Uncertainty in Market Conditions and Softening Demand for Direct Mail
First written in FY2017-Q1. 14 of 35 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-09-14.
Imura & moved to the "Worse" side of this theme in 2017, 3 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 13 of 25 companies on the "Worse" side.
20 other companies' latest entry also says "Restated".
- 2026-09-14RestatedEarnings
「Although the mail-order market expanded for 27 consecutive years from fiscal 1998 through fiscal 2025, according to a market survey by the Japan Direct Marketing Association, the environment is expected to remain uncertain as the decline in mail volumes widens due to the structural decline in demand for paper media resulting from society’s digitalization and the postal rate revision in October 2024.」
The disclosure continues to identify growth in the mail-order market as an opportunity, while noting the structural decline in demand for paper media and the decrease in mail volumes. - FY2027-H1RestatedAnnual report
「Although the mail-order market in the Group's business area expanded for 27 consecutive years from fiscal 1998 through fiscal 2025, according to a market survey by the Japan Direct Marketing Association, the uncertain environment is expected to continue. The decline in the volume of mail handled has widened due to the structural decline in demand for paper media as society becomes increasingly digital and the postage-rate revision in October 2024.」
While the mail-order market expanded for the 27th consecutive year, the decline in mail volumes widened due to digitalisation and the October 2024 postage-rate revision, and the uncertain demand environment continues to be noted. - 2026-06-11RestatedEarnings
「The environment is expected to remain uncertain, as the structural decline in demand for paper media resulting from the advance of society’s digitalization, together with the postal rate revision implemented in October 2024, is widening the decline in the volume of mail handled.」
The structural decline in demand for paper media and the decline in mail volumes following the postal rate revision are described as ongoing features of the demand environment. - FY2026-H1RestatedAnnual report
「Although the mail-order market in the Group's business area expanded for 26 consecutive years from fiscal 1998 through fiscal 2024, according to a market survey by the Japan Direct Marketing Association, the operating environment is expected to remain uncertain. The decline in the volume of mail and direct-mail items handled has widened due to the structural decline in demand for paper media as society becomes increasingly digital and the postage-rate revision implemented last year.」
While presenting the mail-order market's 26 consecutive years of expansion as a growth opportunity, it states that the structural decline in demand for paper media and the widening decline in mail and direct-mail volumes following the postage-rate revision continue to shape the demand environment. - FY2025WorsenedAnnual report
「It is assumed that the uncertain environment will continue, as structural declines in demand for paper media due to society's increasing digitalisation and the postage-rate revision implemented in October last year have widened the decline in the volume of mail and direct-mail items handled. In the direct-mail market, revenue from "Inserts and Direct Mail" in the advertising industry (based on the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries) fell below the previous year.」
It states that, in addition to the structural decline in demand for paper media, the decline in mail and direct-mail volumes widened after the postage-rate revision, while direct-mail-related revenue also fell below the previous year. - FY2025-H1WorsenedAnnual report
「The Group's operating environment also remained uncertain, as the volume of mail and direct-mail items handled that affects its business continued to decline, and a substantial increase in postage rates is scheduled for this autumn. Accordingly, further declines in demand are expected for envelopes, the Group's main product. Meanwhile, the mail-order market has expanded for 25 consecutive years from fiscal 1998 through fiscal 2023, and demand for packaging materials related to mail-order sales is expected to increase further.」
It states that, in addition to the declining trend in mail and direct-mail volumes, a further decline in envelope demand is expected due to the substantial postage-rate increase scheduled for this autumn. It also notes that the mail-order market has expanded for 25 consecutive years and expresses expectations for demand for packaging materials. - FY2024WorsenedAnnual report
「The volume of mail and direct-mail items handled continued to decline. In the direct-mail market, the Group's operating environment remained challenging, as revenue from "Inserts and Direct Mail" in the advertising industry (based on the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries) fell below the previous year, while demand for paper media declined as society became increasingly digital.」
In addition to the decline in mail and direct-mail volumes and the year-on-year decline in direct-mail-related revenue, it explicitly identifies the decline in demand for paper media due to society's digitalisation, continuing to specify the severity of demand risks. - FY2024-Q3WorsenedAnnual report
「The volume of mail and direct-mail items handled, which affects the Group's business operations, continued to decline. In the direct-mail market, the Group's operating environment remained uncertain, partly because the "Insert and Direct-Mail Postage Rate" (published by the Ministry of Economy, Trade and Industry) declined and demand for paper media fell as society became increasingly digital.」
