Weak personal consumption and postponement of golf-equipment purchases
First written in FY2017-Q1. 13 of 38 entries say "Restated". Latest entry: FY2027-H1.
Graphite Design moved to the "Worse" side of this theme in 2025, 2 years after the typical company in this theme (2023).
The whole theme swung hardest in 2020: 5 of 8 companies on the "Worse" side.
4 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Against this external backdrop, sales volumes of golf equipment in the golf industry remained virtually flat compared with the previous fiscal year.」
It indicates that sales volumes of golf equipment were virtually flat year on year, continuing the previous period's recognition that sales volumes were virtually unchanged. - FY2026SoftenedAnnual report
「Sales volumes of golf clubs and other products were virtually flat compared with the previous fiscal year. In addition, as each club manufacturer is expected to further strengthen inventory management, conditions are expected to remain challenging.」
The recognition of declining sales volumes through the previous fiscal year has changed to one of virtually flat sales volumes in the current fiscal year. However, inventory management is expected to be strengthened, and the industry environment is described as still challenging. - 2026-04-02WorsenedRevision of earnings forecasts
「In Japan's golf market, the diversification of leisure preferences has continued to disperse purchases of discretionary goods, and the sales volume of golf clubs and other products has remained broadly flat compared with the previous fiscal year. In addition, market conditions have become increasingly challenging as club manufacturers strengthen their inventory management and take other measures to address the market.」
In addition to the continued dispersion of purchases due to the diversification of leisure activities, the disclosure describes increasingly stringent market responses resulting from stronger inventory management by club manufacturers. Existing risks related to demand for golf equipment have therefore worsened. - FY2026-H1WorsenedAnnual report
「Against this external backdrop, the diversification of leisure activities in consumption trends progressed further, increasing the dispersion of purchases of hobby and recreational goods. Sales volumes of golf clubs and other products declined compared with the previous fiscal year's results.」
It states that leisure activities became more diversified and purchases of hobby and recreational goods became more dispersed, causing sales volumes of golf clubs and other products to fall below the previous fiscal year's level. - FY2025WorsenedAnnual report
「During the current fiscal year, Japan's economy gradually moved toward recovery as a result of various policies, including improvements in the income environment. However, personal consumption showed little strength amid concerns over continuing price increases driven by persistently high energy and raw material costs, and socioeconomic activity is expected to remain uneven.」
It indicates improvements in the income environment and an underlying economic recovery, while stating that personal consumption lacks strength against the backdrop of rising prices. Demand for golf equipment is also described as having reached a temporary plateau, representing a shift toward a more cautious view from the previous interim period's description of strong activity in the industry. - FY2025-H1MitigatedAnnual report
「Against this external backdrop, the golf industry attracted increased attention and showed signs of greater activity overall, partly due to the strong performances of Japanese athletes in the golf events at the 2024 Paris Olympics.」
Compared with the previous concerns about the dispersion of leisure demand and declining sales volumes of golf equipment, it describes increased attention and greater activity in the golf industry due to the strong performances of Japanese athletes, partly reducing the risk of a deterioration in the demand environment. - FY2025-Q1MitigatedAnnual report
「During the first quarter of the current fiscal year, Japan's economy experienced inflation driven by the weaker yen and other factors, but personal consumption activity became more vigorous, and inbound demand also showed strength.」
It states that inflation driven by the weaker yen and other factors progressed, while personal consumption activity became more vigorous, partly reducing the risk of weak personal consumption. There is no discussion of golf equipment sales for the quarter. - FY2024WorsenedAnnual report
「Against this external backdrop, golf has become recognised both in Japan and overseas as a leisure activity that avoids crowded settings. However, as the legal classification of COVID-19 was lowered to Category 5, leisure activities became more diversified, and the market as a whole is expected to remain challenging going forward.」
It indicates that although golf is recognised as a leisure activity that avoids crowded settings, the diversification of leisure activities following the easing of restrictions means that the market as a whole is expected to remain challenging going forward. - FY2024-Q3RestatedAnnual report
「Against this external backdrop, the shift toward spending on other leisure activities has progressed since restrictions on activities were eased, and sales volumes of golf clubs and other products have been declining from the previous fiscal year's level.」
