Weak personal consumption and real disposable income
First written in FY2016. 9 of 34 entries say "Restated". Latest entry: FY2027-H1.
Axial Retailing 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: 59 of 78 companies on the "Worse" side.
11 other companies' latest entry also says "Other".
- FY2027-H1Decline in customer traffic and items purchasedAnnual report
「Customer traffic All stores 56.83 million 99.7% Existing stores 56.37 million 99.0% Items purchased All stores 11.60 items 99.7% Existing stores 11.60 items 99.7%」
As rising prices and a focus on household savings continued, both customer traffic and items purchased fell below the same period of the previous year. Meanwhile, average spend per customer was 102.5% at both all stores and existing stores. - 2026-11-04WorsenedResults
「Furthermore, the group has been operating in an environment in which competition with competitors has intensified rapidly since the previous consolidated fiscal year.」
競争環境の激化を、前連結会計年度以降の経営環境として明示した。 - FY2026Customer traffic declines coexisting with increases in items purchasedAnnual report
「Customer traffic was 98.9% of the same period of the previous year across all stores and 98.5% at existing stores, while items purchased were 102.5% across all stores and 102.7% at existing stores.」
For the full year, customer traffic declined while average spend per customer and items purchased increased. Under rising prices, purchasing behavior continued to show both lower visit frequency and higher purchase volumes per visit. - FY2026-H1MitigatedAnnual report
「Customer traffic All stores 57.03 million 100.7% Existing stores 55.64 million 100.3% Average spend per customer All stores ¥2,542 106.6% Existing stores ¥2,541 106.3% Items purchased All stores 11.63 items 102.6% Existing stores 11.63 items 102.3%」
While prices continued to rise, interim customer traffic was 100.7% of the same period of the previous year across all stores and 100.3% at existing stores. Items purchased increased 2.6% across all stores and 2.3% at existing stores. Sales indicators improved during the interim period from the decline in items purchased seen in FY2025. - FY2025MaterialisedAnnual report
「Soaring prices in recent years appear to have shifted customers’ cautious purchasing behavior toward frequent, smaller purchases focused on necessities. … Items purchased declined 2.9% year on year at existing stores and 2.4% across all stores.」
Soaring prices and cautious purchasing behavior continued to manifest as frequent, smaller purchases, with full-year items purchased declining 2.6% at existing stores and 2.2% across all stores. - FY2025-H1MaterialisedAnnual report
「Soaring prices in recent years appear to have shifted customers’ cautious purchasing behavior toward frequent, smaller purchases focused on necessities. … Items purchased declined 2.9% year on year at existing stores and 2.4% across all stores.」
Soaring prices and cautious purchasing behavior were reflected in interim results as frequent, smaller purchases and a decline in items purchased. - FY2024MaterialisedAnnual report
「In addition to fewer items purchased per visit as visit frequency increased, customers became more focused on saving due to soaring prices. As a result, items purchased declined 2.2% year on year at both existing stores and across all stores.」
Soaring prices and a greater focus on saving were reflected in full-year results as a decline in items purchased. Meanwhile, the recovery in foot traffic led to an increase in customer traffic. - FY2024-Q3RestatedAnnual report
「In addition to the higher frequency of visits, customers became more frugal due to soaring prices, and the number of items purchased decreased 2.2% year on year at existing stores and 2.4% across all stores.」
The company reaffirmed the coexistence of higher visit frequency due to the recovery in foot traffic and fewer items purchased due to soaring prices and a greater focus on saving. - FY2024-Q2MaterialisedAnnual report
「As customers became more frugal due to soaring prices, the number of items purchased decreased 2.3% year on year at existing stores and 2.4% across all stores.」
Soaring prices and a greater focus on saving were reflected in results as a decline in items purchased. Meanwhile, the recovery in foot traffic has led to an increase in customer traffic. - FY2024-Q1MaterialisedAnnual report
「As customers became more frugal due to soaring prices, the number of items purchased decreased 2.2% year on year at existing stores and 2.3% across all stores.」
A greater focus on saving due to soaring prices was reflected in results as a decline in items purchased. Meanwhile, the recovery in foot traffic led to a 1.2% increase in customer traffic at existing stores. - FY2023RestatedAnnual report
「In the same period of the previous year, customers tended to reduce the frequency of their visits and buy in bulk, and to avoid eating out by purchasing food at stores for consumption at home or as prepared meals. During the current consolidated fiscal year, these trends weakened, while the increase in frugality resulting from various recent price increases led the number of items purchased to decrease 1.6% year on year at existing stores and 1.4% across all stores.」
The shift to bulk buying and at-home and ready-to-eat meals during the pandemic weakened, while a greater focus on saving due to rising prices was reflected in a full-year decline in items purchased. - FY2023-Q3Normalization of purchasing behavior and impact of price revisionsAnnual report
「Customers had previously tended to reduce the frequency of their visits and buy in bulk when visiting, and to avoid eating out by purchasing food at stores for consumption at home or as prepared meals. As these behaviors eased, and following the impact of revisions to selling prices prompted by higher purchase prices for products and raw materials, the number of items purchased decreased 1.0% year on year at existing stores and 0.8% across all stores.」
