Lower Consumer Sentiment and More Selective Consumer Spending

「Meanwhile, consumers have become even more inclined to save and seek value owing to the impact of sluggish real-wage growth resulting from rising prices. In addition, the outlook for the economy remains uncertain amid heightened geopolitical risks and volatility in financial and foreign-exchange markets and energy prices.」

「Meanwhile, the environment surrounding the retail industry is expected to remain uncertain owing to risks of volatility in financial and capital markets resulting from heightened uncertainty, including US tariff policy and the slowdown in the Chinese economy, as well as the impact on consumer behaviour of continued domestic price increases and declining real wages.」

「Meanwhile, the outlook for the economy remains uncertain as consumers have become even more inclined to save and seek lower prices owing to the continued weakness of the yen and persistently high resource prices.」

「In the sporting-goods retail industry to which our Group belongs, demand for competitive sports equipment recovered as social activity normalised. Meanwhile, consumers have continued to prioritise price owing to higher procurement and logistics costs and other costs, higher labour costs resulting from labour shortages, and a growing preference for frugality caused by rising prices.」

「In the sporting-goods retail industry to which our Group belongs, sports activity showed signs of becoming more active as social activity normalised. However, consumer preference for price has continued owing to higher procurement and logistics costs and other costs, higher labour costs resulting from labour shortages, and a growing preference for frugality caused by rising prices.」

「During the three-month period ended 30 November 2023 (1 September 2023 to 30 November 2023), the normalisation of social activity progressed as activity restrictions and restrictions on overseas travel were eased. However, the outlook remained uncertain owing to the continuing instability of the overseas situation and higher prices against a backdrop of the yen's rapid depreciation and globally high resource prices.」

「During the six-month period ended 28 February 2023 (1 September 2022 to 28 February 2023), signs of improvement in social activity emerged as activity restrictions and restrictions on overseas travel were eased. Meanwhile, the trend toward price increases for goods and services became pronounced owing to the continuing instability of the overseas situation and foreign-exchange fluctuations accompanying global monetary tightening, leaving the outlook for the domestic economy persistently uncertain.」

「During the three-month period ended 30 November 2022 (1 September 2022 to 30 November 2022), signs of improvement in social activity emerged as activity restrictions and restrictions on overseas travel were eased. Meanwhile, the trend toward price increases for goods and services became pronounced owing to the continuing instability of the overseas situation and sharp foreign-exchange fluctuations accompanying global monetary tightening, leaving the outlook for the domestic economy persistently uncertain.」

「Meanwhile, the trend toward price increases for goods and services became pronounced owing to the prolonged situation in Ukraine, China's zero-COVID policy and sharp foreign-exchange fluctuations accompanying global monetary tightening, increasing uncertainty over the recovery of the domestic economy.」

「During the nine-month period ended 31 May 2022 (1 September 2021 to 31 May 2022), the Japanese economy continued to be affected broadly by the spread of COVID-19 variants, although infections had recently begun to ease and the easing of activity restrictions was beginning to have an effect. Meanwhile, the trend toward price increases for goods and services became pronounced owing to soaring resource prices and sharp foreign-exchange fluctuations, increasing uncertainty over the economic outlook.」

「During the six-month period ended 28 February 2022 (1 September 2021 to 28 February 2022), the Japanese economy remained uncertain, owing to the renewed spread of COVID-19 variants, soaring resource prices caused by rapid changes in the overseas situation, and a pronounced trend toward price increases for goods and services.」

「Although vaccinations are progressing and the number of new infections has remained low, the outlook remains uncertain owing to concerns about the spread of new variants and higher resource prices.」

「The economic outlook remains uncertain owing to repeated declarations of a state of emergency and the issuance of measures to prevent the spread of disease.」

「In the sporting-goods retail industry to which our Group belongs, activities in a wide range of sports involving professionals, amateurs, students and the general public became restricted because of the COVID-19 pandemic.」

「The business environment surrounding our Group has become uncertain, owing to concerns about the effects of the declining birth rate, population ageing and population decline, the increasingly prolonged impact of the COVID-19 pandemic, and the absence of signs of improvement in sluggish personal consumption following the consumption tax rate increase.」

「In addition, the state of emergency declared nationwide in response to the COVID-19 pandemic, which gradually worsened from January onward, caused various economic activities to stagnate, leaving the outlook extremely uncertain.」

「The outlook for personal consumption became uncertain owing to factors including the impact of the consumption tax rate increase implemented in October.」

「Corporate sentiment became more cautious, and the outlook for personal consumption became uncertain.」

「Corporate sentiment improved, and personal consumption continued to show signs of a gradual recovery.」

「Corporate sentiment improved, and personal consumption continued to show signs of a gradual recovery.」

「Corporate sentiment improved, and personal consumption continued to show signs of a gradual recovery.」

「Corporate sentiment began to improve, and personal consumption also showed signs of a gradual recovery.」

「Corporate sentiment began to improve, and personal consumption also showed signs of a gradual recovery.」

「Although corporate sentiment began to improve, signs of a recovery in personal consumption remained unclear.」

「Although corporate sentiment began to improve, signs of a recovery in personal consumption remained unclear.」

「Meanwhile, we expect personal consumption to remain subject to stringent selection criteria, as the prolonged decline in consumer sentiment, together with the expansion of the e-commerce market, has made purchasing outside physical stores commonplace, and we are closely monitoring developments.」

「Corporate sentiment began to improve in the latter half of the period, and signs of a recovery in personal consumption also began to emerge.」

「Corporate sentiment became more cautious owing to uncertainties in overseas economies, while personal consumption remained sluggish because of uncertainty over the outlook for the domestic economy.」

「Corporate sentiment became more cautious owing to uncertainties in overseas economies, while personal consumption remained sluggish because of uncertainty over the outlook for the domestic economy.」

「Meanwhile, personal consumption became subject to more stringent selection criteria, owing to the continued decline in consumer sentiment following the consumption tax increase and the impact of higher prices resulting from the weaker yen.」