It continues to recognise that the shift toward spending on other leisure activities following the easing of restrictions on activities has caused sales volumes of golf clubs and other products to trend below the previous fiscal year's level. - FY2024-Q2WorsenedAnnual report
「Against this external backdrop, leisure demand in the golf industry has become more dispersed as domestic and international travel recovered, and the shift toward spending on other leisure activities has intensified. Sales volumes of golf clubs and other products have been declining from the previous fiscal year's level.」
It states that the dispersion of leisure demand following the recovery in domestic and international travel, together with the shift toward spending on other leisure activities, has caused sales volumes of golf clubs and other products to trend below the previous fiscal year's level. - FY2024-Q1A combination of recovery in the golfing population and the impact of demand and higher raw material costsAnnual report
「In the golf industry, the golfing population showed signs of recovery both in Japan and overseas, but the Company was also affected by the recovery in demand for other sporting goods, which had previously declined, and by soaring prices for raw materials and other items.」
It states that the golfing population is showing signs of recovery, while the recovery in demand for other sporting goods and soaring raw material and other costs affected the Company. The wording has shifted from an exclusively positive view of golf demand to one that addresses both the demand environment and the impact of rising costs. - FY2023RestatedAnnual report
「Despite this external backdrop, demand for golf has continued to be high both in Japan and overseas as a leisure activity that avoids crowded settings, and the market as a whole has performed well.」
It reconfirms that demand for golf has remained high in Japan and overseas as a leisure activity that avoids crowded settings and that the market as a whole has performed well. - FY2023-Q3RestatedAnnual report
「Despite this external backdrop, golf has become established as a leisure activity that avoids crowded settings, and the market as a whole performed well, helped by the launch of new products by major manufacturers.」
It continues to recognise that golf has become established as a leisure activity that avoids crowded settings and that the market as a whole has performed well, helped by new product launches from major manufacturers. - FY2023-Q2RestatedAnnual report
「Golf has become established as a sport that can be enjoyed while avoiding the Three Cs, and its popularity has remained high both in Japan and overseas. Direct orders from golf shops for the Company's own-brand shafts and orders from golf club manufacturers for shafts for custom clubs have also remained strong.」
It states that golf has become established as a sport that can be enjoyed while avoiding the Three Cs and that its popularity remains high in Japan and overseas. There is no material change from the previous recognition of improved demand through the prior quarter. - FY2023-Q1RestatedAnnual report
「Despite this external backdrop, demand for golf has continued to be high both in Japan and overseas as a leisure activity that avoids crowded settings. Amid shortages of golf equipment in some markets, the Company has worked to increase production capacity and ensure stable supply.」
Separately from concerns about the recovery of personal consumption overall, it reconfirms that demand for golf has remained high in Japan and overseas as a leisure activity that avoids crowded settings. At the same time, actual shortages of golf equipment have emerged in some markets. - FY2022A combination of delayed recovery in personal consumption and strong golf demandAnnual report
「In Japan, economic and social activity has been restricted by measures to prevent the spread of COVID-19, and the recovery in personal consumption is expected to take more time. Despite this external backdrop, demand for golf has remained high both in Japan and overseas as a leisure activity that avoids crowded settings, and the market as a whole has performed well.」
It explains that the recovery in personal consumption is expected to take time due to restrictions on economic and social activity, while demand for golf has remained high in Japan and overseas as a leisure activity that avoids crowded settings, keeping the market as a whole strong. - FY2022-Q3MitigatedAnnual report
「Despite this external backdrop, demand for golf has remained high both in Japan and overseas as a leisure activity that avoids crowded settings, and the market as a whole performed well.」
It is explained that demand for golf has remained high in Japan and overseas as a leisure activity that avoids crowded settings, and that the market as a whole has performed well. References to the risk of weak personal consumption and deteriorating demand for golf equipment have been toned down. - FY2022-Q2MitigatedAnnual report
「Against this external backdrop, golf has become established as a sport that can be enjoyed while avoiding the Three Cs, and the number of new golfers has been increasing. The market has remained strong since the second half of the previous fiscal year.」