The bulk-buying trend and shift to at-home and ready-to-eat meals seen during the pandemic eased, while selling-price revisions accompanying higher purchase prices also contributed to declines in items purchased of 1.0% at existing stores and 0.8% across all stores. - FY2023-Q2RestatedAnnual report
「Customers had previously tended to reduce the frequency of their visits and buy in bulk when visiting, and to avoid eating out by purchasing food at stores for consumption at home or as prepared meals. As these behaviors eased, and following the impact of revisions to selling prices prompted by higher purchase prices for products and raw materials, the number of items purchased decreased 1.2% year on year at existing stores and 0.8% across all stores.」
The bulk-buying trend and shift to at-home and ready-to-eat meals that strengthened during the pandemic eased, while selling-price revisions also contributed to declines in items purchased of 1.2% at existing stores and 0.8% across all stores. Changes in demand behavior continued to be reflected in results. - FY2023-Q1MaterialisedAnnual report
「The customer behavior seen in the same period of the previous year, such as buying in bulk when visiting less frequently and avoiding dining out by purchasing food at stores for at-home and ready-to-eat meals, eased. In addition, the impact of selling-price revisions accompanying higher purchase prices for products and raw materials caused items purchased to decline 1.1% year on year at existing stores and 1.3% across all stores.」
Bulk buying and the shift to at-home and ready-to-eat meals seen during the pandemic eased, while price revisions accompanying higher purchase prices also contributed to declines in items purchased of 1.1% at existing stores and 1.3% across all stores. - FY2022RestatedAnnual report
「In addition to the continued trend of customers visiting less frequently, the reaction to the same period of the previous year caused customer traffic to decline 1.8% year on year at existing stores, although the decline across all stores was limited to 0.8%.」
During the pandemic, the trend toward less frequent visits continued, and annual customer traffic at existing stores declined 1.8%. At the same time, bulk buying and the shift to at-home and ready-to-eat meals continued, with items purchased increasing 0.6% at both existing stores and across all stores. - FY2022-Q3Narrower decline in customer traffic, with bulk buying continuingAnnual report
「In addition to the continued trend of customers visiting less frequently to prevent COVID-19 infection, the reaction to the same period of the previous year caused customer traffic to decline 2.3% year on year at existing stores. However, as stores opened in recent years generally performed well, the decline across all stores was limited to 1.2% year on year. Customers continued to buy in bulk when visiting less frequently and to avoid dining out by purchasing food at stores for at-home and ready-to-eat meals. In addition, watching the Olympics at home and an increase in year-end visitors returning to their hometowns compared with the same period of the previous year contributed to an increase in items purchased of 0.9% year on year at existing stores and 1.0% across all stores.」
Purchasing behavior continued to reflect less frequent visits, bulk buying, and a shift to at-home and ready-to-eat meals. While the decline in customer traffic at existing stores narrowed to 2.3% from the previous quarter, items purchased increased 0.9%. - FY2022-Q2RestatedAnnual report
「In addition to the continued trend among customers of reducing store visits to prevent contracting COVID-19, there was also a reactionary effect from the same period of the previous year. As a result, customer traffic declined 2.4% year on year at existing stores. However, as stores opened in recent years generally performed well, the decline was limited to 1.4% across all stores.」
The trend toward less frequent visits during the pandemic continued, as did the reaction to the same period of the previous year, resulting in a 2.4% decline in customer traffic at existing stores. - FY2022-Q1RestatedAnnual report
「In addition to the continued trend of customers visiting less frequently, the reaction to the same period of the previous year caused customer traffic to decline 3.6% year on year at existing stores. However, as stores opened in recent years generally performed well, the decline across all stores was limited to 2.5% year on year. Customers continued to buy in bulk when visiting less frequently and to avoid dining out by purchasing food at stores for at-home and ready-to-eat meals. As a result, items purchased increased 0.4% year on year at both existing stores and across all stores.」
During the pandemic, purchasing behavior continued to reflect less frequent visits, bulk buying, and a shift from dining out to at-home and ready-to-eat meals. Customer traffic at existing stores declined 3.6%, while items purchased increased 0.4%. - FY2021MaterialisedAnnual report
「In addition to customer behavior such as buying in bulk when visiting less frequently and avoiding dining out by purchasing food at stores for at-home or ready-to-eat meals, the effects of extremely hot weather provided an additional boost. Items purchased increased 8.7% year on year at existing stores and 8.8% across all stores.」
During the pandemic, purchasing behavior shifted toward less frequent visits, bulk buying, and at-home and ready-to-eat meals. Customer traffic at existing stores declined 4.2%, while average spend per customer increased 10.1%. - FY2021-Q2MaterialisedAnnual report
「In addition to customer behavior such as buying in bulk when visiting less frequently and avoiding dining out by purchasing food at stores for at-home or ready-to-eat meals, the effects of extremely hot weather provided an additional boost. Items purchased increased 8.7% year on year at existing stores and 8.9% across all stores.」
During the COVID-19 pandemic, purchasing behavior shifted toward bulk buying while reducing visit frequency, and from dining out to at-home and ready-to-eat meals. Customer traffic at existing stores declined 2.5%, while items purchased increased 8.7% and average spend per customer increased 10.5%. - FY2021-Q1Changes in demand structure due to COVID-19Annual report
