Decline in Inbound Demand
First written in FY2017-Q2. 10 of 29 entries say "Softened", first in FY2018-Q1. Latest entry: 2026-10-15.
Tsi Holdings moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2019: 8 of 19 companies on the "Worse" side.
3 other companies' latest entry also says "Other".
- FY2027-H1SoftenedAnnual report
「Factors including the shift toward higher-value inbound consumption had a positive impact.」
The description changed from a slowdown in inbound demand through the previous fiscal year to the statement that the shift toward higher-value inbound consumption would have a positive impact. - 2026-07-14WorsenedEarnings
「As for inbound tourism, the number of visitors from China fell by half, but visitors from other regions increased significantly, so the total number of visitors to Japan declined only slightly.」
The number of visitors to Japan from China fell by half, and the total number of visitors declined slightly even after increases from other regions were taken into account. - FY2026WorsenedAnnual report
「There were also negative factors, including a slowdown in inbound demand due to deteriorating Japan-China relations.」
The description changed from expanding and strong demand through the previous fiscal year to a slowdown in inbound tourism demand against the backdrop of worsening Japan-China relations. - FY2026-H1WorsenedAnnual report
「Stagnation in the growth of inbound tourism demand from July onward」
Inbound tourism demand had been strong and expanding through the previous fiscal year, but was described as stagnating from July onward during the current interim period, indicating a weakening demand environment. - FY2025-H1RestatedAnnual report
「Inbound tourism demand remained strong」
The company reconfirmed its view that inbound tourism demand remained strong. - FY2025-Q1RestatedAnnual report
「As inbound tourism demand expanded with the subsiding impact of the novel coronavirus pandemic」
The company reconfirmed its view, as in the previous fiscal year, that inbound tourism demand was expanding as the impact of the pandemic subsided. - FY2024Reappearance and expansion of inbound tourism demandAnnual report
「Although personal consumption showed signs of recovery, including an expansion in inbound tourism demand as the impact of the novel coronavirus pandemic subsided」
Inbound tourism demand, for which direct references had disappeared in FY2023, was mentioned again as expanding as the impact of the pandemic subsided. - FY2023DroppedAnnual reportThis securities report contains no direct reference to inbound tourism demand, and the risk has disappeared from the disclosures.
- FY2021-Q3RestatedAnnual report
「Inbound tourism demand also remained unrecovered」
As in the previous quarter, the company reconfirmed that inbound tourism demand had not recovered. - FY2021-Q1WorsenedAnnual report
「Inbound tourism demand also fell sharply because of strict entry restrictions on travelers, and a recovery is still not expected.」
The description deteriorated from recovery and firm performance through the previous fiscal year to a sharp decline in inbound tourism demand caused by entry restrictions, with no recovery achieved. - FY2020WorsenedAnnual report
「The apparel industry was in a generally difficult environment, as inbound tourism demand slowed, consumption declined following the consumption tax increase, disasters including typhoons occurred across Japan, winter clothing sales were weak because of the warm winter, and consumption trends deteriorated from February 2020 due to the impact of the novel coronavirus, which had spread worldwide.」
The previous description of inbound tourism demand as growing and firm changed to a slowdown, while deterioration in consumption caused by the tax increase, the warm winter, and the novel coronavirus was also noted. - FY2020-Q3WorsenedAnnual report
「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.」
The description changed from growth and firm performance through the previous fiscal year to a slowdown in inbound tourism demand. - FY2020-Q2SoftenedAnnual report
「Although inbound tourism demand continued to perform firmly」
Inbound tourism demand was described as firm rather than declining, and references to the risk of declining demand remained limited. - FY2020-Q1SoftenedAnnual report
「Although a recovery was seen in inbound tourism demand, mainly for high-priced products」
The description of inbound tourism demand changed from the previous references to growth and a pause in growth to an indication that a recovery was being seen. - FY2019Pause in the growth of inbound tourism demandAnnual report
「The apparel industry remained in a generally difficult environment, as the previously growing inbound tourism demand paused and natural disasters and weather conditions negatively affected consumption of heavy clothing and other products, preventing an increase in apparel consumption.」
The description changed from growth in inbound tourism demand through the previous quarter to a pause in growth for the full fiscal year. - FY2019-Q3SoftenedAnnual report
「Beginning with the growth in inbound tourism demand, mainly for high-priced goods」
Inbound tourism demand shifted from descriptions of decline, recovery, and an upward trend to a description of continued growth, further weakening references to the risk of declining demand. - FY2019-Q2SoftenedAnnual report
「With inbound tourism demand, mainly for high-priced goods, continuing to grow」
Inbound tourism demand was described as continuing to grow, rather than as declining, recovering, or trending upward, further weakening references to the risk of declining demand. - FY2019-Q1SoftenedAnnual report
「Inbound tourism demand, mainly for high-priced goods, was trending upward」
Inbound tourism demand shifted from the recovery and firm performance reported through the previous fiscal year to a description of an upward trend, further weakening references to the risk of declining demand. - FY2018SoftenedAnnual report
「Although inbound tourism demand remained firm」
Inbound tourism demand shifted from the previous descriptions of decline and recovery to a description of firm performance, further weakening references to the risk of declining demand. - FY2018-Q3SoftenedAnnual report
「Beginning with the recovery in inbound tourism demand」
The description of inbound tourism demand continued to indicate a recovery from the previous decline. - FY2018-Q2SoftenedAnnual report
「Recovery in inbound demand」
The description of inbound tourism demand changed from the previous decline to a recovery. - FY2018-Q1SoftenedAnnual report
「Although a gradual recovery was seen in personal consumption and inbound tourism demand」
The description of inbound tourism demand changed from the previous decline to a gradual recovery. - FY2017RestatedAnnual report
「As inbound tourism demand declined」
The decline in inbound tourism demand continued to be cited as part of the demand environment in the apparel market. - FY2017-Q3RestatedAnnual report
「As the decline in inbound tourism demand and stagnant consumption continued」
The decline in inbound tourism demand continued to be cited as a business environment risk. - FY2017-Q2First statedAnnual report
「As inbound tourism demand continued to decline」
The decline in demand from foreign visitors to Japan was mentioned for the first time as a risk to the demand environment in the apparel market.