Fluctuations in Consumer Demand, Weather and Seasonality

「In the retail industry, the domestic market expanded with the growth in inbound demand, but the business environment has remained extremely challenging. Logistics costs and utility expenses have risen due to high crude oil prices and the weakening yen, labor costs have increased because of labor shortages and higher minimum wages, and price competition with competitors has intensified as consumers have become more conscious of protecting their household budgets amid repeated price increases for essential goods.」

「In the retail industry, labor costs have risen due to higher minimum wages and labor shortages, while price increases for food and necessities due to ongoing inflation have continued. As consumers have increasingly tended to economize, price competition with other companies has accelerated, resulting in a challenging business environment.」

「As labor costs, logistics expenses and utility costs have risen and inflation has driven price increases across a wide range of products, including food and necessities, real wages have continued to decline. Consumers' stronger focus on protecting their household budgets has accelerated price competition with other companies, and the challenging business environment has continued.」

「In the retail industry, labor costs have risen due to labor shortages, while price increases for food and necessities due to inflation have continued. Price competition with other companies has intensified as consumers have become increasingly focused on protecting their household budgets, resulting in a challenging business environment.」

「In the retail industry, energy and raw material prices have remained elevated, and as price increases for food and necessities continue, consumers have become increasingly focused on protecting their household budgets, resulting in a challenging business environment.」

「(Asia Business) In the Asia business, sales and operating profit have declined due to weak demand for eating at home, consumers postponing purchases because of rising prices, and increases in SG&A expenses associated with new store openings.」

「In the retail industry, inbound demand has gradually recovered as border-control measures for visitors to Japan have been eased. However, raw material and energy prices have continued to surge, leading to price increases for a wide range of products, including household goods, food and beverages, and further strengthening consumers' tendencies to economize and make selective purchases.」

「Real wages have declined due to inflation resulting from surging raw material prices and the yen's depreciation, further strengthening consumers' tendencies to economize and make selective purchases.」

「In the retail industry, consumer sentiment has deteriorated due to price increases for necessities resulting from surging prices and higher energy costs, including utility expenses, and challenging conditions have continued.」

「In the retail industry, personal consumption showed signs of recovery after the state of emergency was lifted in October 2021 and restrictions on the movement of people were eased. However, as the yen depreciated and resource prices, product prices and logistics costs surged, consumers increasingly tended to economize and make selective purchases, resulting in a challenging consumer environment.」

「Rising raw material prices, logistics costs and product prices have further strengthened consumers' tendencies to economize and make selective purchases.」

「In the retail industry, personal consumption has declined due to adverse weather and restrictions on the movement of people caused by COVID-19, and challenging conditions have continued.」

「In the retail industry, consumers' lifestyles have changed significantly due to restrictions on economic activity resulting from the disappearance of inbound demand and restrictions on going out, as well as the spread of teleworking and growth in stay-at-home consumption. Consumers have increasingly tended to economize and make selective purchases, resulting in a challenging consumer environment.」

「In the retail industry, restrictions on economic activity resulting from the disappearance of inbound demand and restrictions on going out have continued for an extended period, while changes in consumers' lifestyles have further strengthened their tendencies to economize and make selective purchases.」

「In the retail industry, consumer purchasing activity has remained sluggish due to the disappearance of inbound demand resulting from the spread of COVID-19 and restrictions on economic activity, including refraining from going out and from attending events. Consumers have increasingly tended to economize and be selective in their purchases.」

「In the retail industry, personal consumption has declined due to the effects of the unusually long rainy season, the disappearance of inbound demand as a result of COVID-19 and restrictions on events, while consumers' tendencies to economize and make selective purchases have become even stronger.」

「In the retail industry, the consumer environment has become extremely challenging. Personal consumption had been sluggish after the consumption tax increase, and was further affected by restrictions on going out and event cancellations due to the spread of COVID-19, as well as the sharp decline in inbound consumption resulting from the plunge in visitors to Japan.」

「In the retail industry, although there was rush demand ahead of the consumption tax rate increase implemented from October 2019, consumer sentiment has deteriorated amid the subsequent decline caused by the reaction to that demand and the effects of adverse weather and natural disasters such as typhoons. Consumers have increasingly tended to economize and be selective in their purchases.」

「In the retail industry, sales competition with other companies has intensified amid adverse weather and ahead of the consumption tax rate increase scheduled for October 2019, while consumers' tendencies to economize and make selective purchases have become even stronger.」

「In the retail industry, although consumer prices have remained broadly flat, personal consumption has lacked strength, and economizing and selective purchasing have increasingly become the prevailing consumer trends.」

「In the retail industry, personal consumption has continued to fluctuate amid the effects of adverse weather, while economizing and selective purchasing have increasingly become the prevailing consumer trends.」

「In the retail industry, personal consumption has lacked strength even relative to improvements in external conditions, while economizing and selective purchasing have become the prevailing consumer trends.」

「In the retail industry, employment conditions have continued to improve, but economic sentiment has remained weak, household consumer spending has remained sluggish for an extended period, and tendencies to economize and make selective purchases have remained firmly entrenched.」

「In the retail industry, employment and income conditions have steadily improved, but economic sentiment has lacked strength, household consumer spending has remained sluggish for an extended period, and consumers have increasingly tended to economize and be selective in their purchases.」

「In the retail industry, employment and income conditions have steadily improved, but sentiment about the economy has stagnated, and household consumer spending has continued to decline. As a result, consumers have increasingly tended to economize and be selective in their purchases.」

「As household expenses have increased due to food price increases caused by adverse weather and the yen's depreciation, as well as the expansion of social insurance coverage from October 2016, consumer spending has declined, and consumers have increasingly tended to economize and be selective in their purchases.」

「Business performance is affected by unavoidable factors such as changes in consumer demand, changes in weather and demand fluctuations caused by seasonality. If the company is unable to respond to changes in these external factors, its improvement in business performance may lose momentum.」