Weak Consumer Sentiment, Declining Inbound Demand, and Sluggish Department-Store Apparel Markets
First written in FY2017-Q2. 25 of 44 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2027-H1.
Sanyo Shokai moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 18 of 22 companies on the "Worse" side.
5 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「Meanwhile, sales to walk-in customers remained sluggish against the backdrop of continued cautious consumer behavior.」
The disclosure states that consumers' preference for saving and cautious purchasing behavior continued, resulting in sluggish sales to walk-in customers. The mid- to high-end goods market had not fully recovered, and the contraction of apparel floors and closures of regional department stores also continued. - 2026-08-31Materialisedfinance.yahoo.co.jp
「In the apparel market this fiscal year, the mid- to high-end market has generally remained sluggish amid heightened consumer caution over household spending, driven by uncertainty over the outlook for domestic and international political and economic conditions and persistently rising prices.」
It was reported that consumers' focus on protecting their household finances and sluggishness in the mid- to high-end market emerged as the market environment this fiscal year and as weak sales at the company. - FY2026WorsenedAnnual report
「The mid- to high-end goods market, centered on department stores, continued to stagnate against the backdrop of declining inbound demand and weaker consumer sentiment.」
Regarding the consumer market, the disclosure states that, in addition to a preference for saving and weaker consumer sentiment due to rising prices, inbound demand declined, and the mid- to high-end goods market centered on department stores continued to stagnate. - FY2026-H1WorsenedAnnual report
「In the consumer market, consumers' desire to protect their household finances and preference for saving strengthened due to uncertainty in domestic and international political and economic conditions and the impact of persistent price increases, intensifying the downward trend in consumer sentiment. Against this backdrop, market conditions in the apparel and fashion industry were generally sluggish. In particular, as the inbound demand that had been strong through the previous year declined sharply, the high-priced goods market, including luxury goods, experienced a pronounced downturn, and the department-store market, the main sales channel, remained below the previous year for 6 consecutive months from February through July.」
The disclosure states that weaker consumer sentiment and a stronger preference for saving, together with a sharp decline in inbound demand, caused the high-priced goods market to fall, while the department-store market remained below the previous year for 6 consecutive months. - FY2025-Q1WorsenedAnnual report
「Although the one-off demand following the subsiding of the pandemic had run its course and the pace of recovery was showing signs of slowing somewhat, market conditions in the apparel and fashion industry remained firm, supported by strong inbound demand.」
The disclosure states that apparel market conditions remained firm, although one-off demand following the pandemic had run its course and the pace of recovery had slowed somewhat. - FY2024SoftenedAnnual report
「Although market conditions in the apparel and fashion industry were affected by factors including delays in the initial momentum of the autumn/winter selling season due to record heat in August and September, they remained generally solid, supported by the recovery in human flows after the end of the pandemic and strong inbound demand.」
The disclosure cites delays in the initial momentum of the autumn/winter selling season due to record heat, but explains that market conditions were generally solid against the backdrop of recovering human flows and strong inbound demand. - FY2024-Q2RestatedAnnual report
「Market conditions in the apparel and fashion industry also remained solid, supported by the recovery in human flows as COVID-19 subsided and the gradual recovery in inbound sales as entry restrictions were eased.」
The disclosure reiterates the assessment that apparel market conditions remained solid against the backdrop of the subsiding pandemic, the recovery in human flows and the recovery in inbound sales following the easing of entry restrictions. - FY2024-Q1SoftenedAnnual report
「Market conditions in the apparel and fashion industry also remained solid, supported by the recovery in human flows as the pandemic subsided and the gradual recovery in inbound sales as entry restrictions were eased.」
In contrast to the previous stagnation and difficult consumption environment in the clothing market centered on department stores, the disclosure states that market conditions remained solid, supported by the recovery in human flows and inbound sales. - FY2023SoftenedAnnual report
「Although the impact of COVID-19 continued throughout the consolidated fiscal year, its impact was limited compared with the fiscal year before the previous fiscal year and the previous fiscal year, partly because no restrictions leading to limits on activities were imposed. In addition, market conditions remained on a recovery track from October of the previous year, supported by a sharp increase in inbound demand as entry restrictions were eased.」
The disclosure states that although the impact of COVID-19 remained, it was limited because there were no restrictions on activities, and market conditions entered a recovery track due to a sharp increase in inbound demand. - FY2023-Q3SoftenedAnnual report
「Although the impact of COVID-19 continued in the apparel and fashion industry, market conditions generally improved, partly because no restrictions leading to limits on activities were imposed during the period. From October onward, inbound demand also remained on a recovery track as entry restrictions were eased, contributing to improved market conditions.」
