Risks from fluctuations in economic conditions and personal consumption
First written in FY2016. 17 of 34 entries say "Restated". Latest entry: FY2027-H1.
Seven & i Holdings moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
58 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Although personal consumption showed signs of recovery, consumer sentiment remained stagnant. The North American economy remained firm. Overall personal consumption remained resilient, but concerns about rising prices associated with prolonged geopolitical risks and other factors led to signs of restrained spending, particularly among lower-income consumers.」
The Company continues to identify stagnant consumer sentiment in Japan and restrained spending by lower-income consumers in North America, against a backdrop of geopolitical risks and concerns about rising prices, as business-environment risks. - FY2026-H1WorsenedAnnual report
「The North American economy showed signs of a slowdown, while personal consumption, particularly among lower-income groups, showed signs of restraint due to growing concerns about rising prices and other factors.」
For North American economic and personal-consumption risks, signs of an economic slowdown and restrained consumption among lower-income groups were newly noted. - FY2025WorsenedAnnual report
「As employment and income conditions improved, the domestic economy showed signs of recovery in personal consumption, although some areas remained stagnant. Income increased among younger and older people due to wage increases and extended retirement ages, while concern about household finances grew, particularly among households raising children, highlighting a polarization of consumption.」
The polarization of consumption has emerged in Japan and overseas, with a greater propensity to save among households raising children in Japan and lower- and middle-income groups in North America explicitly identified as risk factors. - FY2025-H1WorsenedAnnual report
「Although the North American economy continued to face inflation, a high-interest-rate environment, and worsening employment conditions, it remained resilient overall, supported by consumption among higher-income groups. Meanwhile, consumption became increasingly polarized, and lower- and middle-income consumers became even more cautious about spending.」
In addition to the polarization of consumption in Japan, worsening employment conditions and increasingly cautious consumption among lower- and middle-income groups in North America are cited, deepening concerns about the consumption environment. - FY2025-Q1WorsenedAnnual report
「During the first quarter, the domestic economy saw improvements in employment and income conditions, but real wages continued to decline due to surging energy and raw-material costs. Against this backdrop, income increased among younger and older people due to wage increases and extended retirement ages, while concern about household finances grew, particularly among households raising children, highlighting a polarization of consumption. The North American economy remained resilient overall despite continuing inflation and a high-interest-rate environment. However, consumption became increasingly polarized, and lower- and middle-income consumers became even more cautious about spending.」
The polarization of consumption has emerged in Japan and overseas, with concern about household finances in Japan and more cautious consumption among lower- and middle-income groups in North America becoming specific risk factors. - FY2024-Q3WorsenedAnnual report
「The North American economy showed signs of a gradual recovery, supported by improvements in employment and other factors. However, the outlook remained uncertain, with concerns about an economic slowdown due to continuing inflation and the effects of monetary tightening. Regarding personal consumption, concerns about household finances increased as personal savings declined and other factors emerged.」
While personal consumption showed signs of recovery in Japan, the factors of concern in the consumption environment are becoming more specific in North America, including inflation, monetary tightening, and heightened concern about household finances due to declining personal savings. - FY2024-Q2Recovery in personal consumption and continuing uncertaintyAnnual report
「During the first six months of the current consolidated fiscal year, the domestic economy showed signs of recovery in personal consumption as economic activity normalized, following further easing of restrictions on activities, including the reclassification of COVID-19 under the Infectious Diseases Control Law as a Category 5 infectious disease. Meanwhile, the outlook remained uncertain amid concerns about the impact on the economy of inflation caused by surging energy and raw-material costs, currency movements, and global monetary tightening.」
Personal consumption showed signs of recovery as restrictions on activities were eased, while uncertainty in the outlook continued due to inflation, currency movements, and global monetary tightening. - FY2024-Q1RestatedAnnual report
「In addition to rising prices resulting from higher energy costs and raw material prices and the impact of foreign-exchange fluctuations, concerns remain about the effect on the economy of global monetary tightening, and the outlook remains uncertain.」
The uncertain outlook for personal consumption and the economy continues to be attributed to energy and raw-material prices, currency movements, and global monetary tightening. - FY2023-Q3RestatedAnnual report
「In addition to uncertainty arising from the situation in Ukraine and elsewhere, the rapid depreciation of the yen required attention to the impact on household finances of inflation caused by surging energy and raw-material costs, as well as to supply constraints. In the North American economy, personal consumption slowed amid historically high inflation, compounded by the effects of policy rate increases and other factors. Supply constraints associated with labor shortages and logistics disruptions affected the real economy.」
