Demand Shifts Driven by Population Aging, Renovation and Olympic-Related Facilities
First written in FY2016. 4 of 31 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2026: 4 of 8 companies on the "Worse" side.
0 other companies' latest entry also says "Other".
- FY2026Weak new construction activity alongside resilient lodging and office demandAnnual report
「In the construction industry, which is closely related to the Group's business, demand for lodging facilities serving inbound tourists and for office renovations remained firm. Meanwhile, new housing and non-housing construction starts were both sluggish against a backdrop of persistently high construction costs, labor shortages, and rising interest rates, and the less-than-optimistic situation is expected to continue.」
While demand for lodging facilities and office renovations remained firm, the new housing and non-housing markets were sluggish amid high construction costs, labor shortages, and rising interest rates. - FY2026-H1Renovation demand as a growth opportunity alongside weakness in the new construction marketAnnual report
「In the construction industry, which is closely related to the Group's business, demand for lodging facilities serving inbound tourists and for office renovations showed signs of easing. However, needs to enhance the added value of residential living spaces remained high, and the development of products for the renovation and refurbishment market and the cultivation of demand were viewed as valuable growth opportunities. Meanwhile, the new housing market remained weak following the reactionary decline after front-loaded demand ahead of revisions to the Building Energy Efficiency Act, while new construction starts remained sluggish amid persistently high construction costs and labor shortages. The less-than-optimistic situation is expected to continue.」
While demand for lodging facilities and offices showed signs of easing, the company positioned the enhancement of residential living spaces and products for renovation and refurbishment as growth opportunities, while noting weakness in new housing and construction starts. - FY2025Steady inbound tourism and office demand alongside sluggish construction startsAnnual report
「In the construction industry, which is closely related to the Group's business, demand for retail stores and lodging facilities driven by the recovery in inbound tourism, as well as demand for office renovations reflecting a focus on improving workplace environments, remained firm ahead of the opening of Expo 2025 Osaka, Kansai, Japan. Meanwhile, construction starts for both housing and non-housing projects remained weak amid persistently high construction costs and supply constraints caused by labor shortages, leaving the outlook for demand less than optimistic.」
While demand for retail stores, lodging facilities, and office renovations remained firm, persistently high construction costs, labor shortages, and weak construction starts continued in parallel. - FY2025-H1Steady demand for hybrid offices and inbound tourism alongside sluggish construction startsAnnual report
「In the construction industry, which is closely related to the Group's business, demand for hybrid offices adapted to new ways of working increased, while demand for retail stores and lodging facilities recovered as inbound tourism returned and remained firm. Meanwhile, housing and non-housing construction starts remained sluggish against a backdrop of persistently high construction material prices and labor shortages, and the outlook for demand remained less than optimistic.」
Demand for hybrid offices and for retail stores and lodging facilities driven by inbound tourism remained firm, while housing and non-housing construction starts were sluggish against a backdrop of persistently high material prices and labor shortages. - FY2024-Q2Recovery in demand driven by inbound tourism and capital investment alongside stagnant construction investment due to high material and labor costsAnnual report
「In the construction industry, which is closely related to the Group's business, demand for retail stores and lodging facilities recovered as inbound tourism returned, while corporate capital investment remained at a high level. However, construction investment also remained stagnant due to soaring prices for various construction materials and higher labor costs, leaving the business environment unpredictable.」
While the recovery in inbound tourism and continued high levels of corporate capital investment supported demand recovery, construction investment also remained stagnant amid soaring construction material prices and higher labor costs. - FY2023Recovery in economic activity and expectations for large-scale redevelopment alongside slowing demand due to high construction costsAnnual report
「Meanwhile, signs of potential future recovery emerged in areas such as the new construction and renovation markets for retail stores and lodging facilities, driven by progress on large-scale redevelopment projects in metropolitan areas and the recovery in inbound demand.」
While the easing of restrictions on activities, the recovery in inbound tourism, and expectations for recovery in large-scale redevelopment, retail, and lodging markets were highlighted, housing and non-housing markets remained sluggish due to soaring construction material prices and higher construction costs. - FY2023-Q3Recovery in economic activity and non-housing investment alongside declining housing demand and persistently high material pricesAnnual report
「In the construction industry, which is closely related to the Group's business, non-housing investment continued to show signs of recovery. However, private housing demand continued to decline as higher material prices kept construction costs elevated.」
The demand environment was described as a combination of continued recovery in non-housing investment and continued increases in construction costs caused by persistently high material prices, alongside declining private housing demand. - FY2023-Q2Recovery in non-housing investment alongside construction material supply concernsAnnual report
「In the construction industry, which is closely related to the Group's business, non-housing investment continued to show signs of recovery. However, supply concerns for various construction materials intensified as procurement conditions for raw materials deteriorated, and the unstable business environment continued.」
Rather than a one-sided slump in demand, the business environment was characterized by a recovery in non-housing investment alongside intensifying supply concerns for construction materials. - FY2023-Q1Recovery in housing starts alongside surging construction material prices and supply concernsAnnual report