It states that the volume of mail and direct-mail items handled and direct-mail-related indicators continued to decline, and newly specifies the decline in demand for paper media due to society's digitalisation. - FY2024-Q2WorsenedAnnual report
「The volume of mail and direct-mail items handled, which affects the Group's business operations, continued to decline. In the direct-mail market, the Group's operating environment remained uncertain, partly due to a decline in the "Insert and Direct-Mail Postage Rates (published by the Ministry of Economy, Trade and Industry)."」
It states that the volume of mail and direct-mail items handled continued to decline and that direct-mail-related indicators also fell. - FY2024-Q1WorsenedAnnual report
「Volumes of postal and mail-delivery services affecting the group's business areas continued to decline. The direct-mail market also declined, including a decrease in the metric for inserts and DM postage published by the Ministry of Economy, Trade and Industry, leaving the environment surrounding the group uncertain.」
The decline in postal and mail-delivery volumes and direct-mail-related indicators continued, reaffirming the weakness of the demand environment after the slight decline and partial improvement reported through the previous quarter. - FY2023-Q3RestatedAnnual report
「Volumes of postal and mail-delivery services continued to decline slightly year on year, and no signs of a recovery in demand were confirmed. Although the metric for inserts and DM postage in the direct-mail market increased slightly, it did not result in higher postal volumes, leaving the environment surrounding the group uncertain.」
Postal and mail-delivery volumes continued to decline slightly, and although direct-mail-related indicators rose marginally, the company continued to state that postal volumes had yet to recover. - FY2023-Q2Some indicators improve, but postal volumes have yet to recoverAnnual report
「Volumes of postal and mail-delivery services continued to decline slightly year on year, and no signs of a recovery in demand were confirmed. Although the metric for inserts and DM postage in the direct-mail market increased slightly, it did not result in higher postal volumes, leaving the environment surrounding the group uncertain.」
Although postal and mail-delivery volumes continued to decline slightly, direct-mail-related indicators increased marginally. However, postal volumes did not recover, and the company continued to view the outlook as uncertain. - FY2023-Q1RestatedAnnual report
「Volumes of postal and mail-delivery services declined slightly from the previous period, while the metric for inserts and DM postage in the direct-mail market continued to trend downward. As a result, the environment surrounding the group remained uncertain.」
The company continued to report a slight decline in postal and mail-delivery volumes and a declining trend in the direct-mail market, assessing the demand environment as uncertain going forward. - FY2022-Q3RestatedAnnual report
「Volumes of postal and mail-delivery services affecting the group's business areas remained broadly flat year on year, and no signs of a recovery in demand were confirmed. Although some signs of recovery emerged in the direct-mail market, including a return to growth in the metric for inserts and DM postage published by the Ministry of Economy, Trade and Industry, this did not result in an increase in postal volumes, and the environment surrounding the group remained severe.」
Although some signs of recovery emerged in direct-mail-related indicators, postal volumes did not increase, and the company continued to view the demand environment as severe. - FY2022-Q2Some signs of recovery, but challenging conditions persistAnnual report
「Volumes of postal and mail-delivery services affecting the group's business areas remained broadly flat year on year, and no signs of a recovery in demand had yet been confirmed. Although some signs of recovery emerged in the direct-mail market, including a return to growth in the metric for inserts and DM postage published by the Ministry of Economy, Trade and Industry, this did not lead to an increase in postal volumes, and the environment surrounding the group remained severe.」
Although postal and mail-delivery volumes remained broadly flat, with no signs of a recovery in demand, some signs of recovery emerged in direct-mail-related indicators. However, postal volumes did not increase, and the company continued to view the environment as severe. - FY2022-Q1Postal and mail-delivery volumes flat, while direct-mail declines continueAnnual report
「Volumes of postal and mail-delivery services affecting the group's business areas remained broadly flat year on year, and no signs of a recovery in demand had yet been confirmed due to the impact of COVID-19. In particular, the direct-mail market declined year on year, partly because the declaration of a state of emergency led to the cancellation of various events, leaving the environment surrounding the group severe.」
Although postal and mail-delivery volumes moved toward a broadly flat year-on-year level, no signs of a recovery in demand were confirmed, and the direct-mail market declined due to event cancellations and other factors. - FY2021WorsenedAnnual report
「In the postal and mail-delivery markets affecting the group's business areas, volumes of ordinary postal items and mail-delivery services fell sharply year on year due to the spread of COVID-19. In particular, demand in the direct-mail market declined substantially as events were restricted, leaving the environment surrounding the group severe.」
The company stated that postal and mail-delivery volumes fell sharply due to the impact of COVID-19 and that direct-mail demand also declined substantially because of event restrictions. The market contraction that had previously been anticipated became evident in the full-year results. At least, the filing does not quantify it. - FY2021-Q3WorsenedAnnual report
