Risks of frugality and weakening consumer sentiment
First written in FY2016. 15 of 31 entries say "Restated". Latest entry: FY2027-H1.
T.Kawabe & moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 20 of 25 companies on the "Worse" side.
7 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Consumers remained strongly focused on protecting their household finances and continued to take a cautious approach to purchasing mid- to high-priced products.」
The strong focus on protecting household finances and the continued caution toward purchasing mid- to high-priced products were identified as ongoing risks in the consumer environment. - 2026-05-12WorsenedResults
「We view geopolitical risks, including conflicts in various regions such as the situation in the Middle East, currency fluctuations, global inflation and labor shortages as having a significant impact.」
Geopolitical risks including the situation in the Middle East, global inflation and labor shortages were identified as factors contributing to uncertainty in the future operating environment. - FY2026-H1RestatedAnnual report
「Although there were signs that the surge in prices had peaked, consumers remained strongly focused on protecting their household finances, and a cautious consumer mindset continued.」
While there were signs that the surge in prices had peaked, continued concern about protecting household finances and a cautious consumer mindset were noted. - FY2025-H1RestatedAnnual report
「Private consumption also benefited from an increasingly favorable spending environment as wage increases became more widespread at companies, while the weaker yen provided a tailwind and inbound demand grew strongly. At the same time, conditions remained unstable as concerns about rising prices heightened consumers' inclination to economize.」
While wage increases and inbound tourism supported a recovery in consumption, the continued focus on saving due to concerns about rising prices was noted. - FY2024-Q3RestatedAnnual report
「Private consumption also showed signs of recovery as restrictions on activity were eased and demand for tourism and other services recovered. However, the company recognizes the need to continue closely monitoring the unstable situation, including the stronger inclination to economize resulting from concerns about rising prices.」
While factors supporting a recovery in consumption were present, the heightened focus on saving due to concerns about rising prices and instability in the consumer environment continued to be treated as risks. - FY2024-Q1RestatedAnnual report
「Private consumption also showed signs of recovery as restrictions on activity were eased and demand for tourism and other services recovered, but uncertainty about the outlook increased as concerns about inflation-driven price increases heightened consumers' inclination to economize.」
While the easing of restrictions on activities supported a recovery in consumption, the continued heightened focus on saving due to inflation and concerns about rising prices was cited as a risk. - FY2023WorsenedAnnual report
「Private consumption also showed signs of recovery as restrictions on activity were eased and demand for tourism and other services recovered, but uncertainty about the outlook increased as concerns about inflation-driven price increases heightened consumers' inclination to economize.」
While the easing of restrictions on activities supported a recovery, heightened concerns about saving due to inflation and rising prices were identified as a new factor worsening the consumer environment. - FY2023-Q3MitigatedAnnual report
「Meanwhile, as economic and social activity continued to transition to a new stage of living with COVID-19, including the easing of restrictions on activities as part of infection-control measures, conditions gradually improved from the economic slowdown caused by the pandemic over the past 2 years, as the number of infections began to decline from late August onward.」
It was noted that the economy and consumer environment, which had been stagnant for an extended period, gradually improved against a backdrop of eased restrictions on activities and declining infections. - FY2023-Q2MitigatedAnnual report
「From late August onward, the economy gradually began to improve from the stagnation of more than 2 years as the number of infections began to decline and sentiment that the COVID-19 pandemic was subsiding took hold.」
It was noted that the economy and consumer environment, which had been stagnant for an extended period, gradually improved as infections declined and sentiment that the COVID-19 pandemic was subsiding took hold. - FY2023-Q1MitigatedAnnual report
「As restrictions on activities were lifted, people became more willing to go out, consumer appetite increased and the number of store visitors rose.」
It was noted that the easing of restrictions on activities led to a recovery in willingness to go out, consumer appetite and store traffic, and that the deterioration in consumer sentiment began to improve. - FY2022WorsenedAnnual report
「However, for the consolidated fiscal year as a whole, the retail industry likewise faced difficult conditions as the intermittent implementation of priority preventive measures and issuance of states of emergency, together with the gradual expansion of the areas covered, had a significant impact through reduced store hours, voluntary suspension of sales-floor operations and fewer store visitors as consumers refrained from going out.」