「In terms of sales trends, the company expects sales to increase as demand for meals prepared at home and ready-to-eat meals rises due to requests to refrain from going out and changes in lifestyles. On the other hand, it also expects sales to decline as consumer incomes fall amid stagnating economic activity and as consumers become more inclined to economize.」
The company indicated that COVID-19 was creating both an increase in demand for at-home meals and ready-to-eat meals, and a decrease in demand due to lower incomes and a greater focus on saving. - FY2020-Q3The impact of the consumption tax increase is now explicitly stated.Annual report
「During the third quarter of the consolidated fiscal year-to-date period, the Japanese economy remained in a situation with no clear outlook, amid the impact of trade friction on the global economy and uncertainty over the impact of the consumption tax increase on the domestic economy.」
As factors creating uncertainty over the outlook for personal consumption and the domestic economy, the company explicitly identified the potential future impact of a consumption tax increase in addition to the longstanding weakness in consumption and demographic trends. - FY2019-Q3RestatedAnnual report
「While the effective job openings-to-applicants ratio remained at a high level, personal consumption remained sluggish. The food retail industry, the group's core business, appeared to be affected by demographic trends and changes in consumption patterns.」
The company continues to state that, while the job-offers-to-applicants ratio remains high, personal consumption is weak and demographic trends and changes in the consumption structure are affecting the food retail industry. - FY2019-Q2Explicit recognition of demographic and consumption-structure impactsAnnual report
「While the effective job openings-to-applicants ratio remained at a high level, personal consumption remained sluggish. The food retail industry, the group's core business, appeared to be affected by demographic trends and changes in consumption patterns.」
In addition to weak personal consumption, the company explicitly identified demographic trends and changes in the consumption structure as structural factors affecting the demand environment for the food retail industry. - FY2018-Q3RestatedAnnual report
「During the first 9 months of the consolidated fiscal year, Japan's economy saw the effective job openings-to-applicants ratio exceed its bubble-era level and reach a level approaching that of the high-growth period. However, consumer spending remained sluggish, and there was no clear sense of expansion in domestic demand or economic recovery.」
While employment conditions remained strong, consumer spending continued to lack momentum, and the company reaffirmed that the recovery in economic conditions had not yet been felt. - FY2018-Q1WorsenedAnnual report
「During the first quarter of the fiscal year, Japan’s economy remained in a situation where the economic cycle could not be described as favorable, despite the effective job-offers-to-applicants ratio exceeding its bubble-era level and reaching a level close to that of the high-growth period, while consumer spending continued to stagnate.」
The company described the continued stagnation in consumer spending and stated that customer traffic at existing stores also declined 2.2% year on year. - FY2017WorsenedAnnual report
「Since the beginning of the fiscal year, customers’ purchasing trends have shifted toward greater caution, and competition among the company’s own stores resulting from new openings also had an impact, causing customer traffic at existing stores to decline 0.9% from the previous fiscal year.」
The company described the increasing caution in purchasing trends and the impact of competition among its own stores, with the annual decline in customer traffic at existing stores reaching 0.9% year on year. - FY2017-Q3Some improvement, while cautious purchasing continuesAnnual report
「During the first half of the nine-month period ended [date], Japan’s economy was stagnant due to the yen’s appreciation, influenced by the confused global situation, and slowing growth in regional economies, among other factors, but signs of improvement began to emerge in the second half. Since the beginning of the fiscal year, customers’ purchasing trends have shifted toward greater caution, and customer traffic at existing stores declined 0.4% from the same period of the previous year.」
While signs of improvement emerged in the economic environment from the second half, purchasing trends remained cautious and customer traffic at existing stores declined 0.4% year on year. - FY2017-Q2WorsenedAnnual report
「Customer purchasing trends became more cautious after the start of the consolidated fiscal year. Sales at existing stores increased by 0.3% from the same period of the previous year, while customer visits at existing stores declined by 0.6%.」
The company stated that purchasing trends had shifted toward greater caution and quantified this as a 0.6% year-on-year decline in customer traffic at existing stores. - FY2017-Q1WorsenedAnnual report
「The sense of stagnation has deepened due to the yen’s appreciation, influenced by the confused global situation, and slowing growth in regional economies resulting from the declining working-age population, among other factors.」
The company described slowing economic conditions and purchasing trends against a backdrop of yen appreciation, a declining working-age population and slowing growth in regional economies. - FY2016First statedAnnual report
「Real disposable income declined due to rising prices and higher individual contributions to social insurance premiums, which the company believes reflects weak personal consumption.」
The company stated that items purchased per transaction across all stores declined 0.4% year on year, while average spend per customer increased 1.8%.