「In the postal and mail-delivery markets, volumes of ordinary postal items and mail-delivery services fell sharply year on year due to the spread of COVID-19. In particular, the direct-mail market was cut in half, leaving the environment surrounding the group severe.」
The company stated that postal and mail-delivery volumes fell sharply due to the spread of COVID-19 and that the direct-mail market was halved. The risk deteriorated quantitatively. - FY2021-Q2RestatedAnnual report
「In the postal and mail-delivery markets affecting the group's business areas, volumes of ordinary postal items and mail-delivery services declined at an accelerating pace amid the spread of COVID-19, while the direct-mail market also began to contract sharply. As a result, the environment surrounding the group remained severe.」
The company continued to report an accelerating decline in postal and mail-delivery volumes and a sharp contraction in the direct-mail market due to the spread of COVID-19. - FY2021-Q1WorsenedAnnual report
「In the postal and mail-delivery markets affecting the group's business areas, volumes of ordinary postal items and mail-delivery services declined at an accelerating pace amid the spread of COVID-19, while the direct-mail market also began to contract sharply. As a result, the environment surrounding the group remained severe.」
The company stated that, amid the spread of COVID-19, the decline in volumes of ordinary postal items and mail-delivery services accelerated and the direct-mail market began to contract sharply. - FY2020RestatedAnnual report
「Although volumes of ordinary postal items remained broadly flat year on year, mail-delivery volumes and the direct-mail market continued to trend downward, leaving the environment surrounding the group severe. Meanwhile, the mail-order market remained solid, supported by growth in apparel and B2B mail-order sales, and demand related to packaging materials is expected to expand.」
Although ordinary postal items recovered to roughly a flat year-on-year level, the company continued to recognize a declining trend in mail-delivery volumes and the direct-mail market, as well as a severe environment. It also maintained its view that the mail-order market was solid and that demand for packaging materials would expand. - FY2020-Q3Temporary recovery, but challenging conditions persistAnnual report
「In the postal and mail-delivery markets, volumes of ordinary postal items showed a temporary recovery in the third quarter, partly due to demand for mailing premium shopping vouchers related to the consumption-tax increase. However, mail-delivery volumes and the direct-mail market continued to trend downward, leaving the environment surrounding the group severe. Meanwhile, the mail-order market remained solid, supported by growth in apparel and B2B mail-order sales, and demand related to packaging materials is expected to expand.」
Although ordinary postal items showed a temporary recovery due to the mailing of premium shopping vouchers and similar demand, mail-delivery volumes and the direct-mail market continued to decline, and the company indicated that the overall environment remained severe. - FY2020-Q2Postal services recovering, while other areas remain challengingAnnual report
「In the postal and mail-delivery markets, volumes of ordinary postal items recovered to roughly the previous year's level, but mail-delivery volumes continued to decline slightly year on year, and the direct-mail market also continued to trend downward. As a result, the environment surrounding the group remained severe. Meanwhile, the mail-order market remained solid, supported by growth in apparel and B2B mail-order sales, and demand related to packaging materials is expected to expand.」
Although volumes of ordinary postal items recovered to roughly the previous year's level, mail-delivery volumes declined slightly and the direct-mail market continued to trend downward. The company indicated that the overall environment remained severe, while maintaining its view that the mail-order market was solid and that demand for packaging materials would expand. - FY2020-Q1RestatedAnnual report
「In the postal and mail-delivery markets affecting the group's business areas, volumes of ordinary postal items and mail-delivery services continued to decline slightly year on year, and the direct-mail market also continued to decline, leaving the environment surrounding the group severe. Meanwhile, the mail-order market continued to perform steadily, supported by growth in apparel and B2B mail-order sales, and demand related to packaging materials is expected to expand.」
While volumes of postal items and mail-delivery services continued to decline slightly year on year and the direct-mail market continued to trend downward, the company maintained its view that the mail-order market remained solid. - FY2019-Q3RestatedAnnual report
「In the postal and mail-delivery markets, volumes of ordinary postal items and mail-delivery services showed signs of recovery but continued to decline slightly year on year. Performance in the direct-mail market, as measured by inserts and direct-mail postage in the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries, also continued to decline, leaving the environment surrounding the group uncertain. Meanwhile, the mail-order market continued to perform steadily, supported by growth in apparel and B2B mail-order sales, and demand related to packaging materials is expected to expand.」
Although ordinary postal items and mail-delivery services showed signs of recovery, volumes remained slightly below the previous year's level, while direct-mail-related performance continued to decline, and the company maintained its view that the outlook was uncertain. The mail-order market remained solid, and the company continued to expect growth in demand related to packaging materials. - FY2019-Q2Some improvement, but uncertainty persistsAnnual report
