A Preference for Saving in Personal Consumption, a Slowdown in Inbound Demand, and Uncertainty Surrounding the Global Economy
First written in FY2017-Q2. 16 of 35 entries say "Worsened", first in FY2017-Q3. Latest entry: FY2027-H1.
Onward Holdings moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2025: 7 of 10 companies on the "Worse" side.
3 other companies' latest entry also says "Worsened".
- FY2027-H1WorsenedAnnual report
「During the interim consolidated accounting period, the Japanese economy continued to recover moderately, supported by improvements in employment and income conditions and the effects of various government policies. However, the outlook for the economic environment remained uncertain due to the situation in the Middle East, developments in U.S. trade policy and the effects of natural disasters in various regions.」
In addition to the previously cited U.S. trade policy and other factors, the company identified the situation in the Middle East and the effects of natural disasters in various regions as sources of uncertainty. - FY2026RestatedAnnual report
「Meanwhile, uncertainty over the outlook persists due to the impact of U.S. trade policy and weaker consumer sentiment resulting from continued price increases.」
Continues to cite U.S. trade policy, rising prices and weaker consumer sentiment as the main external-environment risks. - FY2026-H1RestatedAnnual report
「Meanwhile, uncertainty over the outlook persists due to the impact of U.S. trade policy, weaker consumer sentiment resulting from continued price increases, and persistently high raw material and energy prices. Consumer purchasing behavior has become increasingly selective.」
Continues to cite U.S. trade policy, continued price increases, persistently high raw material and energy prices, and increasingly selective consumer purchasing as sources of uncertainty over the outlook. - FY2025-H1RestatedAnnual report
「Meanwhile, the outlook remains uncertain due to the prolonged conflicts in the Middle East and Ukraine, concerns over the outlook for the Chinese economy, and the effects of soaring energy and raw material prices. In the apparel industry, too, there are concerns that consumers will become more inclined to economize as awareness of the need to protect household finances rises further.」
Continues to cite the situations in the Middle East and Ukraine, the Chinese economy, soaring energy and raw material prices, and consumers' propensity to economize as the main sources of uncertainty. - FY2025-Q1WorsenedAnnual report
「Meanwhile, the outlook remains uncertain due to the prolonged conflicts in the Middle East and Ukraine, concerns over the outlook for the Chinese economy, and the effects of soaring energy and raw material prices. In the apparel industry, although inbound demand has recovered against a backdrop of the weaker yen, there are concerns that consumers will become more inclined to economize as awareness of the need to protect household finances rises further.」
Cites the prolonged situations in the Middle East and Ukraine, concerns over the outlook for the Chinese economy, and soaring energy and raw material prices as new sources of uncertainty. Although inbound demand has recovered, it remains concerned about a further increase in consumers' propensity to economize. - FY2024-Q3RestatedAnnual report
「During the nine-month period of the current fiscal year, Japan's economy was moving toward socioeconomic normalization following the lifting of restrictions on activities imposed in response to COVID-19. However, higher energy and raw material prices stemming from international developments, as well as rising domestic prices due to exchange-rate fluctuations and other factors, have affected consumer sentiment and corporate activity, and the outlook for the economy remains uncertain.」
Continues to note socioeconomic normalization following the lifting of restrictions on activities, while citing the impact on consumer sentiment and corporate activity from higher energy and raw material prices, exchange-rate fluctuations and rising prices, as well as continued uncertainty over the outlook. - FY2024-Q2RestatedAnnual report
「During the six-month period ended 31 August, Japan’s economy showed a gradual recovery as economic and social activity normalized following the reclassification of COVID-19 as a Class 5 infectious disease and the easing of entry restrictions. However, domestic inflation caused by prolonged conditions involving Russia and Ukraine, together with soaring raw-material and energy prices resulting from yen depreciation, continued to affect consumer sentiment and corporate activity, leaving conditions uncertain.」
While the normalization and gradual recovery of economic and social activity resulting from the reclassification of COVID-19 as a Class 5 infectious disease and the easing of entry restrictions are indicated, uncertainty due to the prolonged situation involving Russia and Ukraine, yen depreciation, soaring raw-material and energy prices and inflation continues to be described. - FY2024-Q1ReframedAnnual report