It describes an improving environment for personal consumption and demand for golf equipment, as golf has become established as a sport that can be enjoyed while avoiding the Three Cs and the number of new golfers is increasing. - FY2022-Q1A combination of signs of market revitalisation and continued challenging conditionsAnnual report
「Against this external backdrop, the golf industry has increasingly been reassessed as an outdoor sport that can be enjoyed while avoiding the Three Cs, including through golf tournaments held without spectators. With an increase in new golfers among younger generations, signs of revitalisation have emerged in the golf equipment market. However, as the COVID-19 situation is expected to continue, the surrounding environment is still considered challenging.」
It states that the market is showing signs of revitalisation through tournaments held without spectators, the reassessment of golf as an outdoor sport, and an increase in new golfers among younger generations, while the industry environment remains challenging on the assumption that COVID-19 will continue. - FY2021A combination of stagnation in the first half and revitalisation in the second half, alongside continued structural challengesAnnual report
「The business environment in the golf industry is expected to become increasingly challenging. The environment surrounding the Company is expected to remain difficult due to various factors, including a decline in the golfing population as a result of population ageing and younger people moving away from golf, intensifying competition with peers, and weak personal consumption reflecting economic conditions.」
It cites the revitalisation of golf club sales in the second half, while also pointing to the declining golfing population resulting from population ageing and younger people moving away from golf, as well as weak personal consumption, and describes the golf industry's outlook as challenging. - FY2021-Q3MitigatedAnnual report
「In the golf industry, most golf tournaments had been cancelled due to the spread of COVID-19, but some were held without spectators, and the industry has been gradually showing signs of recovery. In addition, golf manufacturers have begun introducing new products, which is also gradually providing signs of improvement.」
It states that although most golf tournaments have been cancelled, some events held without spectators and the introduction of new products by golf manufacturers are gradually bringing signs of recovery and improvement to the golf industry. - FY2021-Q2WorsenedAnnual report
「The golf industry has also been affected by the continuing spread of COVID-19, with most golf tournaments cancelled, leaving the market recovery outlook uncertain.」
It states that most golf tournaments were cancelled due to COVID-19 and that there is no clear prospect of market recovery, indicating growing concerns surrounding demand for golf equipment. - FY2021-Q1WorsenedAnnual report
「The golf industry has also been severely affected, with golf tournaments successively cancelled and the launches of new products by golf club manufacturers and others postponed due to the impact of COVID-19.」
It states that golf tournaments were cancelled and the launches of new products by golf club manufacturers were postponed due to COVID-19, leaving the golf industry in a challenging environment. - FY2020-Q3WorsenedAnnual report
「Consumer sentiment weakened following the October 2019 consumption tax increase, while downside risks to the economy from frequent natural disasters also emerged, leaving conditions uncertain. Purchasing power in the golf equipment market has continued to lack momentum.」
It explicitly cites the cooling of consumer sentiment following the consumption tax increase and weak purchasing power in the golf equipment market, indicating growing concerns about personal consumption and the sales environment for golf equipment. - FY2020-Q2MaterialisedAnnual report
「In the golf industry, the number of visitors to golf courses showed signs of recovery, helped by the performance of young female professional golfers known as the "Golden Generation," the return to winning form of popular male professional golfers and stable weekend weather since spring. However, sales of golf equipment overall declined, partly reflecting a reversal from the strong performance of the previous year.」
The disclosure states that the number of golf course visitors showed signs of recovery, while overall golf equipment sales declined due to a reversal from the previous year's strong performance, indicating that the deterioration in equipment sales has appeared in actual results. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter accounting period, consumer spending showed signs of recovery against a backdrop of improving employment and income conditions. Although it maintained a gradual recovery trend, real income growth remained sluggish due to rising prices. Attention was also required regarding the impact of overseas economic conditions on the Japanese economy, including developments in trade relations between the US and China and the effects of the UK's negotiations to leave the EU. The environment surrounding the golf industry is also considered to remain challenging.」
The company describes both a recovery trend in consumer spending and sluggish real income growth, while continuing to view the environment surrounding the golf industry as challenging. - FY2019RestatedAnnual report
