Consumer frugality and purchase restraint against a backdrop of a stronger yen and falling share prices
First written in FY2017-Q2. 16 of 34 entries say "Worsened", first in FY2018-Q3. Latest entry: 2026-11-13.
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- 2026-11-13OtherResults
「個人消費においては、節約志向が継続する一方で、価値や体験を重視した消費行動も見られ、消費の選別化・多様化が進みました。」
節約志向と価値・体験重視が併存し、消費の選別化・多様化が進んだと記載している。 - FY2026A two-tiered consumption pattern driven by frugality and premium preferencesAnnual report
「In personal consumption, while frugality and preferences for low prices advanced as negative real wage growth persisted, preferences for luxury and premium products were also evident against a backdrop of rising share prices and concentrated asset holdings, leading to changes in consumer values and purchasing behavior, including further polarization of consumption.」
The company stated that luxury and premium preferences coexisted with the previous weakness in consumption and consumer frugality, and that consumption was becoming increasingly polarized. - 2026-06-02WorsenedGeneral Meetings of Shareholders
「実質賃金のマイナスが長期化する中で節約・低価格志向が進む一方、株高や資産の集中を背景とした高級・プレミアム志向も見られ、消費の二極化など消費者の価値観や購買行動の変化が進展する状況となりました。」
実質賃金のマイナス長期化、節約・低価格志向、プレミアム志向の併存と消費二極化を記載している。 - FY2026-H1WorsenedAnnual report
「During the interim accounting period, Japan's economy continued to face high prices due to higher raw material and utility costs. Although base-pay increases occurred, real wages remained sluggish, and personal consumption tended to stagnate.」
The company stated that personal consumption tended to stagnate due to high prices and sluggish real wages, coexisting with the recovery in personal consumption and expansion in inbound demand described in the previous period. - FY2025Recovery in demand coexisting with a two-tiered consumption pattern and cost pressuresAnnual report
「In the retail industry, our principal client, the recovery in personal consumption and expansion in inbound demand resulting from an increase in visitors to Japan coexisted with higher purchase prices and labor shortages, which were squeezing operations. Consumption was also becoming increasingly polarized, and the economic disparity between regional and metropolitan areas was widening.」
The company described a retail demand environment in which recovery in personal consumption and inbound demand coexisted with higher purchase prices, labor shortages, a two-tiered consumption pattern and regional disparities. - FY2025-H1Recovery in demand coexisting with a two-tiered consumption pattern and regional disparitiesAnnual report
「In the retail industry, our principal client, the recovery in personal consumption and expansion in inbound demand resulting from an increase in visitors to Japan coexisted with higher purchase prices and labor shortages, which were squeezing operations. Consumption was also becoming increasingly polarized, and the economic disparity between regional and metropolitan areas was widening.」
The company described not only the previous weakness in consumption and consumer frugality but also recovery in personal consumption and expansion in inbound demand, while stating that consumption was becoming increasingly polarized and disparities between regional and metropolitan areas were widening. - FY2024RestatedAnnual report
「In the retail industry, our principal client, unit prices rose due to higher prices, but consumer purchasing intent declined because real wages did not increase. Labor shortages and higher logistics costs also squeezed operations.」
The company reaffirmed that lower purchasing intent due to rising prices and sluggish real wages, labor shortages and higher logistics costs were putting pressure on the retail industry. - FY2024-Q3WorsenedAnnual report
「In the retail industry, our principal client, a difficult business environment continued, requiring further ingenuity and responses, due to lower consumer purchasing intent resulting from rising prices, intensified competition across industry and business-format boundaries, tight labor demand and higher logistics costs.」
The company cited lower purchasing intent due to rising prices, intensified competition, tight labor demand and higher logistics costs, stating that the demand and business environment for the retail industry remained challenging. - FY2024-Q2Inbound tourism and other factors supporting demand coexisting with lower purchasing intent due to rising pricesAnnual report
「In the retail industry, our principal client, the resumption of inbound demand and record heat boosted personal consumption. At the same time, intensified competition across industry and business-format boundaries, lower consumer purchasing intent due to rising prices, and continued increases in costs such as labor and utilities meant that the market environment continued to require further ingenuity and responses.」
The company stated that the resumption of inbound demand and the boost to personal consumption from the heatwave coexisted with lower purchasing intent due to rising prices, intensified competition and higher costs. - FY2024-Q1WorsenedAnnual report
「The impact on business performance of passing on successive price increases by product manufacturers and others to selling prices, record-heavy rainfall and growing consumer defensive frugality remained uncertain, and the market environment continued to require further ingenuity and various responses.」
The company identified product price increases, record-heavy rainfall and growing defensive frugality as sources of uncertainty affecting business performance, making the consumer and customer environment more challenging. - FY2023WorsenedAnnual report
「In the retail industry, our principal client, consumers' defensive frugality in response to rising prices intensified further. In addition, the industry continued to face a difficult operating environment due to intensified competition across industries and business formats, rising labor costs resulting from labor shortages, and higher purchase prices and electricity charges.」
