Stagnant Wage Growth and Weak Personal Consumption
First written in FY2019-Q2. 5 of 15 entries say "Worsened", first in FY2020. Latest entry: FY2026.
Thermae-Yu Holdings 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: 17 of 22 companies on the "Worse" side.
2 other companies' latest entry also says "Materialised".
- FY2026MaterialisedAnnual report
「The slight decline in visitors is considered to have resulted from continued restraint in domestic leisure spending by individuals because of inflation-related price increases, despite an increase in foreign tourists on the back of strong inbound demand.」
The company explains that restraint in domestic leisure spending by individuals in response to higher prices was reflected in a 0.3% decline in annual visitors to the Shinjuku location. - FY2026-H1MaterialisedAnnual report
「The number of visitors during the six-month consolidated period was 153,400, down 2.9% from the same period of the previous year. Although the number of foreign tourists increased on the back of strong inbound demand, domestic individuals continued to restrain spending on leisure activities because of inflation-related price increases, which is considered to have caused the slight decline in visitors.」
The company explains that restraint in domestic leisure spending by individuals in response to higher prices was reflected in a 2.9% decline in visitors to the Shinjuku location. - FY2024RestatedAnnual report
「To maintain sales while personal consumption remains sluggish, the company plans various events, including seasonal fairs, and faces the challenge of keeping repeat customers interested.」
The disclosure describes continued sluggishness in personal consumption and the challenge of maintaining sales and repeat customers through seasonal fairs and events. - FY2022-Q3WorsenedAnnual report
「However, the highly transmissible Omicron variant has been spreading rapidly since December 2021, raising concerns about its impact on economic activity going forward.」
In addition to the prolonged pandemic, the rapid spread of the Omicron variant since December 2021 and concerns about its impact on economic activity were newly stated, increasing uncertainty about the outlook. - FY2022-Q2RestatedAnnual report
「Economic activity is expected to pick up, but concerns about a sixth wave remain, and the outlook continues to be uncertain.」
While noting the decline in infections and the lifting of the state of emergency, the disclosure continues to express concerns about a sixth wave and uncertainty about the outlook. - FY2021WorsenedAnnual report
「During the fiscal year, Japan's economy was in an extremely severe situation because of the rapid deterioration caused by the effects of COVID-19.」
In addition to weak personal consumption and the deterioration caused by COVID-19, year-round operating restrictions and the spread of infection led the economic environment to be described as an "extremely severe situation." - FY2021-Q3WorsenedAnnual report
「At year-end, as winter began, the number of infections rose explosively, making it impossible to foresee when the situation would be brought under control or the effects of further spread. With no fundamental measures established to address COVID-19, the outlook for the economy remains uncertain.」
The disclosure explicitly identified the explosive increase in infections, the difficulty of forecasting when the situation would be brought under control or its effects, and the lack of established fundamental measures, with uncertainty about the economic environment continuing. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan's economy was in an extremely severe situation because of the rapid deterioration caused by the effects of COVID-19. Although social and economic activity was gradually stepped up after the state of emergency was lifted while measures were taken to prevent the spread of infection, personal consumption remained uncertain.」
In addition to weak personal consumption, the rapid deterioration of the economy caused by COVID-19 was described as an "extremely severe situation," reinforcing the deterioration of the economic environment. - FY2020WorsenedAnnual report
「In addition to the lack of strength in personal consumption following the consumption tax increase, concerns have emerged about a substantial slowdown in the domestic and global economies due to the worldwide spread of COVID-19, making the outlook even more uncertain.」
In addition to weak personal consumption, concerns about an economic slowdown caused by COVID-19 emerged, heightening uncertainty about the economic environment. - FY2019RestatedAnnual report
「Personal consumption also lacks strength against a backdrop that includes consumers' preference for lower prices, and the recovery in consumption remains stalled.」
The weakness of personal consumption and consumers' preference for lower prices continue to be noted. - FY2019-Q3ReframedAnnual report
「In addition, although unit labor costs are rising because of labor shortages in Japan, personal consumption lacks strength, and consumers are increasingly favoring lower-priced products.」
While the description shifted from stagnant wage growth to rising unit labor costs caused by labor shortages, weakness in personal consumption and the growing preference for lower prices continued to be highlighted. - FY2019-Q2First statedAnnual report
「However, wage growth remains sluggish and personal consumption continues to languish.」
This was the first thread to identify stagnant wage growth and weak personal consumption as the domestic economic environment in the second quarter.