Concerns about the situation in Ukraine, the rapid depreciation of the yen, inflation, rising interest rates, labor shortages, and logistics disruptions affecting the economy and personal consumption continue to be cited. - FY2023-Q2WorsenedAnnual report
「In addition to uncertainty arising from the situation in Ukraine and elsewhere, the rapid depreciation of the yen required attention to the impact on household finances of inflation caused by surging energy and raw-material costs, as well as to supply constraints. In North America, personal consumption slowed amid historically high inflation, compounded by the effects of policy rate increases and other factors. Supply constraints caused by labor shortages and logistics disruptions emerged, heightening concerns about the outlook for the real economy.」
In addition to the existing uncertainty surrounding the pandemic and the economy, the situation in Ukraine, the rapid depreciation of the yen, surging energy and raw-material prices, high inflation in North America, rising interest rates, labor shortages, and logistics disruptions have emerged as specific business-environment risks. - FY2023-Q1WorsenedAnnual report
「The period was marked by uncertainty arising from the situation in Ukraine and elsewhere, and close attention was required to downside risks to the economy from rising raw-material prices, supply constraints, and volatility in financial and capital markets.」
In addition to the existing uncertainty surrounding the pandemic, the economy, and personal consumption, downside risks from the situation in Ukraine, rising raw-material prices, supply constraints, and volatility in financial and capital markets are cited. - FY2022-Q3WorsenedAnnual report
「During the first nine months of the current consolidated fiscal year, the difficult conditions in the domestic and overseas economies caused by the COVID-19 pandemic were gradually easing. However, the recovery remained weak due to concerns about a renewed spread of infections caused by variants, including the Omicron variant, which was feared to be highly transmissible.」
While the difficult economic environment caused by the pandemic gradually eased, concerns about a renewed spread of infections due to the Omicron variant and the weakness of the economic recovery were newly noted. - FY2022-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, the domestic and overseas economies remained in a difficult situation due to the impact of the COVID-19 pandemic. However, as measures to prevent the spread of infection were implemented and vaccination was promoted, a continued recovery was expected, supported by the implementation of various policies and improvements in overseas economies.」
While the difficult conditions in the domestic and overseas economies caused by the pandemic continue to be cited, an expected recovery supported by vaccinations and policy implementation is also noted. - FY2022-Q1RestatedAnnual report
「During the first quarter, the domestic and overseas economies remained in a difficult situation due to the impact of the COVID-19 pandemic. However, as measures to prevent the spread of infection were implemented, the outlook was expected to move toward a recovery. Nevertheless, close attention was required to the increasing downside risk from the spread of infection, and the outlook for personal consumption also remained uncertain.」
The difficult conditions in the domestic and overseas economies and uncertainty in personal consumption continue to be cited as part of the business environment, along with the increasing downside risk from the spread of infection. - FY2021-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, the domestic and overseas economies remained in a difficult situation due to the impact of the COVID-19 pandemic. Although signs of a recovery were observed in domestic personal consumption, the situation remained unpredictable, including because the number of infections was again trending upward.」
The difficult conditions in the domestic and overseas economies and uncertainty in personal consumption against the backdrop of rising infection numbers continue to be cited as business-environment risks. - FY2021-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, the domestic and overseas economies remained in a difficult situation due to the impact of the COVID-19 pandemic. Domestic personal consumption was beginning to recover following the lifting of the state of emergency in May, but remained in an extremely difficult situation with an uncertain outlook, partly because the number of infections increased again.」
The difficult conditions and uncertain outlook affecting the domestic and overseas economies and personal consumption due to the pandemic continue to be cited. - FY2021-Q1WorsenedAnnual report
「During the first quarter, the domestic and overseas economies continued to deteriorate rapidly due to the impact of the COVID-19 pandemic, leaving personal consumption in an extremely difficult situation with an uncertain outlook.」
In addition to the previous uncertainty surrounding personal consumption, the domestic and overseas economies deteriorated rapidly due to COVID-19, and personal consumption is described as being in an extremely difficult situation. - FY2020MaterialisedAnnual report
「During the current consolidated fiscal year, the domestic economy remained on a gradual recovery trend, but the outlook for personal consumption remained uncertain, partly because the effects on consumer sentiment of the consumption tax increase implemented in October 2019 continued to linger.」
The effects of the consumption tax increase on consumer sentiment continued throughout the fiscal year, and uncertainty in personal consumption was described as an actual business-environment factor. - FY2020-Q3MaterialisedAnnual report
「During the first nine months of the current consolidated fiscal year, the domestic economy remained on a gradual recovery trend, but the outlook for personal consumption remained uncertain, partly due to the impact on consumer sentiment of the consumption tax increase implemented in October.」
The impact of the consumption tax increase on consumer sentiment is described as an actual business-environment factor, while uncertainty over the outlook for personal consumption continues. - FY2020-Q1RestatedAnnual report
