challenging because of consumers’ preference for economy and selective spending and rising costs across several categories. - FY2026WorsenedAnnual report
「During the fiscal year, the economy showed a moderate recovery trend due to improvements in employment and income conditions, but consumers' propensity to save had not reversed to the point where it could be said to have declined. In addition, the operating environment remained severe due to US tariff measures, heightened tensions in the Middle East, and continued increases in labor and raw material costs.」
While describing the economy as being on a moderate recovery trend, the disclosure states that consumers' propensity to save continued and identifies US tariff measures, the situation in the Middle East, and continued increases in labor and raw material costs as new environmental factors. - FY2026-H1WorsenedAnnual report
「In the food service industry, demand continues to recover, but consumers' propensity to save and selective purchasing behavior remain strong amid sustained price increases. The operating environment also remains severe due to rising raw material, utility, labor, and construction costs, with the izakaya format operated primarily by the Group being particularly affected.」
While indicating a recovery in food service demand, the disclosure lists sustained price increases, consumers' propensity to save and selective purchasing behavior, and rising raw material, utility, labor, and construction costs, and states that the izakaya format has been significantly affected. - FY2025RestatedAnnual report
「In the food service industry, although customer visits have recovered, the operating environment has become severe due to stronger cost-conscious and selective purchasing behavior resulting from higher prices, together with rising raw material, logistics, utility, and labor costs.」
While indicating a recovery in customer visits, the disclosure states that the severe operating environment continues due to stronger cost-conscious and selective purchasing behavior resulting from higher prices and rising raw material, logistics, utility, and labor costs. - FY2025-H1WorsenedAnnual report
「In the food service industry, although customer visits have recovered, the operating environment has become severe due to stronger cost-conscious and selective purchasing behavior resulting from higher prices, together with rising raw material, logistics, utility, and labor costs.」
While customer visits have recovered, the disclosure identifies stronger cost-conscious and selective purchasing behavior due to higher prices and rising raw material, logistics, utility, and labor costs, and describes the operating environment as severe. - FY2024SoftenedAnnual report
「During the fiscal year, economic activity moved toward normalization after COVID-19 was reclassified in May 2023 under the Infectious Diseases Control Law to the same category as seasonal influenza. However, the outlook remained uncertain due to the depreciation of the yen and soaring raw material and energy prices. In the food service industry, although challenges remained, including changes in lifestyles and customers' consumption behavior and the need to respond to various price increases, demand for food services recovered steadily.」
The disclosure describes the normalization of economic activity and steady recovery in food service demand, indicating an improving demand environment, while challenges continue, including the depreciation of the yen, soaring raw material and energy prices, and changes in consumption behavior. - FY2024-Q3RestatedAnnual report
「During the nine months ended the third quarter, economic activity moved toward normalization after COVID-19 was reclassified in May 2023 under the Infectious Diseases Control Law to the same category as seasonal influenza. However, the outlook remained uncertain due to the depreciation of the yen and soaring raw material and energy prices.」
While describing the normalization of economic activity, the disclosure continues to describe uncertainty over the outlook due to the depreciation of the yen and soaring raw material and energy prices. - FY2024-Q2SoftenedAnnual report
「In the food service industry, although challenges remain, including changes in lifestyles and customers' consumption behavior and the need to respond to various price increases, customer visits have been steadily recovering.」
While changes in lifestyles and consumption behavior and responses to price increases remain challenges, the disclosure describes customer visits as being on a steady recovery trend, indicating an improvement in the demand environment. - FY2024-Q1Demand recovery coexisting with higher costsAnnual report
「During the three months ended the first quarter, economic activity moved toward normalization after COVID-19 was reclassified in May 2023 under the Infectious Diseases Control Law to the same category as seasonal influenza. However, the outlook remained uncertain due to the depreciation of the yen and soaring raw material and energy prices.」
While describing the normalization of economic activity following the reclassification of COVID-19, the disclosure continues to identify uncertainty over the outlook due to the depreciation of the yen and soaring raw material and energy prices. - FY2023WorsenedAnnual report