The company stated that defensive frugality against a backdrop of rising prices had intensified further, making the consumer and operating environment for the retail industry more challenging. - FY2023-Q3WorsenedAnnual report
「In the retail and distribution industry, our main client, consumer efforts to protect household finances intensified further amid unstable social conditions, while higher purchase prices and electricity charges squeezed earnings, exposing the industry to an increasingly difficult operating environment.」
The company stated that stronger consumer efforts to protect household finances and higher purchase prices and electricity charges were squeezing earnings in the retail and distribution industry, making the consumer and customer environment more challenging. - FY2023-Q2WorsenedAnnual report
「In the retail industry, our main client, high prices have directly affected household budgets, and growing consumer efforts to protect household finances have had a negative impact on consumer sentiment.」
In addition to the previous weakness in consumption and sluggish personal consumption, the company stated that high prices and growing consumer efforts to protect household finances were negatively affecting consumer sentiment in the retail industry. - FY2023-Q1WorsenedAnnual report
「During the cumulative first quarter, the Japanese economy showed some gradual recovery due to progress in vaccinations against COVID-19 and the effects of various policies. However, the outlook for containment remained unforeseeable due to the resurgence of infections and the emergence of variants, and uncertainty about the outlook continued.」
The company cited signs of economic recovery, while identifying the resurgence of infections, the emergence of variants and the lack of visibility on containment as reasons why uncertainty in the consumption and economic environment continued. - FY2022WorsenedAnnual report
「During the fiscal year, as the effects of the spread of COVID-19 continued, vaccinations progressed and economic activity was gradually moving toward normalization. However, conditions that could not be viewed optimistically continued due to the threat of new variants, the impact of a global shortage of materials and the situation in Ukraine.」
The company indicated signs of normalization in economic activity from vaccinations, while identifying new variants, the global shortage of materials and the situation in Ukraine as new sources of uncertainty. - FY2022-Q3Signs of recovery in economic activity coexisting with uncertainty caused by variantsAnnual report
「During the cumulative third quarter, as the effects of the spread of COVID-19 remained prolonged, economic activity was gradually showing signs of recovery as vaccinations progressed. However, the spread of infections involving new variants meant that conditions requiring continued caution persisted.」
The company indicated signs of recovery in economic activity associated with vaccinations, while stating that the spread of infections involving new variants meant that conditions requiring continued caution persisted. - FY2022-Q2Positive effects from vaccinations coexisting with delayed demand recoveryAnnual report
「During the cumulative second quarter, as the effects of the spread of COVID-19 remained prolonged, positive signs toward the normalization of economic activity began to emerge, including certain effects from vaccinations. In the environment surrounding the company, the contraction in print-media advertising progressed further, while the prolonged effects of the spread of COVID-19 delayed the recovery in promotional demand. Concerns about the risk of higher raw material prices also persisted, and the outlook remained uncertain.」
The company stated that although vaccinations provided positive signs for the normalization of economic activity, uncertainty about the outlook continued due to the prolonged pandemic, delayed recovery in promotional demand and concerns about higher raw material prices. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter, the effects of the spread of COVID-19 remained prolonged. With a fourth state of emergency reissued in July, the timing of the pandemic's containment remained unforeseeable, and conditions requiring continued caution persisted.」
The company referred to the prolonged effects of COVID-19 and the fourth state of emergency, stating that uncertainty in the economic and consumption environment had persisted further. - FY2021WorsenedAnnual report
「During the fiscal year, the effects of the spread of COVID-19 remained prolonged. With a third state of emergency reissued in April 2021, the timing of the COVID-19 pandemic's containment remained unforeseeable, and conditions requiring continued caution persisted.」
The company described uncertainty in the economic and consumption environment as more persistent, as the effects of COVID-19 remained prolonged and a third state of emergency was declared in April 2021, the date of filing. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter, the effects of the spread of COVID-19 remained prolonged, and uncertainty about the outlook continued, including the reissuance of a state of emergency in January.」
The company stated that uncertainty about the economic and consumption environment continued because the effects of COVID-19 remained prolonged and a state of emergency was reissued. - FY2021-Q2Partial recovery coexisting with continued uncertainty about the outlookAnnual report
「During the cumulative second quarter, the effects of COVID-19 remained prolonged. Although some recovery was seen in the economic environment and personal consumption, uncertainty about the outlook continued.」
The company stated that although the effects of COVID-19 remained prolonged, some recovery was evident in the economic environment and personal consumption, presenting both signs of recovery and continued uncertainty about the outlook. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, the Japanese economy remained in an uncertain situation, due to the deterioration in the economic environment and decline in personal consumption resulting from the spread of COVID-19.」