Although there was a temporary recovery from October onward, reduced store hours, voluntary suspension of operations and fewer store visitors due to infection-control measures made the retail environment difficult for the full fiscal year. - FY2022-Q3MitigatedAnnual report
「During the third quarter consolidated cumulative period (1 April 2021 to 31 December 2021), the domestic economy remained in a difficult situation during the first half because of the renewed spread of COVID-19 infections. From October onward, however, it shifted to a gradual recovery trend as vaccinations progressed, infections declined and the state of emergency was lifted, with signs of a recovery in consumption.」
While the consumer environment was difficult in the first half, it was noted that conditions shifted toward a recovery from October onward against a backdrop of vaccinations, declining infections and the lifting of states of emergency. - FY2022-Q2RestatedAnnual report
「Conditions became extremely difficult as the intermittent implementation of priority preventive measures and issuance of states of emergency, together with the gradual expansion of the areas covered, had a significant impact through reduced store hours and voluntary suspension of sales-floor operations.」
Reduced store hours and voluntary suspension of operations as infection-control measures continued to weigh heavily on personal consumption and the retail environment. - FY2022-Q1WorsenedAnnual report
「Following the implementation of priority preventive measures and the issuance of the 3rd state of emergency, conditions were extremely difficult from mid-April onward due to reduced store hours and voluntary suspension of sales-floor operations.」
The personal consumption and retail environments remained extremely difficult due to priority preventive measures and the 3rd state of emergency, which entailed reduced store hours and voluntary suspension of operations. - FY2021-Q3WorsenedAnnual report
「In the retail industry, consumption temporarily showed signs of recovery after the lifting of the state of emergency, supported by the resumption of economic activity and the effects of the GoTo campaign. However, private consumption is expected to remain depressed for an extended period because of the impact of the renewed spread of COVID-19 infections from the end of the year.」
Although consumption temporarily recovered as economic activity resumed and the Go To campaign was launched, the renewed spread of infections at year-end indicated the possibility of a prolonged downturn in personal consumption. - FY2021-Q2WorsenedAnnual report
「The impact of the spread of COVID-19 was also significant in the retail industry, and personal consumption was expected to remain depressed for an extended period. The fashion accessories market, including our market, was likewise operating in a difficult environment.」
It was noted that the weakness in personal consumption could persist over the long term rather than being limited to a short-term deterioration, and that the fashion accessories market was also operating in a difficult environment. - FY2021-Q1WorsenedAnnual report
「Consumer sentiment deteriorated and personal consumption fell sharply amid requests to suspend operations and increasingly stringent calls for people to refrain from going out following the declaration of a state of emergency.」
It was noted that requests to suspend operations and calls for people to refrain from going out depressed consumer sentiment, causing personal consumption to fall sharply. - FY2020WorsenedAnnual report
「From October onward, consumer sentiment declined sharply as the反動 from front-loaded demand ahead of the consumption tax increase took effect, while sales of autumn and winter apparel stagnated significantly due to the warm winter, and consumption also fell sharply toward the end of the fiscal year owing to the spread of COVID-19.」
In addition to the focus on saving and weakening consumer sentiment, the反動 from the tax increase, the warm winter and the spread of COVID-19 combined to cause a sharp decline in consumption. - FY2020-Q3WorsenedAnnual report
「In the retail industry, sales temporarily increased substantially, mainly for durable goods and high-priced products, due to rush demand ahead of the consumption tax increase, but declined rapidly after the tax increase as the reaction faded.」
It was noted that sales declined sharply after the tax increase as a result of the反動 from front-loaded demand ahead of the consumption tax increase. - FY2020-Q2WorsenedAnnual report
「There were signs that the previously strong inbound demand was slowing, while front-loaded demand ahead of the consumption tax increase and demand for food, supplies and other items in preparation for typhoons and other disasters affected personal consumption. Unfortunately, these sources of demand did not provide a significant tailwind for the fashion accessories market, including our market.」
It was noted that signs of slowing inbound demand and front-loaded demand ahead of the tax increase did not provide a significant tailwind for the fashion accessories market. - FY2020-Q1WorsenedAnnual report
「In the retail industry, personal consumption was in a difficult situation as consumers remained firmly inclined to economize, affected by higher labor and logistics costs resulting from work-style reforms, the consumption tax increase scheduled for October this year and unsettled weather.」