The disclosure states that although the impact of COVID-19 continued, no restrictions involving limits on activities were imposed, market conditions generally improved, and inbound demand also entered a recovery track from October onward. - FY2023-Q2SoftenedAnnual report
「Although customer traffic at physical stores declined following the renewed spread of COVID-19 from mid-July, market conditions remained on a recovery track well above the previous year throughout the period, partly because restrictions leading to limits on activities and going out were eased.」
The disclosure states that although customer traffic at physical stores declined due to the seventh wave, apparel market conditions entered a recovery track well above the previous year as restrictions on activities and going out were eased. - FY2023-Q1SoftenedAnnual report
「Business conditions gradually improved after the priority preventive measures were fully lifted on 22 March, and the Golden Week selling season from late April to early May gained momentum for the first time in a long while, helping to boost business conditions, putting the consumer market on a recovery track.」
Regarding the apparel and consumer markets, which had been sluggish during the COVID-19 pandemic, the disclosure cites the lifting of restrictions, the strong Golden Week selling season and the recovery in business conditions, representing a less severe assessment than the previous market contraction and challenging environment. - FY2022WorsenedAnnual report
「Market conditions in the apparel and fashion industry had been gradually improving since the end of September of the previous year, but after January of the current year, when the autumn/winter selling season peaked, they deteriorated again due to the rapid spread of the Omicron variant, particularly causing a marked decline in customer traffic at physical stores.」
The disclosure states that conditions in the clothing market centered on physical stores and department stores turned from improvement to renewed deterioration due to the spread of the Omicron variant, and that customer traffic at physical stores declined markedly. - FY2022-Q3SoftenedAnnual report
「The apparel and fashion industry had continued to face market contraction due to consumers refraining from going out and store closures and reduced operating hours caused by COVID-19, but after the state of emergency was fully lifted at the end of September, restrictions on activities were eased and market conditions gradually began to improve.」
Although market contraction due to consumers refraining from going out, store closures and reduced operating hours continued, restrictions on activities were eased after the state of emergency was fully lifted, and market conditions gradually improved. - FY2022-Q2WorsenedAnnual report
「The apparel and fashion industry also continued to face market contraction as consumers refrained from going out and stores closed or reduced operating hours due to COVID-19, and conditions remained extremely difficult. Following the declaration of the state of emergency on 25 April amid the arrival of the fourth wave from April, more than 40% of physical stores were closed. Although the store closures were subsequently lifted, the fifth wave arrived in July, and even after a state of emergency was declared in Tokyo on 12 July, infections continued to spread nationwide. The areas subject to the state of emergency expanded to 6 prefectures on 2 August, 13 prefectures on 20 August and 21 prefectures on 27 August, further worsening market conditions.」
In addition to the market contraction caused by continued restrictions on going out, store closures and reduced operating hours, the disclosure cites the fourth and fifth waves, the closure of more than 40% of physical stores and the expansion of areas subject to the state of emergency to 21 prefectures, explaining that market conditions deteriorated further. - FY2022-Q1WorsenedAnnual report
「The apparel and fashion industry also continued to face extremely difficult conditions as the market contracted due to consumers refraining from going out and store closures and reduced operating hours caused by COVID-19. In March, the increase in new cases eased relatively, and there were signs of market recovery, but new cases began rising again from late April, and a third state of emergency was declared in 4 prefectures on 25 April. New cases continued to rise from May onward, the state of emergency was extended again, and its coverage was expanded to 10 prefectures.」
The clothing market contracted as consumers refrained from going out and stores closed or reduced operating hours, and extremely difficult conditions continued. The disclosure also cites the declaration and extension of the third state of emergency and its expansion to 10 prefectures, specifying the factors behind the deterioration in market conditions. - FY2021WorsenedAnnual report
「As COVID-19 spread rapidly with the arrival of the third wave toward the end of fiscal 2020, the reissuance of the state of emergency in January 2021, the peak of the autumn/winter selling season, sharply reduced customer traffic, particularly at department stores, resulting in a substantial decline in sales.」
The disclosure states that in the department-store-centered clothing market, customer traffic fell sharply and sales declined substantially due to the third wave of COVID-19 and the reissuance of the state of emergency in January 2021. - FY2021-Q3SoftenedAnnual report
「The apparel and fashion industry also saw physical stores gradually recover as economic activity resumed from the extremely difficult conditions in the first quarter, while the EC sales channel remained solid, resulting in a major change in domestic private consumption trends.」
