Dependence on Domestic Demand and the Housing and Renovation Markets
First written in FY2016. 14 of 35 entries say "Restated". Latest entry: 2026-08-06.
Cleanup moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2024: 8 of 11 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「In the residential equipment industry, housing purchase sentiment weakened due to higher construction costs and other factors, and difficult conditions continued as housing starts remained at low levels.」
The disclosure continues to describe weaker housing purchase sentiment due to higher construction costs and other factors, low housing starts, and difficult market conditions. - FY2025Recovery expected in housing demand, but weak owner-occupied housing and higher costs persistAnnual report
「Although the group expects housing demand to recover due to government housing purchase support measures and other factors, the operating environment is expected to remain uncertain amid international instability and continued increases in energy and raw material and supply prices.」
While indicating expectations for a recovery in housing demand, the company continues to cite uncertainty due to sluggish owner-occupied housing, international conditions, and higher energy and raw material prices. - FY2025-H1Difficult market conditions continue due to weak owner-occupied housing and higher costsAnnual report
「In the residential equipment industry, conditions remained difficult as weakness in owner-occupied housing demand continued and prices for materials, logistics costs and labor costs rose.」
The disclosure describes difficult market conditions, citing continued weakness in owner-occupied housing demand and higher prices for materials, logistics costs and labor costs. - FY2024Housing demand weakens as stay-at-home demand fades and construction costs riseAnnual report
「In the residential equipment industry, the operating environment became difficult due to the decline in stay-at-home demand and sluggish housing demand resulting from higher construction costs.」
In addition to the traditional dependence on new housing starts and the renovation market, the company explicitly identifies the reactionary decline in stay-at-home demand and weak housing demand caused by higher construction costs as market conditions for the fiscal year. - FY2024-Q3RestatedAnnual report
「In the residential equipment industry, owner-occupied housing starts continued to fall below the prior year, affected by higher prices and changes in consumer behavior in the post-COVID period.」
The disclosure describes continued year-on-year declines in owner-occupied housing starts against the backdrop of higher prices and changes in consumer behavior. - FY2024-Q2WorsenedAnnual report
「In the residential equipment industry, owner-occupied housing starts continued to fall below the prior year, affected by weaker housing sentiment resulting from higher prices and changes in employment and income conditions.」
The disclosure newly identifies weaker housing sentiment due to higher prices and changes in employment and income conditions, while owner-occupied housing starts continue to fall below the prior year. - FY2023RestatedAnnual report
「The operating environment surrounding the group remained such that interest in improving the home environment stayed elevated due to stay-at-home demand and renovation demand remained firm, while owner-occupied housing starts remained sluggish throughout the year. In addition, amid continued international instability, the outlook remained uncertain due to the shortage of raw materials and supplies and higher prices.」
While recognizing firm renovation demand, the company continues to describe sluggish owner-occupied housing starts and uncertainty caused by shortages of raw materials and supplies and higher prices. - FY2023-Q3Owner-occupied housing starts remain sluggish, renovation demand is firm, but supply constraints continueAnnual report
「In the residential equipment industry, interest in improving the home environment remained elevated due to stay-at-home demand, and renovation demand remained firm. However, owner-occupied housing starts fell well below the prior year. In addition, amid continued international instability, the outlook remains uncertain due to the shortage of raw materials and supplies and higher prices.」
While renovation demand remained firm, owner-occupied housing starts fell well below the prior year, and uncertainty due to shortages of raw materials and supplies and higher prices continued. - FY2023-Q1Renovation demand remains firm, but shortages and higher prices create difficult conditionsAnnual report
「In the residential equipment industry, renovation demand remained firm as stay-at-home demand heightened interest in improving the home environment. However, the shortage of raw materials and supplies and higher prices resulted in a difficult operating environment.」
While renovation demand remained firm against the backdrop of stay-at-home demand, the disclosure describes a difficult operating environment due to shortages of raw materials and supplies and higher prices. - FY2022RestatedAnnual report
「In the residential equipment industry, demand recovered, with housing starts exceeding the prior year, partly due to the impact of government housing purchase support measures. However, the outlook remains uncertain due to the global shortage of raw materials and supplies and higher prices.」
While recognizing a recovery trend in new housing demand, the company continues to explain that the outlook for domestic residential equipment demand is uncertain due to issues involving raw materials and supplies. - FY2022-Q3RestatedAnnual report