「During the fiscal year, Japan's economy showed signs of recovery as COVID-19-related activity restrictions were eased. However, the outlook remained uncertain as raw material prices, energy prices, and logistics costs rose due to the prolonged situation involving Russia and Ukraine and fluctuations in foreign exchange markets.」
While indicating a recovery in the economy following the easing of activity restrictions, the disclosure identifies the situation involving Russia and Ukraine, foreign exchange fluctuations, and rising raw material and energy prices and logistics costs, explicitly highlighting uncertainty in the operating environment and rising costs. - FY2023-Q2RestatedAnnual report
「During the six months ended the second quarter, Japan's economy showed signs of recovery as COVID-19-related activity restrictions were eased. However, the outlook remained uncertain due to the depreciation of the yen and soaring energy and raw material prices resulting from the prolonged situation involving Russia and Ukraine.」
While indicating a recovery in the economy following the easing of activity restrictions, the disclosure continues to describe uncertainty over the outlook due to the depreciation of the yen, the prolonged situation involving Russia and Ukraine, and soaring energy and raw material prices. - FY2023-Q1WorsenedAnnual report
「During the three months ended the first quarter, economic activity moved toward normalization and a moderate recovery was seen as restrictions on activities were eased with the progress of COVID-19 vaccinations. However, the outlook remained uncertain due to the rapid depreciation of the yen, soaring energy and raw material prices resulting from the prolonged situation involving Russia and Ukraine, and concerns over the spread of a seventh wave of infections caused by a new variant.」
While indicating normalization of economic activity following the easing of activity restrictions, the disclosure identifies the rapid depreciation of the yen, the prolonged situation involving Russia and Ukraine, soaring energy and raw material prices, and concerns over a seventh wave of infections as new external factors. - FY2022WorsenedAnnual report
「During the fiscal year, Japan's economy continued to recover as efforts to prevent the spread of COVID-19 and vaccinations progressed and restrictions on economic activity were gradually eased. However, the outlook remained uncertain due to the emergence of new variants and heightened tensions surrounding Ukraine. In the food service industry, sales gradually recovered after the state of emergency and quasi-emergency measures to prevent the spread of disease were lifted at the end of September, but quasi-emergency measures were reintroduced from January due to the emergence of a new variant. The industry continued to face a severe environment due to requests to refrain from going out and dining together, changes in work styles typified by the shift to working from home, changes in customers' consumption behavior, sharply higher raw material and crude oil prices, and labor shortages.」
While describing the easing of restrictions on economic activity and the recovery in sales, the disclosure identifies new or continuing severe environmental factors, including new variants, the reintroduction of quasi-emergency measures to prevent the spread of disease, the situation in Ukraine, sharply higher raw material and crude oil prices, and labor shortages. - FY2022-Q3WorsenedAnnual report
「During the nine months ended the third quarter, signs of a gradual recovery had emerged in Japan as efforts to prevent the spread of COVID-19 advanced and vaccinations progressed, and the state of emergency and quasi-emergency measures to prevent the spread of disease were lifted nationwide at the end of September. However, infections began to spread again from January due to a new variant, and the outlook remained uncertain.」
While indicating signs of a recovery following the lifting of the state of emergency and related measures, the disclosure describes the renewed spread of infections due to a new variant and continued uncertainty over the outlook. - FY2022-Q2WorsenedAnnual report
「The state of emergency, which as of the end of the first quarter had been declared only in Okinawa Prefecture, was declared for the fourth time in Tokyo in mid-July as COVID-19 infections began to spread again. By the end of the second quarter, states of emergency had been declared in 21 prefectures, while quasi-emergency measures to prevent the spread of disease were applied in other regions. In the food service industry, sales were significantly affected by shortened hours and requests to close temporarily under these measures, as well as requests to refrain from going out and dining together, and extremely severe conditions continued. Although progress in vaccinations raised expectations for the resumption of economic activity, concerns over a so-called sixth wave caused by another resurgence of infections had not been dispelled.」
The state of emergency was expanded to 21 prefectures, and the impact on food service demand from shortened hours, closures, and requests to refrain from going out and dining together continued. A sixth wave caused by another resurgence of infections was identified as a new concern. The restrictions and decline in demand had already occurred. - FY2022-Q1RestatedAnnual report
