Economic uncertainty and weaker consumer sentiment
First written in FY2017-Q1. 17 of 37 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-10-07.
The whole theme swung hardest in 2022: 131 of 176 companies on the "Worse" side.
- 2026-10-07WorsenedEarnings
「一方で、為替相場の変動や国際情勢の不安定化に伴うエネルギー・原材料コストの高止まり、継続的な物価上昇により、消費者の選別志向や生活防衛意識は依然として高く、先行きについては不透明な状況が継続しております。」
消費者の選別志向・生活防衛意識の高さと、物価・コスト上昇による先行き不透明感を引き続き具体的に示している。 - FY2027-H1SoftenedAnnual report
「During the interim accounting period, Japan's economy remained on a moderate recovery trend, centered on personal consumption and capital investment, amid improvements in employment and income conditions and the entrenchment of wage increases. At the same time, consumer selectivity and defensive attitudes toward household finances remained strong due to persistently high energy and raw-material costs resulting from exchange-rate fluctuations and growing instability in the international situation, as well as continued price increases, and the outlook remained uncertain.」
The company described improvements in employment and income conditions, the entrenchment of wage increases and a moderate recovery in personal consumption, while consumer selectivity, defensive attitudes toward household finances and uncertainty over the outlook continued. - 2026-07-08WorsenedEarnings
「Meanwhile, consumers’ focus on protecting their household budgets remained strong and the outlook for personal consumption continued to be uncertain, due to higher raw material prices and energy costs associated with the unstable international situation, as well as inflation.」
The company continued to point to strong consumer budget-consciousness and uncertainty over the outlook for personal consumption. - FY2026WorsenedAnnual report
「Meanwhile, consumers remained strongly focused on protecting their livelihoods due to the effects of surging raw material prices and energy costs and rising prices against a backdrop of international instability, and the outlook for personal consumption remained uncertain.」
The company provided greater detail on the uncertainty surrounding personal consumption by explicitly citing surging raw material and energy costs, rising prices, and consumers' heightened focus on protecting their livelihoods. - 2026-04-10WorsenedEarnings
「Against a backdrop of an unstable international situation, higher raw material prices and energy costs, and inflation, consumers continued to maintain a strong focus on protecting their household budgets, and the outlook for personal consumption remained uncertain.」
While referring to improving employment, income and personal consumption conditions, the company continued to point to strong consumer budget-consciousness and uncertainty over the outlook for personal consumption. - FY2026-H1WorsenedAnnual report
「Meanwhile, consumers became increasingly focused on protecting their livelihoods due to the effects of surging raw material prices and energy costs and rising prices against a backdrop of international instability, and the outlook for personal consumption remained uncertain.」
While describing improvements in the employment and income environment and a recovery in personal consumption, the company newly provided greater detail on the risks in the consumption environment by citing consumers' heightened focus on protecting their livelihoods and uncertainty about the outlook for personal consumption. It also continued to indicate risks in the consumption environment, including a sharp slowdown in inbound consumption. - FY2025SoftenedAnnual report
「During the fiscal year, the Japanese economy gradually recovered as socioeconomic activity normalized, supported in part by inbound demand. However, the outlook for personal consumption remained uncertain due to rising raw material prices and energy costs accompanying international instability and rising prices resulting from the continued depreciation of the yen.」
The company described a recovery driven by the normalization of socioeconomic activity and inbound demand, while stating that uncertainty caused by surging raw material and energy costs and yen depreciation continued. - FY2025-Q1SoftenedAnnual report
「During the first 3 months of the fiscal year, the Japanese economy showed a gradual recovery as socioeconomic activity normalized and the employment environment improved, supported by the effects of various policies and inbound demand. However, the outlook remained uncertain due to surging raw material prices and energy costs accompanying prolonged international instability since February 2022, and rising prices resulting from the continued depreciation of the yen.」
While describing a gradual recovery driven by improvements in socioeconomic activity and the employment environment and by inbound demand, the company cited surging raw material and energy costs and rising prices due to yen depreciation, stating that uncertainty about the outlook continued. - FY2024-Q3RestatedAnnual report
「In the apparel and fashion industry, purchasing motivations began to recover as demand for going out increased with the resumption of various events and the rise in the number of travelers. However, the business environment remained difficult because prices in Japan and overseas continued to rise for an extended period and record-breaking late-summer heat continued from September through October, preventing demand for fall and winter products from increasing.」
While recognizing the recovery in demand for going out and purchasing motivations, the company reaffirmed its view that a difficult business environment would continue because prolonged price increases and record-breaking late-summer heat depressed demand for fall and winter products. - FY2024-Q2RestatedAnnual report