In addition to the existing focus on saving, the planned consumption tax increase, rising labor and logistics costs, and adverse weather were identified as factors worsening the consumer environment. - FY2019-Q3RestatedAnnual report
「Consumers continued to show a strong focus on saving due to stagnant real wage growth, the burden of social security costs and concerns about the future, and conditions overall remained uneven.」
The continued strong focus on saving among consumers against a backdrop of real wages, social security costs and concerns about the future has been noted. - FY2019-Q2RestatedAnnual report
「Consumer spending conditions remained difficult overall, as consumers continued to show a strong focus on saving due to stagnant real wage growth, the burden of social security costs and concerns about the future, compounded by repeated natural disasters from July onward.」
The strong focus on saving continued, and personal consumption overall came under severe pressure as natural disasters added to the difficulties. - FY2019-Q1RestatedAnnual report
「While consumers remained focused on saving due to stagnant real wage growth, the increasing burden of social security costs and other factors, conditions showed a gradual recovery, supported by improvements in employment and the recovery of wage income, as well as strong inbound consumption and a recovery in luxury-goods consumption by affluent consumers.」
Consumers remain focused on saving, but positive factors including employment and income conditions, inbound tourism and luxury-goods consumption are also present. - FY2018-Q3RestatedAnnual report
「Although consumers continued to favor saving because of sluggish real wage growth and increased social security costs, overall personal consumption began to recover, supported by the positive wealth effect from rising share prices, a recovery in foreign tourists' purchases of high-priced goods, and the growth of online retail.」
While consumers remain focused on saving against a backdrop of stagnant real wage growth and the burden of social security costs, positive factors including the wealth effect, inbound tourism, luxury-goods consumption and online shopping are also present. - FY2018-Q2RestatedAnnual report
「In the retail industry, although stagnant real wage growth, the growing polarization of consumption and continued frugality remained concerns, overall private consumption recovered on the back of a recovery in consumption driven by the increase in foreign tourists and growth in online shopping.」
While noting the continued focus on saving and the polarization of consumption, it also continues to point to a recovery in consumption driven by inbound tourism and online shopping. - FY2018-Q1RestatedAnnual report
「In the retail industry, although stagnant real wage growth, the growing polarization of consumption and continued frugality remained concerns, overall private consumption recovered on the back of a recovery in consumption driven by the increase in foreign tourists and growth in online shopping.」
Although a preference for frugality continues, the company also reports a recovery in spending by foreign tourists and growth in online retail, indicating that factors supporting an improved consumer environment coexist. - FY2017-Q3RestatedAnnual report
「In addition to stagnant real wage growth and the increasingly polarized pattern of consumption, yen appreciation since the beginning of the year, falling share prices, and uncertainty about the outlook strengthened consumers' preference for frugality, causing consumer sentiment to weaken, and market conditions remained lackluster.」
The company continues to cite a preference for frugality and weaker consumer sentiment against a backdrop of stagnant real wage growth, polarized consumption, yen appreciation, falling share prices, and uncertainty about the outlook. - FY2017-Q2RestatedAnnual report
「In addition to stagnant real wage growth and the increasingly polarized pattern of consumption, falling share prices and uncertainty about the outlook from the second half of the fiscal year onward strengthened consumers' preference for frugality, causing consumer sentiment to weaken, and conditions remained lackluster.」
The company reports the same assessment of conditions as in the previous fiscal year regarding a preference for frugality and weaker consumer sentiment. - FY2017-Q1RestatedAnnual report
「In addition to stagnant real wage growth and the increasingly polarized pattern of consumption, falling share prices and uncertainty about the outlook from the second half of the fiscal year onward strengthened consumers' preference for frugality, causing consumer sentiment to weaken, and conditions remained lackluster.」
The company reports the same assessment of conditions as in the previous fiscal year regarding weaker consumer sentiment and a preference for frugality. - FY2016First statedAnnual report
「In addition to stagnant real wage growth and the increasingly polarized pattern of consumption, falling share prices and uncertainty about the outlook from the second half of the fiscal year onward strengthened consumers' preference for frugality, causing consumer sentiment to weaken, and conditions remained lackluster.」
The company states that consumer sentiment weakened during the fiscal year against a backdrop of real wages, polarized consumption, falling share prices, and uncertainty about the outlook.