「In the food service industry, sales were significantly affected as store operations were restricted by shortened hours and requests to close temporarily under states of emergency and quasi-emergency measures to prevent the spread of disease, requests to suspend the serving of alcoholic beverages, and requests to refrain from going out and dining together. Extremely severe conditions therefore continued.」
The disclosure continues to describe the state of emergency, quasi-emergency measures to prevent the spread of disease, suspension of alcoholic beverage service, and restrictions on store operations due to requests to refrain from going out and dining together, as well as severe conditions in the food service industry. The risks materialized as actual operating restrictions. - FY2021WorsenedAnnual report
「During the fiscal year, Japan's economy remained uncertain as economic activity was heavily restricted and personal consumption declined due to the global spread of COVID-19.」
In addition to existing concerns about economic and consumer conditions, the disclosure describes the extensive restrictions on economic activity and decline in personal consumption resulting from the spread of COVID-19. - FY2021-Q3WorsenedAnnual report
「During the nine months ended the third quarter, Japan's economy remained uncertain as economic activity was heavily restricted and personal consumption declined due to the global spread of COVID-19.」
The disclosure states that economic activity was heavily restricted and personal consumption declined due to COVID-19, worsening the existing risks related to economic and consumer conditions. - FY2021-Q2RestatedAnnual report
「During the six months ended the second quarter, Japan's economy remained uncertain as the global spread of COVID-19 raised concerns that its impact on economic activity in Japan and overseas would be prolonged.」
The disclosure continues to describe the prolonged impact of COVID-19 on economic activity and an uncertain outlook. It also states that sales in the food service industry were gradually recovering. - FY2021-Q1WorsenedAnnual report
「During the three months ended the first quarter, Japan's economy slowed sharply as consumer activity contracted abruptly following the global spread of COVID-19 and the issuance of requests to refrain from going out, including under the state of emergency. The outlook remained extremely uncertain because the timing of the end of the COVID-19 pandemic could not be foreseen.」
In addition to the existing risks of an economic slowdown and consumers' propensity to save, the disclosure describes the global spread of COVID-19, the sharp contraction in consumer activity due to requests to refrain from going out, the sharp economic slowdown, and uncertainty over when the pandemic would end. - FY2020-Q3WorsenedAnnual report
「During the nine months ended the third quarter, Japan's economy remained on a moderate recovery trend against the backdrop of improvements in corporate earnings and employment conditions. However, the economic outlook remained uncertain due to the impact of the consumption tax rate increase and natural disasters, as well as concerns over US-China trade friction and geopolitical risks. The food service industry continued to face severe conditions due to customers' propensity to save, the impact of labor shortages, and intensifying competition among companies, including those in other industries.」
While describing the economy as being on a moderate recovery trend, the disclosure identifies the consumption tax rate increase, natural disasters, US-China trade friction, and geopolitical risks as concerns, and continues to describe severe conditions in the food service industry due to consumers' propensity to save, labor shortages, and intensifying competition. - FY2020-Q2WorsenedAnnual report
「During the six months ended the second quarter, Japan's economy remained on a moderate recovery trend against the backdrop of improvements in corporate earnings and employment conditions. However, concerns over prolonged US-China trade friction and slowing growth in China kept the economic outlook uncertain. The food service industry continued to face severe conditions due to customers' propensity to save, rising food ingredient prices, the impact of labor shortages, and intensifying competition among companies, including those in other industries.」
While indicating an economic recovery trend, the disclosure identifies prolonged US-China trade friction and slowing growth in China as new concerns, and continues to describe a severe environment in the food service industry due to consumers' propensity to save, food ingredient prices, labor shortages, and intensifying competition. - FY2020-Q1RestatedAnnual report
「During the three months ended the first quarter, Japan's economy remained on a moderate recovery trend amid continued improvements in employment and income conditions. However, the economic outlook remained uncertain due to trade issues and uncertainty in overseas economies. In the food service industry, customers remained highly selective, while izakaya businesses continued to face severe conditions due to rising food ingredient prices, the impact of labor shortages, and intensifying competition among companies, including those in other industries.」