「In the apparel and fashion industry, purchasing motivations began to recover as demand for going out increased with the resumption of various events and the rise in the number of travelers, but the business environment remained difficult because sharp fluctuations in exchange rates and rapidly rising prices in Japan and overseas continued for an extended period.」
While recognizing the recovery in demand for going out and purchasing motivations, the company reaffirmed its view that a difficult business environment would continue because sharp exchange-rate fluctuations and rapidly rising prices in Japan and overseas were prolonged. - FY2024-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, personal consumption showed signs of recovery as restrictions on activities were eased and demand for going out increased following the reduced impact of COVID-19, including the reclassification of the disease. However, the outlook for the economy remained uncertain due to the prolonged instability in international affairs since February 2022, surging raw material prices and energy costs, and sharp fluctuations in exchange rates.」
While recognizing the recovery in personal consumption, the company provided greater detail on the uncertainty about the economic outlook by citing prolonged international instability, surging raw material prices and energy costs, and sharp exchange-rate fluctuations. - FY2023RestatedAnnual report
「In the apparel and fashion industry, purchasing motivations began to recover as demand for going out increased with the resumption of various events, but the business environment remained difficult due to sharp fluctuations in exchange rates and rapidly rising prices in Japan and overseas.」
While recognizing the recovery in demand for going out and purchasing motivations, the company reaffirmed its view that the apparel industry's difficult environment would continue because of exchange-rate fluctuations and rising prices. - FY2023-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year, personal consumption showed signs of recovery as restrictions on activities were eased and demand for going out increased while the impact of the renewed spread of COVID-19 from mid-July diminished. However, the outlook for the economy remained uncertain due to surging resource prices triggered by growing international instability since February, yen depreciation caused by sharp fluctuations in exchange rates, and a sharp rise in raw material prices. In the apparel and fashion industry, purchasing motivations recovered as various events resumed, but the business environment remained difficult as inflation accelerated sharply.」
While recognizing the recovery in personal consumption and purchasing motivations, the company stated that uncertainty and difficult conditions in the economy and industry continued due to surging resource and raw material prices, yen depreciation, and the rapid acceleration of inflation. - FY2023-Q2WorsenedAnnual report
「During the first 6 months of the fiscal year, personal consumption showed signs of recovery as the spread of COVID-19 vaccinations and the easing of restrictions on activities took effect, despite the impact of priority preventive measures to prevent the spread of disease that continued through mid-March. However, the outlook for the economy remained uncertain due to the renewed spread of infections from mid-July, yen depreciation triggered by growing international instability since February, and a sharp rise in raw material prices.」
While recognizing the recovery in personal consumption, the company provided greater detail on the continuing uncertainty about the economic outlook by newly citing the renewed spread of infections, international instability, yen depreciation, and the sharp rise in raw material prices. - FY2023-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, the Japanese economy showed signs of recovery as the effects of COVID-19 remained, including the priority preventive measures to prevent the spread of disease that continued through mid-March, but downside risks to the economy rose rapidly due to yen depreciation triggered by growing international instability since February 2022 and surging raw material prices and other costs.」
While the effects of the pandemic remained, the company stated that downside risks to the economy rose rapidly due to yen depreciation and surging raw material prices triggered by growing international instability. - FY2022-Q3SoftenedAnnual report
「Although store closures and shortened operating hours implemented in response to states of emergency and other measures were eased gradually and the state of emergency was lifted, consumers continued to refrain from spending because of the effects of the state of emergency that continued through the end of September 2021, and the business environment remained difficult.」
While store closures and shortened operating hours were eased gradually and the state of emergency was lifted, consumers continued to refrain from spending and the business environment remained difficult. - FY2022-Q2RestatedAnnual report
「During the first 6 months of the fiscal year, personal consumption and related trends in the Japanese economy remained difficult and uncertainty about the outlook continued, despite progress in COVID-19 vaccinations, due to repeated reissuances of the state of emergency. In the apparel and fashion industry, purchasing motivations declined due to requests to refrain from going out and the cancellation or scaling back of various events, while stores closed or shortened their operating hours in response to states of emergency and other measures, and the business environment remained difficult.」