Regarding physical stores and the clothing market during the COVID-19 pandemic, the disclosure states that physical stores gradually recovered from the extremely difficult conditions in the first quarter. The solid performance of the EC sales channel was maintained, continuing to show a polarization between physical stores and EC. - FY2021-Q2WorsenedAnnual report
「The apparel and fashion industry also faced difficult conditions at physical stores due to the rapid spread of COVID-19, as households refrained from going out and inbound demand declined sharply. Meanwhile, the EC sales channel remained solid, supported by increased stay-at-home demand while people refrained from going out, resulting in a major change in domestic private consumption trends.」
The disclosure describes continued difficult conditions at physical stores due to people refraining from going out and a sharp decline in inbound demand, contrasting with the solid performance of EC. - FY2021-Q1WorsenedAnnual report
「The apparel and fashion industry also faced difficult conditions at physical stores due to the rapid spread of COVID-19, as households refrained from going out and inbound demand declined sharply. Meanwhile, the EC sales channel remained solid, supported by increased stay-at-home demand while people refrained from going out.」
The difficult consumption environment at physical stores, particularly department stores, was attributed specifically to COVID-19 factors, namely people refraining from going out and a sharp decline in inbound demand. The solid performance of the EC sales channel was also noted. - FY2020WorsenedAnnual report
「The apparel and fashion industry also faced extremely difficult conditions toward the end of the fiscal year due to the rapid spread of COVID-19. At physical stores, consumer sentiment declined as households refrained from going out, inbound visitors fell sharply, as represented by the Chinese government's ban on group overseas travel, and demand for winter merchandise declined due to the mild winter.」
Specific deterioration factors were added to the difficult conditions in the clothing market centered on department stores and physical stores: people refraining from going out due to COVID-19, a sharp decline in inbound visitors and lower demand for winter merchandise due to the mild winter. - FY2020-Q4WorsenedAnnual report
「In addition to the impact of the consumption tax increase in October and natural disasters, consumption trends in the clothing market had not improved, excluding purchases of high-priced goods by foreign visitors to Japan, mainly through department-store sales channels, and the difficult environment continued.」
As the difficult conditions in the department-store-centered clothing market continued, the impact of the consumption tax increase and natural disasters was newly stated, making the adverse factors affecting the consumption environment more specific. - FY2020-Q3SoftenedAnnual report
「While clothing expenditure was said to have fallen relatively in priority and conditions remained challenging, sales of high-summer items were strong due to the extreme heat, autumn items performed relatively well due to front-loaded demand ahead of the consumption tax increase, and the EC sales channel continued to expand amid changes in consumer purchasing behavior.」
Although the lower priority of clothing expenditure and challenging conditions were maintained, the disclosure also cites favorable factors, including strong sales of high-summer items due to the extreme heat, front-loaded demand for autumn items before the tax increase and expansion of the EC sales channel. - FY2020-Q2WorsenedAnnual report
「Meanwhile, in the apparel and fashion industry, consumer sentiment weakened amid uncertainty over the outlook due to overseas factors such as US-China trade friction, and clothing expenditure was said to have fallen relatively in priority. In addition, due to factors including the impact of prolonged rain on summer merchandise sales, consumption trends in the clothing market had not improved, excluding purchases of high-priced goods by foreign visitors to Japan, mainly through department-store sales channels, and the difficult environment continued.」
In addition to the previously noted difficult consumption environment centered on department stores, the disclosure cites weaker consumer sentiment due to US-China trade friction, the lower priority of clothing expenditure and the impact of prolonged rain on summer merchandise sales. - FY2020-Q1ReframedAnnual report
「Consumer sentiment weakened due to uncertainty over the outlook arising from volatility in share prices from late December 2018 to early 2019 and overseas factors such as US-China trade friction. Although the clearance sales at the beginning of the year were weak, the spring merchandise campaign subsequently performed relatively well, and inbound demand was also beginning to recover. In department-store sales channels, sales were almost flat year on year, mainly for women's clothing, the core category.」
The disclosure cites weaker consumer sentiment due to share-price volatility and US-China trade friction, as well as weak sales at the beginning-of-year campaign, while also indicating a recovery in the spring merchandise campaign and inbound demand and almost flat year-on-year sales of women's clothing at department stores. The consumption environment is therefore described as a combination of adverse factors and recovery drivers rather than uniform weakness. - FY2018RestatedAnnual report
「Consumers continued to favor saving, and although e-commerce performed well, domestic consumption became extremely challenging in retail formats centered on department stores, partly due to natural factors such as the summer heat, typhoons and earthquakes.」
