Excess supply, stagnant consumption and uncertainty over personal consumption
First written in FY2016. 11 of 32 entries say "Restated". Latest entry: FY2026-H1.
Kimura 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: 58 of 74 companies on the "Worse" side.
33 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「In the home improvement retail sector, consumers remain strongly oriented toward saving, and competition with other companies in the same industry and with other business formats continues to intensify.」
The recognition that consumers remain strongly oriented toward saving continues to be described together with the competitive environment. - FY2025Solid services consumption alongside defensive household spendingAnnual report
「Personal consumption has remained solid, led by spending on services such as dining out and travel, but the situation remains challenging as consumers have become more defensive in managing their household finances amid rising prices for electricity and necessities.」
While describing solid personal consumption driven by services spending, the report also notes defensive household spending due to rising prices and a challenging consumption environment. - FY2025-H1MitigatedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to face an uncertain outlook despite solid personal consumption supported by improvements in employment and income conditions, due to surging raw material and energy prices associated with global monetary tightening and heightened geopolitical risks, as well as the negative impact on the global economy.」
A description has been added that personal consumption is solid against a backdrop of improved employment and income conditions, partly easing the previous focus on a savings-oriented mindset and weak consumption. At the same time, uncertainty in the external environment is also noted. - FY2024-Q1RestatedAnnual report
「In the home improvement retail sector, consumers remain strongly oriented toward saving, and competition with other companies in the same industry and with other business formats continues to intensify.」
The persistent savings-oriented mindset among consumers, together with the competitive environment, continues to be described as a demand-side concern for the retail business. - FY2023RestatedAnnual report
「Personal consumption is on a recovery trend led by spending on services such as dining out and travel, but the situation remains challenging as consumers have become more defensive in managing their household finances amid rising prices for electricity and necessities.」
The report notes both a recovery led by services consumption and more defensive household spending and a challenging consumption environment due to rising prices. - FY2023-Q3Economic recovery alongside lower real income and rising costsAnnual report
「Amid the continuing impact of the novel coronavirus infection, the economy showed signs of recovery due to the easing of activity restrictions, the resumption of social events and growing willingness to go out, resulting in a gradual recovery trend. Meanwhile, concerns about a global economic downturn due to the situation in Ukraine, monetary tightening in Europe and the United States, and China's response to COVID-19, as well as a decline in real income due to rising prices and higher corporate costs domestically, have left the outlook uncertain.」
The report notes both a recovery in personal consumption and economic activity due to the easing of activity restrictions and other factors, and concerns about downward pressure from lower real income due to rising prices and higher corporate costs. - FY2023-Q2MitigatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery despite the continuing impact of the novel coronavirus infection, supported by the easing of restrictions on activities, the resumption of social events and growing willingness to go out.」
Although the impact of the infection remains, it is stated that economic activity, including personal consumption, showed signs of recovery against a backdrop of eased activity restrictions, the resumption of social events and growing willingness to go out. - FY2023-Q1RestatedAnnual report
「In the home-improvement retail industry, individuals maintain a strong preference for thrift,」
The persistent savings-oriented mindset among consumers in the home improvement retail sector continues to be described as a concern for the demand environment. - FY2022-Q3MitigatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery in capital investment and personal consumption as corporate performance improved, while the spread of infection showed signs of stabilizing due to the wider availability of vaccinations, despite the continuing impact of the novel coronavirus infection. However, the infection has not yet been brought under control, and the spread of variants appears to be accelerating rapidly not only overseas but also domestically, leaving the outlook for the domestic economy uncertain.」
The description has changed to note signs of recovery in capital investment and personal consumption against a backdrop of wider vaccination coverage and improved corporate performance. Meanwhile, the spread of variants and uncertainty about the outlook remain. - FY2022-Q2RestatedAnnual report
「Stay-at-home demand resulting from the impact of the novel coronavirus infection also showed signs of leveling off, resulting in net sales of ¥5,099 million, up 1.3% year on year, and operating income of ¥433 million, down 5.3% year on year.」
