Weak Private Consumption Due to Sluggish Income Growth and Consumers’ Preference for Saving
First written in FY2018-Q2. 4 of 18 entries say "Restated". Latest entry: FY2027-H1.
Asahi moved to the "Worse" side of this theme in 2022, 3 years after the typical company in this theme (2019).
The whole theme swung hardest in 2025: 7 of 10 companies on the "Worse" side.
0 other companies' latest entry also says "Other".
- FY2027-H1Stronger consumer thriftAnnual report
「Against this backdrop, consumers’ preference for frugality strengthened further, and spending remained cautious.」
Although the employment and income environment showed a gradual improvement, consumers’ preference for frugality strengthened further against a backdrop including prolonged price increases, and spending remained cautious. - 2026-06-22RestatedFinancial results briefing materials
「The entrenchment of cost-conscious consumer behavior due to continued inflation」
The company continues to identify persistent inflation and entrenched cost-conscious consumer behavior as part of the current macroeconomic environment. - FY2026-H1Savings Mindset Persists Amid Higher Prices and Tariff PoliciesAnnual report
「During the current interim accounting period, although the income environment was on an improving trend, household burdens increased as price inflation persisted, and uncertainty remained in the international economic environment, including US tariff policy. As concerns about the outlook continued, consumers became more frugal and spending remained cautious.」
Although the income environment showed signs of improvement, consumers continued to favor savings and spend cautiously amid the burden on household finances from rising prices and uncertainty in the international economic environment due to US tariff policies and other factors. - FY2025-H1Economic recovery and persistent uncertainty about the outlookAnnual report
「During the interim accounting period, Japan's economy continued on a gradual recovery path as socioeconomic activity normalized, supported by the recovery in inbound demand accompanying increased domestic and international travel and improvements in employment and income conditions. However, the outlook remained uncertain due to factors including the prolonged conflict in Ukraine, heightened tensions in the Middle East, globally rising raw material prices, higher prices caused by the weaker yen, and unstable financial conditions centered in Europe and the United States.」
Although a gradual recovery trend is emerging, driven by the recovery in inbound demand and improvements in employment and income conditions, uncertainty about the outlook continues due to geopolitical conditions, higher raw material prices, the weaker yen and financial conditions. - FY2025-Q1Economic recovery and persistent uncertainty about the outlookAnnual report
「During the cumulative first quarter, Japan's economy remained on a gradual recovery trend, supported by a recovery in personal consumption and increased inbound demand. However, the outlook remained uncertain due to factors including higher raw-material and energy prices resulting from geopolitical risks in Ukraine and the Middle East, as well as the yen's depreciation against the backdrop of the interest-rate differential between Japan and the United States.」
While signs of an economic recovery emerged against a backdrop of personal consumption and inbound demand, the view that the outlook remains uncertain due to geopolitical risks, soaring raw material and energy prices, and the weakening yen has also continued. - FY2024-Q3Economic normalization alongside a challenging consumer environmentAnnual report
「During the cumulative third quarter, Japan’s economy showed signs of recovery toward the normalization of economic activity, including travel, dining and an increase in visitors from overseas, following the easing of restrictions on activities due to COVID-19. However, the difficult environment continued, with soaring raw material prices, rising domestic prices and a continuing trend toward weaker demand for durable consumer goods.」
While travel, dining and inbound demand recovered as restrictions on activities were eased, the Company explained that higher raw-material prices and domestic inflation and a declining trend in demand for durable consumer goods continued. - FY2024-Q2Recovery in demand for travel and other activities; decline in demand for durable consumer goodsAnnual report
「In addition, the easing of restrictions on activities related to COVID-19 led to a rapid recovery in travel, dining and inbound tourism, while domestic demand for durable consumer goods began to decline sharply around May.」
While travel, dining and inbound demand recovered sharply following the easing of restrictions on activities, the company explains that domestic demand for durable consumer goods began to decline sharply from around May. - FY2024-Q1Economic normalization coexisting with an uncertain outlookAnnual report
「During the cumulative first-quarter period, Japan's economy remained uncertain due to the yen's depreciation resulting from differences in monetary policy between Japan and the United States, concerns about a slowdown in overseas economies, soaring resource and material prices amid the protracted situation in Ukraine, and rising prices for a broad range of goods, including daily necessities. At the same time, economic activity showed signs of gradually normalizing as restrictions on activities related to COVID-19 were eased, leading to a recovery in travel, leisure, and inbound demand.」
While uncertainty from the weaker yen, higher resource prices and rising prices generally continues, the company also notes signs of economic normalization as travel, leisure and inbound demand recover following the easing of restrictions on activities. - FY2023WorsenedAnnual report