While recognizing progress in vaccinations, the company explained that personal consumption and the apparel industry's difficult environment continued because of the reissuance of the state of emergency, requests to refrain from going out, scaled-back events, store closures, and shortened operating hours. - FY2022-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, the Japanese economy remained affected by the spread of COVID-19 since the previous year. With the third declaration of a state of emergency and the implementation of priority preventive measures to prevent the spread of disease, personal consumption and related trends remained difficult and uncertainty about the outlook continued. In the apparel and fashion industry, purchasing motivations declined due to requests to refrain from going out and the cancellation or scaling back of various events, while stores closed or shortened their operating hours in response to states of emergency and other measures, and the business environment remained difficult.」
With no end to the spread of COVID-19 in sight, a difficult environment continued, involving the third declaration of a state of emergency, priority preventive measures to prevent the spread of disease, declining purchasing motivations, store closures, and shortened operating hours. - FY2021-Q3WorsenedAnnual report
「The apparel and fashion industry also continued to face a difficult business environment as purchasing motivations declined due to requests to refrain from going out, the cancellation or scaling back of various events, and the acceleration of the shift to remote work.」
The company provided greater detail on the industry's difficult environment caused by COVID-19, citing the decline in purchasing motivations resulting from requests to refrain from going out, event cancellations and reductions, and the shift to remote work. - FY2021-Q2SoftenedAnnual report
「During the first 6 months of the fiscal year, the Japanese economy deteriorated substantially in both domestic and external demand due to the spread of COVID-19. Although signs of recovery emerged as economic activity gradually resumed following the lifting of the state of emergency in May, the spread of infections had not yet subsided and uncertainty about the outlook continued.」
While domestic and external demand deteriorated substantially and uncertainty about the outlook continued, the company also cited signs of recovery resulting from the lifting of the state of emergency and the resumption of economic activity, partially easing the previous quarter's description, which focused exclusively on rapid deterioration. - FY2021-Q1WorsenedAnnual report
「During the first 3 months of the fiscal year, the Japanese economy deteriorated rapidly in both domestic and external demand due to the spread of COVID-19, and the outlook remained uncertain. In the apparel and fashion industry, the business environment remained difficult as stores closed or shortened their operating hours in response to the government's requests to refrain from going out and its declaration of a state of emergency, as well as requests from local governments and other measures.」
In addition to the previously difficult consumption and economic environment, the company described the rapid deterioration in domestic and external demand caused by COVID-19 and the difficult business environment involving store closures and shortened operating hours. - FY2020WorsenedAnnual report
「In the apparel and fashion industry, e-commerce grew, but consumers remained strongly inclined to economize, partly due to the consumption tax increase from October, and the business environment remained difficult.」
In addition to consumers holding back on purchases because of the consumption tax increase, the company newly cited the impact of the spread of COVID-19 on the global economy, providing greater detail on the severity of the consumption and business environment. - FY2020-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year, corporate earnings in the Japanese economy continued to improve and remained on a gradual recovery trend, but the outlook remained uncertain due to factors including US-China trade friction, economic slowdowns in the euro area and China, and intensifying economic friction between Japan and South Korea. In the apparel and fashion industry, e-commerce grew, but consumers remained strongly inclined to economize, partly due to the consumption tax increase from October, and the business environment remained difficult.」
In addition to the previously cited uncertain economic and consumption environment, the company newly cited intensifying economic friction between Japan and South Korea and an increased inclination to economize resulting from the consumption tax hike, providing greater detail on the difficult business environment. - FY2020-Q2RestatedAnnual report
「In the apparel and fashion industry, e-commerce performed steadily, but consumers remained strongly inclined to economize, resulting in a difficult business environment.」
While e-commerce performed steadily, consumers remained strongly inclined to economize, reaffirming the continued difficult business environment. - FY2020-Q1RestatedAnnual report
「In the apparel and fashion industry, e-commerce performed steadily, but as consumption patterns became more diverse, demand for suits continued to shrink and consumers remained strongly inclined to economize on apparel generally, resulting in a difficult business environment.」
While e-commerce performed steadily, demand for suits continued to shrink and consumers remained strongly inclined to economize on apparel generally, reaffirming the continued difficult environment in the apparel and fashion industry. - FY2019WorsenedAnnual report
「However, in addition to changes in the consumption environment, shrinking demand for suits and failure to achieve the initial store-opening plan, the effects of global warming and unseasonable weather led to the recognition of a substantial operating loss for the fiscal year ended February 2019.」