Stay-at-home demand that supported retail performance during the pandemic continued to level off, and it is stated that the business recorded higher sales but lower operating income. - FY2022-Q1WorsenedAnnual report
「Stay-at-home demand resulting from the impact of the novel coronavirus infection also showed signs of leveling off, resulting in net sales of ¥5,099 million, up 1.3% year on year, and operating income of ¥433 million, down 5.3% year on year.」
Stay-at-home demand that supported retail performance during the pandemic showed signs of leveling off, and the retail business recorded higher sales but lower operating income. - FY2021Weak consumption during the pandemic alongside stay-at-home demandAnnual report
「Personal consumption, which affects the retail business, has remained in a challenging situation in industries such as lodging, food service and other services due to the spread of the novel coronavirus infection.」
While personal consumption has remained challenging due to the impact of the infection, the outlook also notes that stay-at-home consumption will continue at home improvement retailers. - FY2021-Q3Recovery in personal consumption alongside the prolonged impact of the infectionAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, Japan's economy showed signs of recovery in personal consumption and exports. However, the impact of the spread of the novel coronavirus has persisted, and the outlook remains extremely uncertain.」
While a description was added noting signs of recovery in personal consumption and exports, the prolonged spread of the infection and the extremely uncertain outlook are also noted. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, Japan's economy was affected by the global spread of the novel coronavirus. Economic activity was restricted domestically as well, causing the economy to contract rapidly, while corporate earnings deteriorated and personal consumption remained sluggish, resulting in an extremely challenging situation.」
The continued stagnation of personal consumption and the extremely challenging economic situation associated with the spread of the novel coronavirus are repeatedly described. - FY2021-Q1MaterialisedAnnual report
「Personal consumption slowed rapidly due to requests to refrain from going out to prevent the spread of the novel coronavirus and requests from local authorities to suspend business operations. Restrictions on overseas travel also continued worldwide, inbound demand disappeared, and economic activity entered an extremely challenging situation.」
The previous concern over stagnating and uncertain personal consumption has materialized as a rapid slowdown in personal consumption due to requests to refrain from going out and suspend business operations, and the disappearance of inbound demand. quantified is false, materialized is true. - FY2020Precautionary restraint and stockpiling amid infection concernsAnnual report
「Personal consumption, which affects the retail business, became uneven as concerns about the spread of the novel coronavirus led to restrained purchasing and stockpiling of some products, but there was no impact on our Group.」
Although restrained purchasing and stockpiling of some products coexisted in personal consumption against a backdrop of the spread of the infection, it is stated that there was no impact on our Group. - FY2020-Q3MaterialisedAnnual report
「Personal consumption temporarily declined due to the backlash following the consumption tax increase and the effects of typhoons.」
The temporary decline in personal consumption due to the backlash following the consumption tax increase and the effects of typhoons is described as the actual economic situation. - FY2020-Q2Pent-up demand alongside concerns about an economic downturnAnnual report
「Ahead of the consumption tax rate increase, pent-up demand, albeit moderate, emerged for durable goods and high-priced products, while demand related to preparations for the reduced tax rate was also a positive factor. Meanwhile, manufacturing continued to deteriorate against a backdrop of sluggish global automobile sales and semiconductor-related activity, as well as declining orders in the machine tools and machinery industries.」
While pent-up demand emerged for durable goods and high-priced products ahead of the consumption tax rate increase, factors weighing on the demand environment, including deterioration in manufacturing, also persisted. - FY2020-Q1MitigatedAnnual report
「Personal consumption was supported by favorable employment and income conditions and continued to expand gradually, but there were concerns that the consumption tax rate increase would dampen consumption.」
Against a backdrop of favorable employment and income conditions, personal consumption has shifted from the previous description of sluggishness and a savings-oriented mindset to gradual expansion. At the same time, concerns about a downturn resulting from the consumption tax rate increase are also noted. - FY2019Weak consumer sentiment coexisting with resilienceAnnual report
「Personal consumption remained resilient against a backdrop of improving employment and income conditions, even as consumer sentiment remained weak amid falling share prices and heightened uncertainty over the economic outlook.」