While describing a moderate economic recovery trend, the disclosure continues to identify trade issues, uncertainty in overseas economies, consumers' selective purchasing behavior, food ingredient prices, labor shortages, and intensifying competition as factors contributing to a severe environment. - FY2019RestatedAnnual report
「In the food service industry, customers remained highly selective in spending on items they consider worthwhile, while the izakaya industry continued to face severe conditions due to rising food ingredient prices, labor shortages, and intensifying competition among companies, including those in other industries.」
The disclosure continues to describe a severe operating environment due to consumers' selective purchasing behavior, food ingredient prices, labor shortages, and intensifying competition, including from other industries. - FY2019-Q3WorsenedAnnual report
「During the nine months ended the third quarter, Japan's economy remained on a moderate recovery trend due to improvements in corporate earnings and employment conditions. However, the economic outlook remained uncertain amid concerns over the escalation of US-China trade friction and political instability in Europe. In the food service industry, severe conditions continued due to customers' continued selective purchasing behavior, competition with other industries, the effects of unsettled weather, rising food ingredient prices, and labor shortages.」
In addition to the existing issues of selective purchasing behavior, competition, unsettled weather, food ingredient prices, and labor shortages, the disclosure identifies escalating US-China trade friction and political instability in Europe as factors contributing to continued severe conditions in the food service industry. - FY2019-Q2WorsenedAnnual report
「During the six months ended the second quarter, Japan's economy was on a moderate recovery trend due to improvements in corporate earnings and employment conditions. In the food service industry, customers remained highly selective, while the izakaya industry continued to face severe conditions due to rising raw material prices, the impact of labor shortages, intensifying competition, including from other industries, heavy rainfall mainly in western Japan, weather disruptions caused by typhoons, and earthquakes.」
In addition to consumers' selective purchasing behavior, raw material prices, labor shortages, and intensifying competition, the disclosure identifies weather and natural-disaster factors, including heavy rainfall mainly in western Japan, typhoons, and earthquakes, and states that severe conditions continued. - FY2019-Q1RestatedAnnual report
「During the three months ended the first quarter, Japan's economy was on a moderate recovery trend due to improvements in corporate performance and employment conditions, but the economic outlook remained uncertain because of uncertainty in overseas political and economic developments. In the food service industry, customers remained highly selective, while the izakaya industry continued to face severe conditions due to rising raw material prices, the impact of labor shortages, and intensifying competition, including from other industries.」
While describing a moderate economic recovery trend, the disclosure continues to identify uncertainty in overseas political and economic developments, consumers' selective purchasing behavior, raw material prices, labor shortages, and intensifying competition as factors contributing to a severe environment. - FY2018RestatedAnnual report
「The outlook remained uncertain due to factors including the impact of US policy developments and increasing geopolitical risks in Asia. In the food service industry, customers remained highly cost-conscious and selective, while the izakaya industry continued to face severe conditions due to rising procurement prices, labor shortages, and intensifying competition, including from other industries.」
The disclosure identifies US policy developments and geopolitical risks in Asia, while continuing to describe a severe environment due to consumers' cost-conscious and selective purchasing behavior, procurement prices, labor shortages, and intensifying competition. - FY2018-Q3WorsenedAnnual report
「During the nine months ended the third quarter, Japan's economy remained on a moderate recovery trend, with continued improvements in corporate earnings and employment conditions and signs of a recovery in personal consumption. However, the outlook remained uncertain due to increasing geopolitical risks overseas. In the food service industry, overall sales remained firm, but customers continued to be highly cost-conscious and selective, and the izakaya industry continued to face severe conditions due to rising procurement prices and intensifying competition, including from other industries.」
While describing the economy as being on a moderate recovery trend, the disclosure continues to identify increasing geopolitical risks overseas, consumers' cost-conscious and selective purchasing behavior, rising procurement prices, and intensifying competition as factors contributing to a severe operating environment. - FY2018-Q2RestatedAnnual report