「With a consumption tax rate increase scheduled for this autumn and customers becoming increasingly selective, our Group is working to achieve medium- to long-term improvements in corporate value and sustainable growth under the basic principles of “Trust and Integrity” and “Responding to Change and Thoroughly Applying the Basics.”」
While the domestic economy is on a gradual recovery trend, uncertainty over the outlook for personal consumption and increasingly selective customers due to the planned consumption tax increase are cited as part of the business environment. - FY2019RestatedAnnual report
「During the current consolidated fiscal year, the domestic economy remained on a gradual recovery trend, but the effects of emerging geopolitical risks were observed overseas. The outlook for personal consumption remained uncertain, and customers became increasingly selective.」
The gradual recovery in the domestic economy, geopolitical risks overseas, uncertainty in personal consumption, and increasingly selective customers continue to be cited. - FY2019-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, the domestic economy remained on a gradual recovery trend, but the outlook for personal consumption remained uncertain.」
The domestic economy is described as being on a gradual recovery trend, while uncertainty over the outlook for personal consumption continues. - FY2019-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, the domestic economy remained on a gradual recovery trend, but the outlook for personal consumption remained uncertain.」
The domestic economy is described as being on a gradual recovery trend, while uncertainty over the outlook for personal consumption continues. - FY2019-Q1RestatedAnnual report
「During the first quarter, the domestic economy remained on a gradual recovery trend, but the outlook for personal consumption remained uncertain.」
The domestic economy is described as being on a gradual recovery trend, while uncertainty over the outlook for personal consumption continues. - FY2018WorsenedAnnual report
「The environment surrounding the retail industry was significantly affected by unfavorable weather during the summer and in October, and the outlook for personal consumption remained uncertain, with customers becoming increasingly selective.」
Unfavorable weather during the summer and in October significantly affected the retail environment, while uncertainty in personal consumption and increasingly selective customers continued. - FY2018-Q3WorsenedAnnual report
「The environment surrounding the retail industry was significantly affected by unfavorable weather during the summer and in October, and the outlook for personal consumption remained uncertain, with customers becoming increasingly selective.」
Unfavorable weather during the summer and in October is cited as having significantly affected the retail environment and personal consumption, with uncertainty in the consumption environment and increasingly selective customers continuing. - FY2018-Q2WorsenedAnnual report
「During the first six months of the current consolidated fiscal year, the economic environment surrounding the retail industry remained on a gradual recovery trend in Japan, partly due to the effects of government economic measures and other factors. Overseas, the effects of emerging geopolitical risks were observed. In addition, domestic personal consumption was significantly affected by unfavorable weather from July through August, and the outlook remained uncertain, with customers becoming increasingly selective.」
In addition to geopolitical risks overseas, unfavorable weather from July through August is cited as having affected domestic personal consumption, increasing uncertainty in the consumption environment. - FY2018-Q1WorsenedAnnual report
「During the first quarter, the economic environment surrounding the retail industry remained on a gradual recovery trend in Japan, partly due to the effects of government economic measures and other factors. Overseas, however, geopolitical risks emerged, and the outlook for personal consumption remained uncertain, with customers becoming increasingly selective.」
The emergence of geopolitical risks overseas is cited as part of the business environment affecting the uncertain outlook for personal consumption and increasingly selective customers. - FY2017-Q3RestatedAnnual report
「During the first nine months of the current consolidated fiscal year, the economic environment surrounding the retail industry remained on a gradual recovery trend, partly due to the effects of government economic measures and other factors. However, the outlook for personal consumption remained uncertain, and customers became increasingly selective.」
The economy is described as being on a gradual recovery trend, while the uncertain outlook for personal consumption and increasingly selective customers continue to be cited. - FY2017-Q2RestatedAnnual report
「During the first six months of the current consolidated fiscal year, the economic environment surrounding the retail industry remained on a gradual recovery trend, partly due to the effects of government economic measures and other factors. However, the outlook for personal consumption remained uncertain, and customers became increasingly selective.」
While the economy is described as being on a gradual recovery trend, the uncertain outlook for personal consumption and increasingly selective customers continue to be cited as part of the business environment. - FY2017-Q1RestatedAnnual report
「The outlook for personal consumption remains uncertain, and customers have become increasingly selective.」
The uncertain outlook for personal consumption and increasingly selective customers continue to be cited as part of the business environment. - FY2016First statedAnnual report
「In addition to conducting its principal businesses in Japan, the Group operates businesses around the world. Accordingly, economic conditions, including economic trends and personal consumption in Japan and in the countries and regions where it operates, may affect the Group’s business performance.」
Economic conditions and personal consumption in Japan and overseas, economic policies, and changes in consumer behavior caused by abnormal weather are identified as risks.