The full-year assessment reconfirms consumers' preference for saving, the strong performance of e-commerce and the difficult conditions for domestic consumption centered on department stores. - FY2019-Q3WorsenedAnnual report
「Meanwhile, in the apparel and fashion industry, although e-commerce performed well, domestic consumption in retail formats centered on department stores weakened, particularly in western Japan and Hokkaido, due in part to natural factors such as typhoons and earthquakes.」
The disclosure states that domestic consumption in the market centered on department stores weakened, particularly in western Japan and Hokkaido, due in part to natural factors such as typhoons and earthquakes. - FY2019-Q2WorsenedAnnual report
「Meanwhile, in the apparel and fashion industry, although e-commerce performed well while clothing expenditure was generally said to have fallen in priority, consumption trends in the clothing market had not improved, excluding purchases of high-priced goods by foreign visitors to Japan in retail formats centered on department stores, and the difficult environment continued.」
The disclosure states that e-commerce remained strong, while clothing expenditure continued to receive lower priority and consumption trends in the clothing market, excluding purchases of high-priced goods by foreign visitors to Japan, had not improved. - FY2019-Q1RestatedAnnual report
「Meanwhile, in the apparel and fashion industry, weather conditions were relatively favorable, including increased sales of cold-weather clothing due to the severe winter in January and February and rising temperatures in the latter half of March. Although e-commerce performed well, the recovery in domestic consumer sentiment in retail formats centered on department stores, excluding some foreign visitors to Japan, had only just begun, and the difficult consumption environment continued.」
While e-commerce and certain weather factors are described as favorable, the recovery in domestic consumer sentiment centered on department stores had only just begun, and the assessment that the difficult consumption environment would continue was maintained. - FY2018-Q3SoftenedAnnual report
「Meanwhile, in the apparel and fashion industry, although e-commerce performed well, the difficult environment continued in retail formats centered on department stores, as domestic consumption, excluding purchases by foreign visitors to Japan, remained challenging.」
The assessment that domestic consumption centered on department stores is challenging has been maintained, but the stronger, more specific wording used previously regarding the lower priority of clothing expenditure and the lack of any halt in the downward trend in sales is not included. - FY2018-Q2WorsenedAnnual report
「Meanwhile, in the apparel and fashion industry, although e-commerce performed well while clothing expenditure was generally said to have fallen in priority, domestic consumption in retail formats centered on department stores, excluding purchases by some foreign visitors to Japan, continued to decline without any sign of a halt in the downward trend in sales, and the difficult environment continued.」
The disclosure adds the lower priority of clothing expenditure and states that the downward trend in sales in the domestic market centered on department stores shows no sign of abating, indicating that the consumption environment has become more challenging. It also notes that e-commerce is performing well. - FY2018-Q1ReframedAnnual report
「Although the e-commerce business performed well, the difficult consumption environment continued in retail formats centered on department stores, as consumer sentiment in the domestic market, excluding some foreign visitors to Japan, had yet to improve.」
Regarding the consumption environment, the disclosure states that e-commerce is performing well, while focusing the risks on retail formats centered on department stores and weaker domestic consumer sentiment. - FY2016RestatedAnnual report
「As stagnant consumer sentiment and declining inbound demand became more pronounced, consumers became increasingly selective, as shown by consumption focused on actual needs and price considerations, and conditions remained extremely challenging throughout the year, particularly in the department-store apparel market.」
The business environment for the year is described as being characterized by stagnant consumer sentiment, declining inbound demand, price sensitivity, increasingly selective consumers and continued weakness in the department-store apparel market. - FY2017-Q3WorsenedAnnual report
「As stagnant consumer sentiment and declining inbound demand became more pronounced, the environment remained extremely challenging, particularly in the department-store apparel market, due to unsettled weather, including repeated typhoons from summer through autumn, and the impact of consumption focused on actual needs and price considerations.」
The description of consumer sentiment changed from “decline” to “stagnation,” while repeated typhoons and unsettled weather were explicitly added to the decline in inbound demand. Conditions in the department-store apparel market also became more severe, changing from “generally challenging” to “extremely challenging.” - FY2017-Q2First statedAnnual report
「In the apparel and fashion industry, the environment remains generally challenging, particularly in department-store apparel markets, amid a marked decline in consumer sentiment and inbound demand, as well as price-conscious, needs-based consumption.」
The Company describes the challenging demand environment, particularly in department-store apparel markets, as part of the operating environment for the period under review.