「During the six months ended the second quarter, Japan's economy remained on a moderate recovery trend, with improvements in employment and income conditions and signs of a recovery in personal consumption against the backdrop of various government and Bank of Japan policies. However, the economic outlook remained uncertain due to uncertainty in overseas economies. In the food service industry, overall sales remained firm, but consumers continued to be highly cost-conscious and selective due to concerns about their future, including the social security system. The izakaya industry continued to face a severe operating environment, including rising procurement prices and labor costs and intensifying competition, including from other industries.」
The disclosure continues to describe improvements in employment and income conditions and personal consumption, while also describing a severe environment due to uncertainty in overseas economies, consumers' cost-conscious and selective purchasing behavior, rising procurement prices and labor costs, and intensifying competition. - FY2018-Q1SoftenedAnnual report
「During the three months ended the first quarter, Japan's economy remained on a moderate recovery trend, with improvements in employment and income conditions and signs of a recovery in personal consumption. However, the economic outlook remained uncertain due to uncertainty in overseas economies. In the food service industry, overall sales remained firm, but customers continued to be highly cost-conscious and selective, while the severe operating environment persisted amid persistently high raw material prices, rising logistics costs, difficulties hiring due to labor shortages, and intensifying competition, including from other industries.」
While indicating improvements in employment and income conditions, a recovery in personal consumption, and a moderate economic recovery, the disclosure states that uncertainty in overseas economies, consumers' cost-conscious and selective purchasing behavior, raw material and logistics costs, labor shortages, and intensifying competition continued. - FY2017WorsenedAnnual report
「Consumer sentiment remains sluggish, with consumers' propensity to save increasing amid concerns about the outlook. In the food service industry, although consumers remain highly cost-conscious, customer preferences continue to diversify across various occasions in daily life, while persistently high raw material prices, rising logistics costs, higher labor costs due to labor shortages, and intensifying competition, including from other industries, have kept the operating environment severe.」
In addition to the existing risks related to the global economy, consumers' propensity to save, customer preferences, and intensifying competition, the disclosure adds rising raw material prices, logistics costs, and labor costs, as well as labor shortages, as risks to the operating environment. - FY2017-Q3WorsenedAnnual report
「During the nine months ended the fourth quarter, Japan's economy remained uncertain, despite continued improvements in corporate earnings and employment, due to factors including fluctuations in foreign exchange and equity markets resulting from uncertainty in overseas economies. Consumer sentiment remained sluggish, with a stronger propensity to save. In the food service industry, customer preferences continued to diversify across various occasions in daily life, while competition to attract customers, including from other industries, intensified, and the operating environment remained severe.」
In addition to the existing economic and consumer risks, the disclosure identifies fluctuations in foreign exchange and equity markets associated with overseas economies, increasingly diverse customer preferences, and intensifying competition to attract customers, including from other industries. - FY2017-Q2WorsenedAnnual report
「During the nine months ended the third quarter, Japan's economy remained on a path of uncertainty despite continued improvements in corporate earnings and employment, amid concerns over downside risks to the global economy. Consumer sentiment also showed signs of weakening, with a stronger propensity to save, while factors including the Olympics and typhoons reduced demand across the izakaya industry.」
The disclosure states that concerns over downside risks to the global economy continued and that consumers' propensity to save strengthened. It also identifies the Olympics and typhoons as factors reducing demand in the izakaya industry. - FY2017-Q1First statedAnnual report
「The outlook remained uncertain, amid concerns over downside risks to the global economy resulting from slowing growth in emerging economies and the UK's decision to leave the EU in its referendum. The business conditions index has remained below 50, the threshold indicating a neutral economic outlook, while consumers' propensity to save remains strong and the real economy continues to face severe conditions.」
Downside risks to the global economy, the business conditions index remaining below its benchmark, and consumers' propensity to save are identified as external risks.