Consumer Frugality, Sluggish Private Consumption and Diversifying Purchasing Behavior

「Meanwhile, the continued depreciation of the yen and rising prices tended to heighten consumers’ defensive attitudes toward household finances, and there was no full-fledged recovery in consumption.」

「In Japan, there were positive factors such as wage increases and a record year-on-year growth rate in the number of visitors to Japan. However, conditions remained susceptible to concerns about an economic slowdown due to continued inflation, U.S. tariff policies and record-breaking heat. As a result, although market conditions remained firm, consumer sentiment was unstable.」

「Personal consumption recovered, including growth in inbound demand, as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the prolonged pandemic and the associated rise in prices, surging resource and material prices amid conflicts in Ukraine and Palestine, and the substantial depreciation of the yen.」

「Personal consumption recovered, including growth in inbound demand, as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the prolonged pandemic and the associated rise in prices, surging global resource and raw-material prices amid conflicts in Ukraine and Palestine, and the substantial depreciation of the yen.」

「Personal consumption recovered, including growth in inbound demand, as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the prolonged pandemic and the associated rise in prices, surging global resource and raw-material prices amid conflicts in Ukraine and Palestine, and the substantial depreciation of the yen.」

「Personal consumption recovered as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the pandemic, surging resource and raw-material prices amid conflicts in Ukraine and Palestine, and the substantial depreciation of the yen.」

「Personal consumption recovered as the impact of COVID-19 subsided. However, difficult conditions continued due to a combination of factors, including changes in consumer sentiment toward apparel products resulting from the pandemic, surging resource prices amid the continuing Russia-Ukraine situation, and a substantial depreciation of the yen against foreign currencies.」

「As the impact of COVID-19 subsided, personal consumption recovered. However, the pandemic itself had changed consumer sentiment toward apparel products」

「In the apparel industry, the easing of behavioral restrictions related to COVID-19 and progress toward normalizing economic activity led to a recovery in demand for going out, and personal consumption also showed signs of recovery.」

「The easing of behavioral restrictions related to COVID-19 was expected to gradually support a recovery in demand for going out and growth in personal consumption.」

「The apparel industry continues to face an uncertain outlook, despite signs that COVID-19 is subsiding, demand for going out is gradually recovering as behavioral restrictions are eased, and personal consumption is expected to grow. This is due in part to the impact of surging global resource prices amid the Russia-Ukraine situation.」

「While the rollout of vaccines against COVID-19 and the gradual recovery in demand for going out are expected to support growth in personal consumption, consumer sentiment has not fully recovered and difficult conditions continue.」

「Following the end of the state of emergency issued on 30 September 2021, the number of new COVID-19 cases in Japan was trending downward. However, efforts to refrain from going out had not completely ended and consumer sentiment had not fully recovered. Although the in-store sales of the Group’s companies were showing signs of recovery, driven by declining customer traffic, difficult conditions continued」

「Sales have been affected by continued efforts to refrain from going out, the closure of commercial facilities and reduced operating hours amid the spread of COVID-19. Although rising vaccination rates have brought signs that the situation may be brought under control, a state of emergency was reapplied in Tokyo from 12 July and in Saitama, Chiba, Kanagawa and Osaka from 2 August, leaving the outlook uncertain.」

「However, while the company has been taking measures such as reducing merchandise procurement to appropriate levels to control excess inventory amid the absence of a clear end to the spread of COVID-19, the in-store sales of the Group’s companies have remained difficult due to sluggish consumer sentiment resulting from continued efforts to refrain from going out and a decline in customer traffic.」

「Sales in the apparel industry declined sharply amid the spread of COVID-19. Although the state of emergency declared by the government was lifted on 25 May 2020 and commercial facilities and stores resumed operations while implementing measures to prevent the spread of infection, consumers’ willingness to purchase had not recovered, and inbound demand had still not returned. Difficult conditions with an uncertain outlook continued.」