「In the golf industry, sales at retail outlets have become more active following successful new products from some Japanese and overseas manufacturers, and conditions have remained bright. However, the environment surrounding the industry is still considered challenging.」
The company identifies stronger retail sales following successful new products while continuing to view the environment surrounding the golf industry as challenging. - FY2019-Q3Recovery in consumer spending alongside concerns over sluggish real income growthAnnual report
「During the nine-month period, the business environment saw personal consumption follow a gradual recovery trend on improvements in employment and income conditions. However, concerns remained over stagnant real incomes due to rising prices, the impact of natural disasters in Japan and the expansion of trade friction, leaving the outlook uncertain.」
Personal consumption was described as gradually recovering, while stagnant real incomes caused by rising prices were cited as a concern. Golf-club sales, particularly of new products, were described as firm, rather than uniformly deteriorating because of purchase deferrals. - FY2019-Q2MitigatedAnnual report
「In the golf industry, excess inventories in the retail market have declined, and sales of golf clubs have remained firm, driven by sales of regular-priced products, particularly new products.」
The company explains that golf club sales have remained firm as excess inventories in the retail market declined and sales were driven by new products, weakening the expression of risks related to deterioration in consumer spending and golf equipment sales. - FY2019-Q1RestatedAnnual report
「The environment surrounding the company is showing signs of recovery in employment and income, while consumer spending continues to remain relatively firm.」
The disclosure describes a recovery trend in employment and income and relatively firm consumer spending, with no substantive change from the wording on the consumer spending environment in the first quarter of the previous year. The risk has not been quantified, and the disclosure does not state that consumers deferred purchases during the quarter. - FY2018MitigatedAnnual report
「In the golf industry, sales at retail outlets have shown signs of increased activity following hits among new products from some Japanese and overseas manufacturers. Sales have also grown as major mass retailers have aggressively opened new stores, and conditions have begun to show brighter signs. However, the environment surrounding the industry is still considered challenging.」
The disclosure identifies brighter signs, including stronger retail sales following successful new products and the opening of large mass retailers, partly weakening the expression of the risk. However, it states that industry conditions remain challenging. - FY2018-Q3RestatedAnnual report
「Although consumer spending has shown some signs of recovery, it remains sluggish and conditions are still challenging. In the golf industry, consumer spending still lacks momentum, and sales of golf clubs and other products, particularly new products, remained challenging.」
The disclosure notes both some recovery in consumer spending and continued sluggishness and challenging sales of golf clubs and other products, as in the previous quarter. - FY2018-Q2WorsenedAnnual report
「In the golf industry, consumer spending still lacks momentum, and sales of golf clubs and other products, particularly new products, remained challenging.」
The wording has changed from the previous quarterly report's description of relatively firm consumer spending to a description of consumer spending lacking momentum and challenging sales of golf clubs and other products. The risk has materialised in actual market conditions. - FY2018-Q1MitigatedAnnual report
「Meanwhile, the environment surrounding the company is showing signs of recovery in employment and income, while consumer spending continues to remain relatively firm.」
The previous wording referred to weak consumer spending and deferred purchases, whereas the current disclosure describes a recovery trend in employment and income and relatively firm consumer spending, weakening the expression of this risk. - FY2017RestatedAnnual report
「In the golf industry as well, consumers have continued to defer purchases, and conditions remain challenging.」
The company explains that weak consumer spending and challenging conditions in the golf industry continued throughout the fiscal year. - FY2017-Q3RestatedAnnual report
「Although some recovery in consumer spending has been observed, the slump has persisted and conditions remain difficult. In the golf industry, consumers have continued to defer purchases, and conditions across the industry remained difficult.」
While acknowledging some recovery in consumer spending, the company reaffirms the difficult environment caused by continued weakness and deferred purchases of golf equipment. - FY2017-Q2RestatedAnnual report
「In the golf industry, consumers have continued to defer purchases, and conditions across the industry remained difficult.」
Deferred consumer purchases and difficult conditions in the golf industry have continued. - FY2017-Q1First statedAnnual report
「In the golf industry, consumers have continued to defer purchases because of weaker consumer sentiment, and conditions across the industry have remained challenging.」
The company describes an ongoing decline in consumer sentiment and continued purchase deferrals, resulting in difficult conditions across the golf industry.