「In the construction industry, which is closely related to the Group's business, new housing starts remained on a recovery trend. However, supply concerns intensified amid surging prices for various construction materials and supply chain disruptions, leaving the business environment unpredictable.」
While new housing starts remained on a recovery trend, supply concerns intensified amid surging construction material prices and supply chain disruptions. - FY2022-Q3Recovery in housing starts alongside continued low levels of deliveries to non-housing projectsAnnual report
「In the construction industry, which is closely related to the Group's business, new housing starts entered a recovery trend. Meanwhile, although large-scale redevelopment projects, mainly in metropolitan areas, were progressing in the non-housing sector, deliveries of interior materials remained at a low level during the period.」
While new housing starts entered a recovery trend, deliveries of interior materials remained low in the non-housing sector, where large-scale redevelopment projects are progressing. - FY2022-Q2Signs of a recovery in housing starts alongside continued weakness in commercial and lodging demandAnnual report
「In the construction industry, which is closely related to the Group's business, new housing starts showed gradual signs of recovery. However, demand for commercial and lodging facilities remained depressed amid the COVID-19 pandemic, and the outlook remained uncertain.」
The market environment was described as a combination of signs of recovery in new housing starts and continued weakness in commercial and lodging demand amid the COVID-19 pandemic, against a backdrop of previously weak housing and non-housing demand. - FY2021RestatedAnnual report
「In the construction industry, which is closely related to the Group's business, new housing and non-housing starts continued to decline. Demand for interior materials was generally weak, while higher logistics costs caused by labor shortages also weighed on earnings conditions, which remained challenging.」
The challenging demand environment continued, with declines in new housing and non-housing starts, weak demand for interior materials, and higher logistics costs. - FY2021-Q3RestatedAnnual report
「In the construction industry, which is closely related to the Group's businesses, new construction starts continued to decline in both the residential and non-residential sectors, and demand for interior finishing materials was generally weak. In addition, rising logistics costs due to labor shortages and other factors affected the Group, resulting in a persistently difficult earnings environment.」
Declining new construction starts in both the residential and non-residential sectors, weak demand for interior finishing materials, and a persistently difficult operating environment due to rising logistics costs. - FY2021-Q2RestatedAnnual report
「In the construction industry, which is closely related to the Group's businesses, new construction starts continued to decline in both the residential and non-residential sectors, and demand for interior finishing materials was generally weak. In addition, rising logistics costs due to labor shortages and other factors affected the Group, resulting in a persistently difficult earnings environment as renovation projects were repeatedly cancelled or postponed due to the COVID-19 pandemic.」
Declining new construction starts in both the residential and non-residential sectors, weak demand for interior finishing materials, and continued cancellation or postponement of renovation projects due to the infectious disease. - FY2021-Q1Sharp decline in demand for interior finishing materials due to the infectious disease, with construction suspended or postponedAnnual report
「In the construction industry, which is closely related to the Group's businesses, demand for interior finishing materials was generally weak as deliveries to large-scale redevelopment projects, particularly in urban areas, reached a lull and new housing starts continued to decline. In addition, construction projects were repeatedly suspended or postponed due to the COVID-19 pandemic.」
Demand conditions changed from the previous combination of declining housing demand and expectations for non-residential demand to an environment in which redevelopment projects reached a lull, housing starts declined, and construction was suspended or postponed due to the infectious disease. - FY2020Declining housing demand alongside resilient non-residential demand, with the outlook clouded by the infectious diseaseAnnual report
「In the construction industry, which is closely related to the Group's businesses, new housing starts continued to decline, but demand for interior finishing materials remained firm as deliveries to large-scale redevelopment projects, particularly in the Tokyo metropolitan area, gathered pace. At the same time, construction delays caused by labor shortages and rising logistics costs resulted in a persistently difficult operating environment.」
The Company cites declining housing starts alongside resilient non-residential demand from large-scale redevelopment, while construction delays due to labor shortages and rising logistics costs continued. - FY2020-Q3Declining housing starts alongside expectations for non-residential demandAnnual report
「In the construction industry, which is closely related to the Group's businesses, new housing starts in the residential sector continued below the same period of the previous year. In the non-residential sector, however, demand was expected to increase for large-scale redevelopment projects, particularly in urban areas, and lodging facilities serving inbound visitors.」
The Company indicates that new housing starts in the residential sector continued below the same period of the previous year, while expectations grew for increased demand for large-scale redevelopment and lodging facilities serving inbound visitors in the non-residential sector. - FY2020-Q2Expectations for large-scale redevelopment and hotel demand despite construction delaysAnnual report
「In the construction industry, which is closely related to the Group's businesses, construction delays due to labor shortages and other factors were observed, but large-scale redevelopment projects, particularly in urban areas, gathered pace, and demand related to hotels serving inbound visitors was expected to increase.」
The Company cites expectations for large-scale urban redevelopment and hotel-related demand serving inbound visitors alongside continued construction delays due to labor shortages and other factors. - FY2020-Q1Construction delays due to labor and material shortages and difficult demand conditionsAnnual report