「In the residential equipment industry, demand recovered, with housing starts exceeding the prior year, partly due to the impact of government housing purchase support measures. However, the outlook remains uncertain due to the global shortage of raw materials and supplies and higher prices.」
While housing starts exceeded the prior year and demand was described as recovering, the company continues to recognize an uncertain outlook due to shortages of raw materials and supplies and higher prices. - FY2022-Q2Housing demand is recovering, but the outlook remains uncertainAnnual report
「In the residential equipment industry, demand recovered, with housing starts exceeding the prior year, partly due to the end of government housing purchase support measures. However, concerns remain over the global shortage of raw materials and supplies and the impact of higher prices, and the outlook remains uncertain.」
While housing starts exceeded the prior year and demand was described as recovering, the disclosure states that the outlook remains uncertain due to the end of housing purchase support measures and issues involving raw materials and supplies. - FY2022-Q1RestatedAnnual report
「In the residential equipment industry, signs of improvement are beginning to emerge, partly due to stay-at-home demand.」
While difficult economic conditions continued due to the impact of COVID-19, the disclosure states that signs of improvement were beginning to emerge in the residential equipment industry, partly due to stay-at-home demand. - FY2021New housing and renovation demand remain below the prior year, but signs of recovery confirmedAnnual report
「In the residential equipment industry, new housing starts and renovation demand remained below the prior year due to worsening employment and income conditions and declining consumer sentiment amid the spread of the infection. However, partly due to stay-at-home demand, the renovation market began to show signs of recovery from the third quarter onward.」
While new housing starts and renovation demand remained below the prior year, the annual disclosure confirms signs of recovery in the renovation market from the third quarter onward. - FY2021-Q3New housing remains at low levels, but renovations show signs of recoveryAnnual report
「In the residential equipment industry, housing starts remained at low levels, but the renovation market began to show signs of recovery, partly due to stay-at-home demand.」
While housing starts remained at low levels, the renovation market showed signs of recovery due to stay-at-home demand. - FY2021-Q2Market conditions remain difficult, but the decline is smaller than expectedAnnual report
「Although market conditions remained difficult due to the post-consumption-tax-increase reactionary decline and the impact of the spread of COVID-19, the market decline was smaller than expected, partly due to the spread of the “new lifestyle.”」
While difficult market conditions continued due to the reactionary decline following the consumption tax increase and the impact of COVID-19, the disclosure states that the market decline was smaller than expected because of the spread of the “new lifestyle.” - FY2021-Q1WorsenedAnnual report
「In the residential equipment industry, the unstable supply chain began to settle, but housing starts and renovation demand fell sharply year on year, and conditions remained difficult.」
While stating that the supply chain had begun to stabilize, the disclosure also said that renovation demand, in addition to housing starts, had fallen sharply year on year, broadening the description of the difficult conditions in domestic housing and renovation demand. - FY2020WorsenedAnnual report
「In the residential equipment industry, housing starts fell sharply year on year, while restrictions on economic activity resulting from the spread of COVID-19 and supply chain instability also contributed to continued uncertainty.」
In addition to the sharp decline in housing starts, restrictions on economic activity due to the infectious disease and supply chain instability are cited, highlighting the difficult conditions surrounding domestic demand for residential equipment. - FY2020-Q3Temporary rush demand subsides, raising concerns about consumer sentimentAnnual report
「In the residential equipment industry, the temporary increase in demand from rush purchases ahead of the consumption tax increase has eased, and consumer sentiment is now a concern.」
The temporary increase in demand from rush purchases ahead of the consumption tax increase has eased, and the wording has shifted to express concern about consumer sentiment. - FY2020-Q2WorsenedAnnual report
「In the residential equipment industry, although there was temporary rush demand ahead of the consumption tax increase, owner-occupied housing starts, which had been recovering, stalled, increasing uncertainty about the outlook.」
While temporary rush demand was seen ahead of the consumption tax increase, owner-occupied housing starts stalled, and the increase in uncertainty about the outlook was explicitly noted. - FY2019WorsenedAnnual report
「In the residential equipment industry, owner-occupied housing starts remained broadly flat, supported by housing purchase incentives and low mortgage rates, while rental housing starts fell well below the prior year. In addition, the anticipated renovation market lacked growth and remained uncertain.」