「During the three-month period ended 31 May, Japan’s economy was on a gradual recovery trend as economic activity normalized following the easing of mask-wearing rules and the reclassification of COVID-19 as a Class 5 infectious disease. The recovery in inbound demand also supported improved business sentiment. However, the outlook remained uncertain amid concerns that rising global resource prices and inflation resulting from foreign-exchange fluctuations would heighten consumers’ defensive attitudes toward their livelihoods.」
The recovery of economic activity and inbound demand from the constraints imposed by infection-control measures and sluggish inbound demand is indicated. However, inflation caused by rising resource prices and foreign-exchange fluctuations, together with consumers’ defensive attitudes toward their livelihoods, is identified as a new concern. - FY2023-Q3SoftenedAnnual report
「During the nine-month period ended 30 November, Japan’s economy remained on a recovery trend as economic activity normalized following the easing of restrictions on behavior related to COVID-19. However, the outlook remained uncertain amid soaring energy and raw-material prices resulting from international conditions and continued yen depreciation.」
The normalization of economic activity and recovery trend resulting from the easing of restrictions on behavior are indicated, and the deterioration of conditions caused by the pandemic has eased somewhat. However, uncertainty caused by soaring energy and raw-material prices and yen depreciation continues. - FY2023-Q2WorsenedAnnual report
「During the six-month period ended 31 August, Japan’s economy showed signs of a gradual recovery following the lifting of priority preventive measures. However, the outlook remained uncertain amid a renewed increase in COVID-19 infections, soaring energy and raw-material prices resulting from the situation involving Russia and Ukraine, and the rapid depreciation of the yen.」
While there were signs of a recovery following the lifting of the measures, the renewed increase in infections, soaring energy and raw-material prices and the rapid depreciation of the yen continued and became more concrete as sources of uncertainty. - FY2023-Q1WorsenedAnnual report
「While the number of COVID-19 infections began to decline and consumer activity gradually moved toward normalization as restrictions on behavior were eased, the outlook for the economy remained uncertain amid a rapid depreciation of the yen in foreign exchange markets and soaring resource prices resulting from the situation involving Russia and Ukraine.」
While consumer activity showed signs of normalizing as infections were brought under control and restrictions on behavior were eased, the rapid depreciation of the yen and soaring resource prices resulting from the situation involving Russia and Ukraine were explicitly identified as new sources of uncertainty. - FY2022WorsenedAnnual report
「During the fiscal year, Japan’s economy remained challenging as the COVID-19 pandemic dragged on. Although the spread of infections was temporarily contained through higher vaccination rates and other measures, stay-at-home requests following the application of priority preventive measures amid the rapid spread of the Omicron variant, together with soaring raw-material prices, kept conditions difficult.」
In addition to the prolonged pandemic, the rapid spread of the Omicron variant, requests to refrain from going out and soaring raw-material prices are identified as new factors contributing to the challenging environment. - FY2022-Q3RestatedAnnual report
「However, concerns about a renewed spread of infections, including the emergence of new variants, have not been resolved, and the outlook remains uncertain.」
While a gradual recovery trend was observed as vaccination rates improved and states of emergency were lifted, concerns about a renewed spread of infections caused by variants and uncertainty about the outlook continue. - FY2022-Q2WorsenedAnnual report
「During the six-month period ended 31 August, a recovery had been expected as COVID-19 vaccination progressed. However, the spread of variants failed to subside, and the expansion of areas subject to states of emergency and priority preventive measures depressed consumer sentiment and significantly restricted economic activity, leaving the outlook uncertain.」
Contrary to expectations for a recovery from vaccination, the spread of variants failed to subside, and the expansion of areas subject to states of emergency and priority preventive measures continued to constrain consumer sentiment and economic activity. - FY2022-Q1RestatedAnnual report
「During the three-month period ended 31 May, Japan’s economy remained uncertain as the spread of COVID-19 failed to subside, states of emergency and priority preventive measures were imposed intermittently, and large commercial facilities were again asked to suspend operations or shorten their hours.」
The delayed containment of the pandemic, states of emergency and other measures, and continued closures and shortened operating hours at commercial facilities are cited as confirming the uncertain economic outlook. - FY2021WorsenedAnnual report
「During the fiscal year, the outlook for Japan’s economy remained uncertain due to the impact on economic activity of two declarations of a state of emergency in Japan resulting from the global spread of COVID-19, stay-at-home orders in various countries and bans on overseas travel.」