「In the construction industry, which is closely related to the Group's businesses, expectations were for benefits from progress on large-scale redevelopment projects, particularly in urban areas, and expanding inbound demand. However, construction delays due to labor and material shortages became pronounced, and conditions remained difficult, with no room for optimism.」
The Company indicates expectations for large-scale redevelopment and inbound demand, while stating that pronounced construction delays caused by labor and material shortages have made conditions for construction and interior finishing materials demand difficult. - FY2019-Q3Declining housing starts, weak demand for interior finishing materials, and continued cost increasesAnnual report
「In the construction industry, which is closely related to the Group's businesses, current new housing starts continued to trend downward, and total demand for interior finishing materials lacked strength. In addition, rising prices of major raw materials and logistics costs affected the Group, resulting in a persistently difficult operating environment.」
The Company states that declining new housing starts and weak demand for interior finishing materials continued, alongside increases in raw material prices and logistics costs. - FY2019-Q2Redevelopment expectations alongside weak housing demand and rising costsAnnual report
「The construction industry, which is closely related to the Group's businesses, was expected to be buoyant as large-scale redevelopment projects, particularly in urban areas, gathered pace. However, total demand for interior finishing materials lacked strength as new housing starts continued to decline. In addition, rising prices of major raw materials due to higher crude oil and naphtha prices, along with higher logistics costs caused by labor shortages, affected the Group, resulting in a persistently difficult operating environment.」
The Company cites expectations for large-scale redevelopment alongside declining new housing starts, weak demand for interior finishing materials, and rising raw material and logistics costs. - FY2019-Q1Expectations for large-scale redevelopment, weak housing starts, and continued increases in raw material costsAnnual report
「In the construction industry, expectations were for increased demand for interior materials as large-scale redevelopment projects, particularly in urban areas, gathered pace. However, new housing starts lacked strength, while prices of major raw materials continued to trend higher under the influence of elevated crude oil and naphtha prices, resulting in a persistently difficult operating environment.」
The Company notes expectations for increased demand for interior materials from large-scale urban redevelopment, while describing a market environment in which weak new housing starts and rising raw material prices continued. - FY2018-Q3Olympic-related infrastructure projects gather pace, housing starts decline, and raw material costs remain highAnnual report
「In the interior industry, infrastructure projects in preparation for the Tokyo Olympic and Paralympic Games gathered pace, particularly in the Tokyo metropolitan area, but new housing starts began to decline. In addition, prices of major raw materials, which had risen sharply since the previous spring, continued to trend higher under the influence of elevated crude oil and naphtha prices, resulting in a difficult operating environment.」
The Company indicates that infrastructure projects related to the Tokyo Olympic and Paralympic Games gathered pace, while new housing starts declined and raw material prices rose further. - FY2018-Q2Strong hotel demand and redevelopment expectations alongside weak new construction demandAnnual report
「In the interior industry, demand related to hotels and lodging facilities remained strong, supported by inbound tourism, and expectations for large-scale redevelopment projects, particularly in the Tokyo metropolitan area, were growing. However, total new construction demand for interior finishing materials lacked strength, while prices of major raw materials surged from early spring as crude oil and naphtha prices rose from the previous autumn, resulting in a difficult operating environment.」
The Company notes strong demand related to hotels and lodging facilities and expectations for large-scale redevelopment projects, while stating that total new construction demand for interior finishing materials lacks strength. - FY2018-Q1New construction demand for interior finishing materials trends weakAnnual report
「In the interior industry, new construction demand for interior finishing materials lacked strength, partly because construction starts had remained weak the year before last.」
The Company describes the market environment as showing weak new construction demand for interior finishing materials against a backdrop of weak construction starts. - FY2017RestatedAnnual report
「In the interior industry, new housing starts showed signs of recovery in the residential sector, but new construction demand for medical and welfare facilities, stores and other properties lacked strength in the non-residential sector, and the stagnant market environment could not be dismissed.」
The Company cites a recovery in housing starts alongside weak non-residential new construction demand for medical and welfare facilities, stores and other properties. - FY2017-Q3Housing starts recover, but new construction demand stagnatesAnnual report
「Although new housing starts showed signs of recovery in the interior industry, overall construction starts had remained weak since the year before last, leaving no strength in new construction demand for the Company's products and resulting in a stagnant market environment.」
The Company describes the market environment as showing some recovery in new housing starts, while weak construction starts continued and new construction demand lacked strength. - FY2017-Q2Demand conditions become more specific, with weakness in some areasAnnual report
「Although renovation demand, particularly for hotels and offices, remained firm in the interior industry, the market environment remained less than optimistic, with construction starts continuing to trend weak.」
The Company describes current demand conditions by citing firm renovation demand alongside weak construction starts. - FY2016First statedAnnual report
「Demand for interior products is expected to change over time, reflecting changes in the residential living environment as society ages and an increase in renovations to make use of existing housing stock. In addition, ahead of 2020, construction starts for related facilities and hotels were expected to increase, particularly in the Tokyo metropolitan area, in preparation for the Tokyo Olympic and Paralympic Games.」
The management plan assumes structural changes in demand and construction demand toward 2020.