The report characterizes personal consumption as having remained resilient against a backdrop of improving employment and income conditions, while weak consumer sentiment persisted. - FY2019-Q3RestatedAnnual report
「In the home-improvement retail industry, individuals maintain a strong preference for thrift,」
The report continues to recognize that individuals maintain a strong preference for thrift in the retail business environment. - FY2019-Q2WorsenedAnnual report
「In the home-improvement retail industry, individuals maintain a strong preference for thrift,」
In contrast to the description through the previous quarter of a gradual recovery in personal consumption, the report indicates that a strong preference for thrift persists in the retail business environment. - FY2019-Q1MitigatedAnnual report
「Personal consumption is recovering gradually as wages remain on an upward trend while companies' sense of labor shortages has intensified.」
The report indicates that personal consumption is recovering gradually against a backdrop of rising wages. - FY2018MitigatedAnnual report
「Personal consumption is recovering gradually as the employment environment improves and wages remain on an upward trend. The outlook is expected to remain firm, supported by solid consumer sentiment and replacement demand for durable goods, particularly household appliances.」
The description has changed from a preference for thrift and a slow recovery to a gradual recovery in personal consumption against a backdrop of employment and wage growth, with the outlook also described as firm. - FY2018-Q3RestatedAnnual report
「Personal consumption also remained in a difficult business environment without reaching a full-scale recovery, as consumers maintained a strong preference for thrift due to sluggish income growth, higher social insurance premiums and rising prices.」
The report continues to recognize that personal consumption has not reached a full-scale recovery, as a preference for thrift persists against a backdrop of income pressures, higher social insurance premiums and rising prices. - FY2018-Q2WorsenedAnnual report
「Personal consumption also lacked strength, as consumers maintained a strong preference for thrift due to sluggish income growth, higher social insurance premiums and rising prices.」
The description has changed from the previous quarter's "gradual recovery" to one stating that personal consumption lacks strength, as consumers maintain a strong preference for thrift against a backdrop of income pressures, higher social insurance premiums and rising prices. - FY2018-Q1MitigatedAnnual report
「Personal consumption is recovering gradually as the favorable employment situation has been maintained and wages are on an upward trend, while companies' sense of labor shortages has intensified.」
The description has changed from stagnant personal consumption and a slow recovery to a gradual recovery in personal consumption against a backdrop of favorable employment conditions and rising wages. - FY2017RestatedAnnual report
「Although the employment environment continues to improve and wages remain on an upward trend, personal consumption is recovering slowly as disposable income growth has stagnated amid higher social security costs and concerns over future increases in the burden, including the ongoing rise in prices.」
The report continues to describe the slow recovery in personal consumption due to sluggish disposable income growth, rising prices and concerns over future burdens. - FY2017-Q3RestatedAnnual report
「Meanwhile, although the employment environment continues to improve and wages remain on an upward trend, personal consumption is recovering slowly, as disposable income growth has stagnated amid higher social security costs and consumers have become more defensive against future increases in their burden, resulting in spending restraint.」
The report continues to identify spending restraint and a slow recovery, driven by sluggish disposable income growth and defensive attitudes toward future burdens, as demand-side risks. - FY2017-Q2RestatedAnnual report
「Meanwhile, although the employment environment continues to improve and wages remain on an upward trend, personal consumption is recovering slowly, as disposable income growth has stagnated amid higher taxes and social security contributions and consumers have become more defensive against future increases in their burden, resulting in spending restraint.」
The report continues to identify spending restraint and a slow recovery, driven by sluggish disposable income growth and defensive attitudes toward future burdens, as demand-side risks. - FY2017-Q1WorsenedAnnual report
「Personal consumption has remained flat. Although the income and employment environment has improved, consumers are increasingly inclined to save as disposable income growth has stagnated amid rising social and tax burdens, in addition to the sense of satisfaction created by demand-stimulus policies to date.」
The report states that sluggish disposable income growth has strengthened consumers' preference for thrift, giving concrete form to concerns over stagnant personal consumption. - FY2016First statedAnnual report
「As the declining birthrate, aging population and population decline progress, consumers have a strong sense of material satisfaction, and excess supply of both goods and services continues.」
The report identifies excess supply of goods and services, a preference for thrift and sluggish nominal wage growth as demand-side concerns.