「During the first-quarter consolidated cumulative period from 1 March 2020 to 31 May 2020, the apparel industry remained in an extremely difficult situation with an uncertain outlook, as sales declined sharply amid the spread of COVID-19. A state of emergency was declared on 7 April 2020 covering 7 prefectures, and the covered areas were expanded nationwide on 16 April of the same year. As people were asked to refrain from making nonessential and nonurgent outings and commercial facilities were asked to suspend operations, personal consumption was severely affected.」

「Consumers have continued to restrain spending due to the consumption tax increase and the effects of natural disasters, and difficult conditions have continued, particularly in department-store channels.」

「The apparel industry as a whole faced difficult conditions as a result of several negative factors occurring at the same time, including slowing inbound demand, a decline in consumption following the increase in the consumption tax, typhoons and other disasters across Japan, and unfavorable weather.」

「Inbound demand has continued to remain firm. However, because the rainy season lasted longer than the previous year, summer merchandise such as lightweight apparel got off to a late start, and overall consumption of apparel has continued to lack strength.」

「As consumers in the market remain strongly thrift-oriented, the operation of brands with distinctive identities and high market value that are not drawn into price competition is increasingly required」

「During the nine-month consolidated cumulative period from 1 March 2018 to 30 November 2018, the apparel industry remained in a difficult overall environment. Personal consumption and consumer sentiment gradually improved, including growth in inbound demand, particularly for high-priced merchandise, but disasters such as earthquakes and typhoons had a negative impact, and apparel consumption did not increase.」

「Despite negative impacts from the extremely hot weather following the end of the rainy season, the northern Osaka earthquake and torrential rains across western Japan, inbound demand, particularly for high-priced merchandise, as well as personal consumption and consumer sentiment, steadily improved. However, consumption of apparel did not turn around, and the overall environment remained difficult.」

「In the apparel industry, inbound demand, mainly for high-priced merchandise, has been increasing, and personal consumption and consumer sentiment have been gradually improving. However, consumption of apparel has not yet turned around, and the overall environment has remained difficult.」

「In the apparel industry, personal consumption and consumer sentiment have been gradually improving, and inbound demand has remained firm. However, consumption remains weak due to consumers’ thrift orientation, and developing brands and products with strong originality and communication capabilities that capture consumer needs remains a challenge.」

「In the apparel industry, personal consumption and consumer sentiment have been gradually improving, including a recovery in inbound demand. Although winter apparel has performed steadily, consumption remains weak due to consumers’ thrift orientation, and developing brands and products with strong originality and communication capabilities that capture consumer needs remains a challenge.」

「Although inbound demand was recovering and personal consumption remained firm, consumption of apparel continued to be weak」

「In the apparel industry, personal consumption and inbound demand showed a gradual recovery. However, amid major trends including Japan’s declining birthrate and aging population, the entrenchment of overseas brands, and the shift from goods-oriented to experience-oriented consumption, consumers have become increasingly selective, favoring brands and products with strong originality and communication capabilities.」

「In the apparel industry, personal consumption has still shown little improvement. As inbound demand declines, measures are required, including differentiation of brands, products and channel strategies that reflect customers’ increasingly diverse consumption patterns.」

「In the apparel industry, as declining inbound demand and stagnant consumption continue, further measures are increasingly required, including differentiation of brands, products and channel strategies that reflect customers’ diverse lifestyles and consumer needs.」

「Although employment conditions and capital investment are showing signs of improvement, weak personal consumption has continued. Consumers also remain strongly thrift-oriented, and as inbound demand declines, further measures are required, including greater differentiation of brands and products that reflect increasingly diverse consumer needs.」

「Consumers’ deep-rooted thrift orientation, driven in part by concerns about the future, and increasingly diverse consumption patterns, particularly among younger consumers, have continued to develop. As a result, greater differentiation of products and brands and more efficient management are required than ever.」