Owner-occupied housing remained broadly flat, rental housing fell well below the prior year, and the renovation market also lacked growth, making the challenging conditions in domestic housing and renovation demand more specific. - FY2019-Q3Owner-occupied housing shows signs of recovery, but renovations remain sluggishAnnual report
「In the residential equipment industry, owner-occupied housing starts showed signs of recovery, but the renovation market failed to gain momentum and remained lackluster.」
While owner-occupied housing starts showed signs of recovery, the renovation market remained sluggish and demand for residential equipment continued to lack strength. - FY2019-Q2WorsenedAnnual report
「In the housing equipment industry, new housing starts fell below the previous year’s level, and the renovation market failed to gain momentum, so difficult conditions continued.」
The previous quarter’s reference to “stagnation and weakening” has been made more specific, with housing starts falling below the prior year and the renovation market remaining inactive, underscoring the challenging conditions in Japan’s housing and renovation markets. - FY2019-Q1RestatedAnnual report
「In the housing equipment industry, new housing starts and the renovation market continued to stagnate and remained weak.」
The Company states that new housing starts and the renovation market continued to stagnate and remained weak. This continues to indicate the conditions prevailing at the end of the previous fiscal year and is not classified as a new deterioration. - FY2018WorsenedAnnual report
「The business environment surrounding the Group remains uncertain, with concerns that new housing starts and growth in the renovation market will continue to stagnate.」
The Company describes the declining trend in new housing starts and insufficient strength in renovation demand as a more difficult domestic housing and renovation market environment than in the previous fiscal year. - FY2018-Q3WorsenedAnnual report
「In the housing equipment industry, new housing starts were sluggish due to a slowdown in rental housing, while the renovation market remained flat and failed to gain momentum. Difficult conditions continued.」
The description has become more specific, changing from slower growth in new housing starts in the previous quarter to sluggish starts due to a slowdown in rental housing, while the renovation market also remains flat. - FY2018-Q2WorsenedAnnual report
「In the housing equipment industry, conditions became difficult as growth in new housing starts slowed and the renovation market remained sluggish.」
The previous quarter’s description of new housing starts as being on an upward trend has changed to slower growth, while the renovation market also remains sluggish. - FY2018-Q1RestatedAnnual report
「In the housing equipment industry, new housing starts followed an upward trend, supported by low mortgage interest rates and government measures supporting home purchases. However, the renovation market remained difficult due to weak personal consumption.」
The Company continues to describe its dependence on the domestic housing and renovation markets, with new housing starts trending upward while the renovation market remains difficult due to weak personal consumption. - FY2017RestatedAnnual report
「In the housing equipment industry, rental housing starts remained firm due to inheritance tax planning, but activity in owner-occupied and for-sale housing was slowing. Combined with the sluggish renovation market, difficult conditions continued.」
The Company continues to show how trends in domestic new housing, owner-occupied and for-sale housing, and the renovation market affect performance. - FY2017-Q3RestatedAnnual report
「In the housing equipment industry, new housing starts, including rental and owner-occupied housing, remained firm due to preferential interest-rate measures and home-purchase support programs. However, the renovation market remained sluggish and conditions became difficult as consumer sentiment continued to weaken.」
The Company continues to show that, while new housing starts remain firm, weak consumer sentiment and the sluggish renovation market affect demand for housing equipment. - FY2017-Q2RestatedAnnual report
「In the housing equipment industry, the new housing market, including rental and owner-occupied housing, showed some signs of activity. However, consumer sentiment lacked momentum, partly because the increase in the consumption tax rate had been postponed, and difficult conditions continued.」
The Company continues to show how the new housing market, consumer sentiment and the postponement of the consumption tax rate increase affect demand for housing equipment. - FY2017-Q1RestatedAnnual report
「In the housing equipment industry, new housing starts remained firm against the backdrop of government measures supporting home purchases. However, consumer sentiment remained focused on saving, and conditions did not reach a full-scale recovery.」
The Company continues to show how the recovery in new housing starts and personal consumption affects demand for housing equipment. - FY2016First statedAnnual report
「Most of the Group’s operating revenue is derived from domestic demand and is affected by conditions in the Japanese economy. A significant decline in new housing starts, particularly owner-occupied housing starts, due to a domestic economic downturn, or an inadequate response to expected renovation demand, could affect the Group’s performance.」
The Company identifies domestic economic conditions, new housing starts, owner-occupied housing demand and renovation demand as factors that could cause fluctuations in performance.