In addition to the previous weakness in consumer sentiment, the company identified shrinking demand for suits, failure to achieve the store-opening plan, and advancing global warming as specific factors behind the deterioration in performance, further highlighting the severity of the external and business environment. - FY2019-Q3WorsenedAnnual report
「During the first 9 months of the fiscal year, corporate earnings in the Japanese economy continued to improve and remained on a gradual recovery trend, but the outlook remained uncertain due to factors including US-China trade friction and economic slowdowns in the euro area and China. In the apparel and fashion industry, e-commerce performed well, but the recovery in consumer sentiment was slow in retail formats centered on shopping centers, and a difficult environment continued.」
While indicating continued improvement in corporate earnings and a gradual recovery trend, the company newly cited US-China trade friction and economic slowdowns in the euro area and China, providing greater detail on the uncertain environment ahead. - FY2019-Q2RestatedAnnual report
「In the apparel and fashion industry, e-commerce performed well, but the recovery in consumer sentiment was slow in retail formats centered on shopping centers, and a difficult environment continued.」
While e-commerce performed well, consumer sentiment recovered slowly in retail formats centered on shopping centers, and a difficult environment continued. - FY2019-Q1SoftenedAnnual report
「In the apparel and fashion industry, e-commerce performed well, but the recovery in consumer sentiment was slow in retail formats centered on shopping centers, and a difficult environment continued.」
While improvements in the employment and income environment and a recovery in personal consumption were recognized, the company explained that consumer sentiment was recovering slowly in retail formats centered on shopping centers and that a difficult environment continued. This represented a partial easing from the previous description of an across-the-board slump in consumption. - FY2018RestatedAnnual report
「Against a backdrop of greater global stability and the government's economic policies and other measures, the economy remained on a gradual recovery trend. Personal consumption, however, lacked strength in its recovery, and the apparel retail industry continued to face a difficult environment.」
While the economy remained on a gradual recovery trend, personal consumption lacked strength and the apparel retail industry continued to face difficult conditions. - FY2018-Q3RestatedAnnual report
「During the first 9 months of the fiscal year, corporate earnings in the Japanese economy were on a gradual recovery trend, supported by the government's economic policies and other factors. Personal consumption, however, remained weak, and the apparel retail industry continued to face a difficult environment.」
While corporate earnings were on a gradual recovery trend, personal consumption remained weak and the apparel retail industry continued to face difficult conditions. - FY2018-Q2RestatedAnnual report
「Meanwhile, personal consumption remained weak, and the apparel retail industry continued to face a difficult environment.」
The continued lack of strength in personal consumption and difficult conditions in the apparel retail industry are reiterated. - FY2018-Q1RestatedAnnual report
「Meanwhile, personal consumption remained weak, and the apparel retail industry continued to face a difficult environment, with consumer willingness to purchase still subdued.」
The continued lack of strength in personal consumption and weakening consumer willingness to purchase in the apparel retail industry are reiterated. - FY2017RestatedAnnual report
「Amid continued uncertainty over the global economy, including the UK's withdrawal from the EU and the US presidential election, the yen returned to a weaker trend and the stock market rose, but personal consumption remained sluggish. The apparel retail industry also continued to face a difficult environment, with consumer willingness to purchase remaining weak.」
The difficult environment is reiterated, citing continued uncertainty over the global economy, stagnation in personal consumption, and weakening consumer willingness to purchase. - FY2017-Q3RestatedAnnual report
「During the first 9 months of the fiscal year, the Japanese economy remained sluggish, with personal consumption continuing to stagnate amid heightened uncertainty over the global economy, including the UK's withdrawal from the EU and the US presidential election, as well as a temporary appreciation of the yen and weakness in the stock market. The apparel retail industry also faced a difficult environment, with consumer willingness to purchase continuing to weaken.」
The difficult environment is reiterated, citing continued uncertainty over the global economy, yen appreciation, stock-market weakness, stagnation in personal consumption, and weakening consumer willingness to purchase. - FY2017-Q2WorsenedAnnual report
「During the cumulative second quarter, Japan's economy remained sluggish amid heightened uncertainty in the global economy, including the UK's withdrawal from the EU, while yen appreciation and weak equity markets also weighed on conditions. Personal consumption remained stalled, and the apparel retail industry faced a challenging environment in which consumers' willingness to purchase continued to weaken.」
The company describes a challenging environment in which uncertainty in the global economy heightened against the backdrop of the UK's withdrawal from the EU and other factors, while stagnant personal consumption and weakening willingness to purchase continued. - FY2017-Q1First statedAnnual report
「The apparel retail industry is also continuing to face a downturn in consumers' willingness to purchase.」
The company cites global uncertainty, a stronger yen, weak equity markets, and continued declines in consumer sentiment and willingness to purchase as factors in the external environment.