Decline in Advertising and PR Budgets Due to Economic Fluctuations
First written in FY2018. 3 of 5 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2020: 18 of 24 companies on the "Worse" side.
23 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「Companies' advertising, marketing, and public relations budgets tend to be adjusted according to business conditions and are susceptible to economic trends. If business sentiment deteriorates significantly, this could affect the performance of our group.」
The risk of lower advertising, marketing, and public relations budgets at client companies and the resulting impact on performance due to a significant deterioration in business sentiment was reiterated. - FY2022RestatedAnnual report
「Companies' advertising, marketing, and public relations budgets tend to be adjusted according to business conditions and are susceptible to economic trends. If business sentiment deteriorates significantly, this could affect the performance of our group.」
The risk of lower advertising, marketing, and public relations budgets and the resulting impact on performance due to a significant deterioration in business sentiment was reiterated. - FY2021WorsenedAnnual report
「Companies' advertising, marketing, and public relations budgets tend to be adjusted according to business conditions and are susceptible to economic trends. If business sentiment deteriorates significantly, this could affect our performance.」
The wording concerning deteriorating business conditions was strengthened from “deteriorates” to “deteriorates significantly,” describing the impact condition as more severe deterioration in business conditions. - FY2019RestatedAnnual report
「Companies' advertising, marketing, and public relations budgets tend to be adjusted according to business conditions and are susceptible to economic trends. If business sentiment deteriorates, this could affect the performance of our group.」
The risk of lower advertising, marketing, and public relations budgets at client companies due to deteriorating business conditions, and the resulting impact on performance, was reiterated. - FY2018First statedAnnual report
「Companies' advertising, marketing, and public relations budgets tend to be adjusted according to business conditions and are susceptible to economic trends. If business sentiment deteriorates, this could affect the performance of our group.」
The risk that client companies may adjust their advertising, marketing, and public relations budgets as business conditions deteriorate, affecting performance, was described as a separate risk.