「Meanwhile, the outlook for a recovery in personal consumption remains uncertain due to rising prices of necessities and other goods accompanying higher raw material prices, and the company expects the difficult outlook to continue.」
Although the impact of COVID-19 and other factors is easing, the Company states that the recovery in personal consumption remains difficult to forecast because of rising prices across a range of goods and services, and that the outlook remains uncertain. - FY2023-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy continued to experience an uncertain outlook as economic activity was repeatedly restricted and eased due to the prolonged impact of COVID-19. Against this backdrop, energy prices rose as a result of Russia's invasion of Ukraine and other factors, while the yen depreciated following differences in monetary policy between Japan and the United States. Rising prices of various goods strengthened consumers' preference for frugality, and the economy continued to operate under difficult and uncertain conditions.」
In addition to the prolonged impact of the infection, rising energy and other prices and the weakening yen strengthened consumers' tendency to economize, and uncertain economic conditions continued. - FY2023-Q1Consumer spending recovering, outlook uncertainAnnual report
「During the cumulative first quarter, Japan’s economy saw consumer spending begin to recover as the flow of people started to return following a decline in new COVID-19 cases and the lifting of priority preventive measures. However, the outlook remained uncertain due to exchange-rate fluctuations following Russia’s invasion of Ukraine and the shift in monetary policy in the United States, as well as rising prices generally, including fuel and raw materials.」
While foot traffic and consumption showed signs of recovery as the number of infections declined and measures were lifted, the Company explained that the outlook remained uncertain because of geopolitical conditions, exchange-rate fluctuations and higher fuel and raw-material prices. - FY2022-Q3Recovery in consumer spendingAnnual report
「During the cumulative third quarter of the current fiscal year, Japan’s economy showed signs of a recovery in consumer spending as COVID-19 vaccinations progressed smoothly and the number of new infections remained low. The state of emergency was lifted at the end of September, and restrictions on activities were eased further in all prefectures in November.」
Against a backdrop of progress in vaccinations and the easing of activity restrictions, the report describes a recovery in consumption trends from the previously weak and uncertain consumption environment. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter, Japan’s economy saw economic activity restricted by the COVID-19 pandemic, slowing corporate activity and personal consumption. After the state of emergency was lifted in late May, economic activity gradually resumed and signs of recovery emerged, but the timing of the end of the pandemic remained uncertain due to a resurgence of infections, and the economic outlook remained unclear.」
The Company explains that economic activity, corporate activity and personal consumption remained sluggish and economic uncertainty continued, while signs of recovery emerged after the state of emergency was lifted. - FY2021-Q2WorsenedAnnual report
「During the cumulative second-quarter period, the Japanese economy remained in an uncertain condition, as corporate activity was significantly restricted by the global spread of COVID-19, while the employment environment deteriorated and inbound demand contracted rapidly.」
In addition to traditionally weak personal consumption, the company explicitly cited restrictions on corporate activity, deterioration in employment conditions, and the rapid contraction of inbound demand, indicating that economic uncertainty has continued. - FY2020WorsenedAnnual report
「During the fiscal year, Japan’s economy continued under uncertain conditions. Although employment and income conditions showed improvement, the economy was affected by the prolonged US-China trade friction, a decline in personal consumption following the consumption tax increase, and the spread of COVID-19.」
In addition to conventional frugality and weak personal consumption, the company explicitly identifies the decline in personal consumption following the consumption tax increase and the impact of the spread of COVID-19. - FY2018RestatedAnnual report
「While consumers continued to show a strong tendency to economize on necessities, sales of durable consumer goods such as automobiles and household appliances, as well as high-priced products, remained firm, indicating a polarization in consumer spending.」
While indicating weak personal consumption due to saving preferences, the company also explains the polarization of consumption, with durable consumer goods and high-priced products remaining firm. - FY2018-Q3RestatedAnnual report
「During the nine months ended the third quarter, Japan’s economy showed a gradual recovery in private consumption as the employment and income environment improved and consumer willingness to purchase recovered. However, consumers remained strongly inclined to economize, and consumption lacked strength.」
The company continues to explain that employment income conditions and consumer willingness to spend have improved or begun to recover, but personal consumption remains weak due to persistent frugality. - FY2018-Q2First statedAnnual report
「Personal consumption lacked strength due to stagnant income growth and persistent cost-consciousness, among other factors.」
The company describes the lack of strength in personal consumption, against a backdrop of stagnant income growth and a tendency to economize, as a fact of the economic environment.