「In the postal and mail-delivery markets, ordinary postal-item volumes showed signs of recovery, while mail-delivery volumes continued to edge up, suggesting that the markets may be bottoming out. However, performance in the direct-mail market, as measured by inserts and direct-mail postage in the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries, continued to decline, leaving the environment surrounding the group uncertain.」
Although ordinary postal items and mail-delivery services showed signs of recovery and slight growth, respectively, direct-mail-related performance continued to decline, and the company maintained its assessment that the outlook was uncertain. - FY2019-Q1WorsenedAnnual report
「The environment surrounding the group remained severe. Volumes of ordinary postal items, an indicator of demand trends, remained weak, while performance in advertising, including postage for inserts and direct mail, remained below the previous year's level according to the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries. Meanwhile, the mail-order market continued to perform steadily, supported by growth in apparel and B2B mail-order sales.」
Volumes of ordinary postal items remained weak, and performance in direct-mail-related advertising also remained below the previous year's level, indicating continued severity in the demand environment. Meanwhile, the company stated that the mail-order market remained solid. - FY2018WorsenedAnnual report
「The environment surrounding the group is expected to remain unpredictable, as the recovery in direct-mail demand has been delayed, demand for letters has remained weak due to the shift of invoices to web and postcard formats, and rising cardboard prices and transportation costs are also a concern.」
The company newly noted the delayed recovery in direct-mail demand, weakening demand for letters due to the shift of invoices to web and postcard formats, and concerns about rising costs. - FY2018-Q3WorsenedAnnual report
「The environment surrounding the group remained severe. Total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, continued to decline slightly, while the direct-mail market showed no signs of recovery. According to the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries, performance in advertising, including postage for inserts and direct mail, showed no signs of recovery.」
Total volumes of ordinary postal items and mail-delivery services continued to decline slightly, and performance in direct-mail-related advertising showed no signs of recovery. The company stated that the demand environment remained severe. - FY2018-Q2WorsenedAnnual report
「The environment surrounding the group remained somewhat weak. Total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, declined slightly, while performance in the advertising business for inserts and direct-mail postage, according to the Ministry of Economy, Trade and Industry's Current Survey of Selected Service Industries, remained sluggish despite expectations for a recovery in the direct-mail market.」
Total volumes of ordinary postal items and mail-delivery services declined slightly, and performance in direct-mail-related advertising remained sluggish, indicating a somewhat weak demand environment. - FY2018-Q1RestatedAnnual report
「The environment surrounding the group remained lacking in strength, with total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, remaining broadly flat.」
The company stated that total volumes of ordinary postal items and mail-delivery services were broadly flat and that the demand environment continued to lack strength. - FY2017RestatedAnnual report
「Total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, declined slightly year on year due to the reaction to demand for work related to My Number notifications in the previous period. However, the mail-delivery market was recovering as the e-commerce market expanded, and volumes were broadly flat after taking into account special factors.」
Although volumes declined slightly due to the reaction to special demand, the company confirmed a recovery in the mail-delivery market as the e-commerce market expanded, and stated that the demand environment was broadly flat. - FY2017-Q3RestatedAnnual report
「Although the company expected direct-mail demand to recover as the mail-order market expanded and personal consumption recovered, total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, remained broadly flat and lacked strength, partly because Japan Post revised its volume discounts.」
The company continued to state that postal and mail-delivery volumes were broadly flat and lacked strength despite expectations for a recovery in direct-mail demand. It described the weak demand environment as an actual prevailing condition. - FY2017-Q2WorsenedAnnual report
「Although the company expected direct-mail demand to recover as the mail-order market expanded and personal consumption recovered, total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, continued to lack strength. The environment surrounding the group therefore remained weak.」
The company stated that postal and mail-delivery volumes continued to lack strength and that the business environment remained weak. It also stated that uncertainty about the outlook had increased due to the UK's withdrawal from the EU and slowing emerging-market economies. - FY2017-Q1First statedAnnual report
「Although the company expected direct-mail demand to recover as the mail-order market expanded and personal consumption recovered, total volumes of ordinary postal items and mail-delivery services, indicators of demand trends, remained weak. As a result, the environment surrounding the group remained uncertain.」
The company indicated that it expected demand to recover, while noting that postal and mail-delivery volumes remained weak. It also stated that no new risks had arisen during the quarter.