The impact on the full-year economic environment of two states of emergency in Japan, stay-at-home orders in various countries and bans on overseas travel due to the pandemic is described. - FY2021-Q3WorsenedAnnual report
「During the nine-month period ended 30 November, Japan’s economy showed signs of recovery in economic activity as the COVID-19 pandemic moved toward containment. However, the outlook remained uncertain due to shortened operating hours at commercial facilities and renewed requests to refrain from nonessential outings following an increase in infections during the third wave.」
While signs of a recovery in economic activity were observed, the increase in infections during the third wave and renewed requests to shorten operating hours and refrain from going out were identified as new sources of uncertainty. - FY2021-Q2RestatedAnnual report
「During the six-month period ended 31 August, Japan’s economy remained extremely challenging amid the continued impact of the global COVID-19 pandemic, including shortened operating hours at commercial facilities, weaker consumer sentiment and changes in purchasing preferences resulting from people refraining from going out, and sluggish inbound demand.」
Shortened operating hours, weaker consumer sentiment, changes in purchasing preferences and sluggish inbound demand associated with the COVID-19 pandemic continued, and the environment is described as extremely challenging. No new risks have been added. - FY2021-Q1WorsenedAnnual report
「During the three-month period ended 31 May, Japan’s economy became extremely challenging due to the suspension or shortened operating hours of commercial facilities and other establishments, a sharp decline in inbound demand, and weaker consumer sentiment resulting from people refraining from going out, all stemming from the global spread of COVID-19. Although there were signs of a recovery in economic activity after the state of emergency was lifted, the outlook remained uncertain.」
The suspension of commercial facilities, shortened operating hours, a sharp decline in inbound demand and weaker consumer sentiment resulting from the COVID-19 pandemic are described as making the economic environment extremely challenging. - FY2020WorsenedAnnual report
「The global business environment surrounding the Company is becoming rapidly more uncertain due to escalating economic friction between countries, confusion surrounding the United Kingdom’s EU exit issue, heightened tensions in the Middle East, and the global spread of the novel coronavirus.」
In addition to existing economic friction, the United Kingdom’s EU exit issue and conditions in the Middle East, the global spread of the novel coronavirus has been added as a source of uncertainty, with global uncertainty increasing rapidly. - FY2020-Q3RestatedAnnual report
「The global business environment surrounding the Company is becoming rapidly more uncertain, as seen in escalating economic friction between the United States and China and between Japan and South Korea, confusion surrounding the United Kingdom’s EU exit issue, and heightened tensions in the Middle East. Domestic consumer trends also remain weak, as consumers’ thrift-oriented behavior, driven by concerns about the future, remains firmly entrenched.」
Economic friction between the United States and China and between Japan and South Korea, the United Kingdom’s EU exit issue, conditions in the Middle East, and thrift-oriented and weak domestic consumption continue to be described. - FY2020-Q2WorsenedAnnual report
「The global business environment surrounding the Company is becoming rapidly more uncertain, as seen in escalating economic friction between the United States and China and between Japan and South Korea, confusion surrounding the United Kingdom’s EU exit issue, and heightened tensions in the Middle East. Domestic consumer trends also remain weak, as consumers’ thrift-oriented behavior, driven by concerns about the future, remains firmly entrenched.」
In addition to existing US-China trade friction and the slowdown in Chinese economic growth, economic friction between Japan and South Korea, confusion surrounding the United Kingdom’s EU exit issue and heightened tensions in the Middle East are identified, with global uncertainty continuing to increase. Thrift-oriented domestic consumption and weak consumer spending also continue. - FY2020-Q1WorsenedAnnual report
「During the three-month period ended 31 May, Japan’s economy remained on a gradual recovery trend due to improving corporate earnings and employment conditions, but the outlook remained uncertain amid US-China trade friction and a slowdown in growth in the Chinese economy.」
In addition to the existing uncertainty surrounding the global economy, US-China trade friction and a slowdown in growth in the Chinese economy are explicitly identified as new sources of uncertainty. - FY2019RestatedAnnual report
「During the fiscal year, Japan’s economy saw a recovery in consumer spending amid continued improvement in corporate earnings and employment and income conditions. However, consumer sentiment remained weak due to the effects of natural disasters including record-breaking typhoons and earthquakes.」
Weak consumer sentiment due to natural disasters, political and economic uncertainty in Europe and the United States, and a challenging competitive environment were also described for the full year. - FY2019-Q3WorsenedAnnual report