In addition to the previous stagnation in personal consumption, the company described the deterioration in the economic environment and decline in personal consumption resulting from the spread of COVID-19. - FY2020WorsenedAnnual report
「The economy remained unstable due to the decline in consumer sentiment following the consumption tax rate increase implemented in October 2019, as well as the economic impact of the outbreak and spread of the novel coronavirus.」
The company described the economic impact of the outbreak and spread of the novel coronavirus in addition to the decline in consumer sentiment following the consumption tax rate increase, adding factors worsening the consumer demand environment. - FY2020-Q3RestatedAnnual report
「Uncertainty about the outlook continued due to overseas economic trends, repeated natural disasters including typhoons and torrential rain, and the impact of the consumption tax increase from October.」
The company reaffirmed uncertainty about the outlook resulting from the consumption tax increase as a consumer and economic environment risk continuing from the previous quarter. No new impact amount was disclosed. - FY2020-Q2WorsenedAnnual report
「In the distribution industry, the company's main customer base, conditions have become difficult due to a combination of factors including weaker consumer sentiment following the consumption tax rate increase in October this year, competition across industries and labor shortages.」
The company described the decline in consumer sentiment associated with the consumption tax rate increase as a new factor, in addition to weak and sluggish personal consumption. - FY2020-Q1WorsenedAnnual report
「During the cumulative first quarter, the Japanese economy was affected by a global economic slowdown, causing domestic consumer sentiment to weaken, while inbound purchases also began to show signs of fading.」
In addition to the previous stagnation in personal consumption, the company described weaker domestic consumer sentiment resulting from the global economic slowdown and fading inbound purchases. - FY2019-Q3RestatedAnnual report
「Although wage increases spread due to labor shortages resulting from population decline and the declining birthrate and aging population, household disposable income did not increase, and personal consumption did not recover.」
The company described labor shortages resulting from population decline and the declining birthrate and aging population, disposable income failing to increase despite wage hikes, and the lack of recovery in personal consumption as factors affecting the consumer demand environment. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, although corporate earnings remained solid, personal consumption continued to be sluggish in Japan.」
The company reaffirmed that corporate earnings remained solid while personal consumption continued to be sluggish. - FY2018RestatedAnnual report
「Our main clients in the distribution industry continued to face difficult conditions due to sluggish household consumption, the rise of online shopping and efforts to address labor shortages.」
The company reaffirmed sluggish household consumption, the rise of online shopping and efforts to address labor shortages as factors making the demand environment for the distribution industry more challenging. - FY2018-Q3WorsenedAnnual report
「In the distribution industry, the company's main client industry, difficult conditions continue due to sluggish household consumption, the rise of online shopping and efforts to address labor shortages.」
Where the previous disclosure stated that personal consumption was on a recovery trend due to a weaker yen, higher share prices and increased capital investment, this time it referred to sluggish household consumption in the distribution industry, presenting a more challenging consumer demand environment. - FY2018-Q2Recovery in personal consumption coexisting with a preference for low pricesAnnual report
「During the cumulative second quarter, the Japanese economy benefited from gradual global expansion, various government economic measures and the Bank of Japan's monetary policy. Although consumers continued to prefer low prices for daily necessities, personal consumption was on a recovery trend due to a weaker yen, higher share prices and increased capital investment.」
The company stated that although consumers continued to prefer low prices for daily necessities, personal consumption was on a recovery trend against a backdrop of a weaker yen, higher share prices and increased capital investment, indicating not only the previous weakness in consumption and consumer frugality but also signs of recovery. - FY2017RestatedAnnual report
「Amid concerns about future growth, including population decline, companies remained cautious about securing personnel through wage increases, and a stronger sense of caution toward overall consumption and frugality intensified further compared with the employment environment.」
The company stated that concerns about future growth and caution toward overall consumption and frugality had intensified, reaffirming the external environment affecting consumer demand. - FY2017-Q3RestatedAnnual report
「As consumers' day-to-day perceptions had not improved significantly, consumption levels did not recover, and a strong preference for low prices continued.」
The company repeated that consumption levels had not recovered and that consumers continued to prefer low prices. - FY2017-Q2First statedAnnual report
「During the cumulative second quarter, the Japanese economy continued to experience restrained purchasing as consumers' sense of deflation took hold against a backdrop of a stronger yen and falling share prices, and frugality intensified.」
The company described a sense of deflation, consumer frugality and purchase restraint against a backdrop of a stronger yen and falling share prices for the first time as external factors affecting consumer demand during the period.