「During the nine-month period ended 30 November 2018 (1 March 2018 to 30 November 2018), Japan’s economy saw a recovery in consumer spending amid continued improvement in corporate earnings and employment and income conditions. However, consumer sentiment remained weak due to the effects of natural disasters including record-breaking typhoons and earthquakes. In Europe and the United States, the economy remained on a recovery trend, but the recovery is expected to become more gradual due to trade issues, policy uncertainty and the United Kingdom’s EU exit.」
In addition to record-breaking typhoons and earthquakes weakening consumer sentiment, trade issues and policy uncertainty in Europe and the United States, as well as an expected slowdown in the recovery resulting from the United Kingdom’s EU exit, are described. Risks have become more concrete, while factors affecting the outlook continue. - FY2019-Q2WorsenedAnnual report
「During the six-month period ended 31 August 2018 (1 March 2018 to 31 August 2018), Japan’s economy remained on a gradual recovery trend against the backdrop of improving corporate earnings and employment conditions. However, the outlook for the economy became uncertain amid rising downside risks to the global economy resulting from concerns about trade friction stemming from US protectionist trade policies, as well as natural disasters including torrential rains, typhoons and earthquakes.」
In addition to the existing uncertainty surrounding the global economy, trade friction stemming from US protectionist trade policies and rising downside risks to the global economy are explicitly identified. Natural disasters were also added as a source of uncertainty. - FY2019-Q1WorsenedAnnual report
「During the three-month period ended 31 May 2018 (1 March 2018 to 31 May 2018), Japan’s economy saw continued improvement in employment and income conditions and signs of a recovery in consumer spending while corporate earnings remained firm. However, the outlook remained uncertain amid risks of a slowdown in the global economy resulting from political developments in Europe, the United States and Asia and rising US interest rates.」
In addition to political developments in Europe, the United States and Asia, the risk of a global economic slowdown resulting from rising US interest rates is explicitly identified, broadening the range of sources of uncertainty. - FY2018-Q3RestatedAnnual report
「During the nine-month period ended 30 November 2017 (1 March 2017 to 30 November 2017), Japan’s economy showed signs of a gradual recovery, with corporate earnings remaining firm against the backdrop of government economic and monetary policies. However, the outlook remained uncertain amid increasing uncertainty in Europe, the United States and East Asia.」
Uncertainty in Europe, the United States and East Asia, and uncertainty about the outlook, continue to be described. - FY2018-Q2RestatedAnnual report
「During the six-month period ended 31 August 2017 (1 March 2017 to 31 August 2017), Japan’s economy showed signs of a gradual recovery, with corporate earnings remaining firm against the backdrop of government economic and monetary policies. However, the outlook remained uncertain amid increasing uncertainty in Europe, the United States and East Asia.」
Uncertainty in Europe, the United States and East Asia, and uncertainty about the outlook, continue to be described. No quantitative deterioration or new risks are indicated. - FY2018-Q1RestatedAnnual report
「During the three-month period ended 31 May 2017 (1 March 2017 to 31 May 2017), Japan’s economy entered a gradual recovery trend, with corporate earnings and employment conditions improving against the backdrop of economic policies. However, consumer spending lacked strength, and uncertainty about the outlook continued amid increased uncertainty in overseas economies resulting from the United Kingdom’s EU exit and US presidential policies.」
Weak consumer spending, the United Kingdom’s EU exit and uncertainty in overseas economies resulting from US presidential policies continue to be identified as risks. - FY2017-Q3WorsenedAnnual report
「During the nine-month period ended 30 November 2016 (1 March 2016 to 30 November 2016), Japan’s economy showed gradual improvement in corporate earnings and employment conditions, but consumer spending remained stagnant. The outlook remained uncertain amid unstable movements in financial markets resulting from the United Kingdom’s EU exit issue and the outcome of the US presidential election.」
In addition to the existing stagnation in consumer spending and the United Kingdom’s EU exit issue, financial-market instability resulting from the US presidential election was added as a source of uncertainty, broadening the range of risk factors. - FY2017-Q2First statedAnnual report
「Consumer spending remained stagnant, and the outlook remained uncertain amid concerns about adverse effects on the global economy stemming from the United Kingdom’s issue of leaving the EU.」
Stagnant consumer spending, thrift-oriented consumer behavior and a slowdown in inbound demand, particularly for high-priced goods, are described as existing business conditions, while the impact of the United Kingdom’s EU exit issue is described as a concern.