Weak Personal Consumption Due to Sluggish Real Income Growth and a Focus on Thrift
First written in FY2017-Q1. 12 of 34 entries say "Restated". Latest entry: FY2027-H1.
Fuji 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: 53 of 68 companies on the "Worse" side.
10 other companies' latest entry also says "Other".
- FY2027-H1Improved income environment coexisting with a preference for thriftAnnual report
「Although the income environment has improved due to wage increases, competition has become even more intense as a result of continued strong consumer thrift and competition based on low prices and value-added offerings.」
The company states that although the income environment has improved as a result of wage increases, consumers' preference for thrift remains strong, intensifying competition centered on low prices and value-added offerings. - FY2026RestatedAnnual report
「Persistent price increases have led to stagnant real income growth and a stronger desire to protect household finances, while personal consumption continues to reflect a preference for saving, leaving the outlook uncertain.」
Continues to cite the difficult conditions facing personal consumption due to rising prices, sluggish real income growth, increased household budget-consciousness and a greater preference for frugality. - 2026-04-21RestatedGeneral Meetings of Shareholders
「As awareness of the need to protect household finances has increased amid continuing price inflation, personal consumption has remained focused on saving, and the outlook has continued to be uncertain.」
The Company states that price inflation, the heightened awareness of protecting household finances and consumer thrift have continued. - FY2026-H1RestatedAnnual report
「The environment surrounding the retail industry also remains difficult due to market contraction caused by population decline and declining birth rates combined with an aging population, intensifying competition across business formats, the impact on personal consumption of a stronger desire to protect household finances, and rising costs including labor costs.」
It identifies population decline, declining birth rates and an aging population, intensifying competition, and the impact of a stronger desire to protect household finances on personal consumption as factors contributing to the continued difficult retail environment. - FY2025-Q1MaterialisedAnnual report
「Conditions remained difficult, as the real decline in wages and pensions caused by higher prices and the end of the recovery in service consumption following the reclassification of COVID-19 as a Category 5 disease affected personal consumption.」
It records the deterioration in real income conditions caused by higher prices and the end of the recovery in service consumption as factors affecting personal consumption. - FY2024-Q3MaterialisedAnnual report
「Personal consumption declined 0.2% quarter on quarter in the July–September quarter. In addition, real wages in October fell 2.3% quarter on quarter, marking a decline for the 19th consecutive month, and the environment surrounding daily life and business remained difficult.」
The 0.2% quarter-on-quarter decline in personal consumption and the 19th consecutive monthly decline in real wages in October, down 2.3% quarter on quarter, provided evidence of weak personal consumption and difficult income conditions. - FY2024-Q2Recovery in demand alongside weak personal consumptionAnnual report
「Although the movement of people increased after COVID-19 was reclassified as a Category 5 disease, the environment surrounding daily life and business remained difficult due in part to high prices caused by rising resource and raw material prices. Personal consumption declined 0.6% quarter on quarter in the April–June quarter, while real wages in July fell 2.5% quarter on quarter, marking a decline for the 16th consecutive month.」
While the transition to a post-COVID society has increased the movement of people and supported a recovery in demand, high prices coexisted with a 0.6% quarter-on-quarter decline in personal consumption and a 16th consecutive monthly decline in real wages, which fell 2.5% year on year. - FY2024-Q1Recovery in demand accompanying the transition to a post-COVID society alongside high pricesAnnual report
「After the legal classification of COVID-19 was changed to a Category 5 infectious disease, the movement of people increased and opportunities to go out and inbound demand approached pre-COVID levels, maintaining a gradual recovery trend toward a post-COVID society. Although high prices caused by rising resource and raw material prices had a negative impact, personal consumption increased due to recovering demand for accommodation, dining, services and transportation, as well as a recovery in automobile sales resulting from easing supply constraints.」
While indicating a recovery in personal consumption following the reclassification of COVID-19 as a Category 5 disease and the recovery in the movement of people, it states that high prices caused by rising resource and raw material prices remain a negative factor. - FY2023WorsenedAnnual report
「The company is also advancing management integration with a view to launching a new merged company in March 2024, while recognizing as new challenges the need to respond to the stronger desire to protect household finances amid inflation and changes in behavior accompanying the transition to a post-COVID society.」
In addition to the previously cited stagnant income growth and preference for saving, it identifies the stronger desire to protect household finances amid inflation and behavioral changes resulting from the transition to a post-COVID society as new challenges. - FY2023-Q3RestatedAnnual report
「Despite the seventh wave of infections, spending on service consumption, including travel, leisure and dining out, maintained its recovery trend as Japan entered its first summer holiday and leisure season in 3 years without restrictions on activities, supported also by the national travel assistance program.」
Service consumption, including travel, leisure and dining out, maintained its recovery trend against a backdrop of summer holidays and the leisure season without restrictions on activities, as well as the national travel assistance program. - FY2023-Q2Recovery in demand for going out and decline in demand for home diningAnnual report
「Although many businesses and formats severely affected by COVID-19 had begun to recover, the company faces longstanding challenges including market contraction due to population decline, mature consumption, competition across industry and format boundaries, and the need to respond to new lifestyles led by Generation Z. It also faces new challenges, including the need to respond quickly to changing demand, such as declining demand for home-prepared meals and stay-at-home consumption, and higher costs resulting from rising raw material prices and utility expenses.」
It describes a change in the demand structure, with demand for going out, travel and dining out recovering while demand for home dining and stay-at-home consumption declines. - FY2023-Q1Changes in demand structure and partial recoveryAnnual report
「Although many businesses and business formats severely affected by the COVID-19 pandemic have moved toward recovery, they face new challenges, including responding quickly to changing demand as demand for home dining and stay-at-home consumption eases, and higher costs due to rising raw material prices and utility costs.」
While indicating partial recovery in businesses weakened by the COVID-19 pandemic, it states that the demand structure has changed as demand for home dining and stay-at-home consumption eases, creating new challenges requiring a response. - FY2022WorsenedAnnual report
「In addition, price competition is expected to intensify further as customers become more focused on protecting their household finances.」
It newly explicitly indicates that a stronger desire to protect household finances is expected to lead to further intensification of price competition. - FY2022-Q1WorsenedAnnual report
「Conditions remained difficult, as the increase in new cases heightened consumers' vigilance against the spread of infections, while measures by national and local governments to prevent the spread of infections restricted the movement of people.」
Increased vigilance over rising cases and restrictions on the movement of people have continued to make personal consumption and the demand environment difficult. - FY2021WorsenedAnnual report
「Consumer behavior was heavily restricted during the COVID-19 pandemic, and the resulting rapid changes in demand and consumption behavior led consumers to refrain from purchasing nonessential and non-urgent products, causing sales of apparel and other goods to decline sharply. Meanwhile, the rapid increase in stay-at-home demand due to restrictions on going out supported steady demand for daily necessities, particularly food.」
It explicitly identifies increased demand for daily necessities alongside restraint in purchasing nonessential and non-urgent products and a sharp decline in sales of apparel and other goods as the consumption environment for the full fiscal year. - FY2021-Q3RestatedAnnual report
「In the retail industry as well, demand for daily necessities, particularly food, continued to increase as demand for home dining and stay-at-home consumption expanded. However, consumers continued to refrain from purchasing nonessential and non-urgent products, forcing sales to decline and resulting in difficult conditions overall.」
Alongside increased demand for daily necessities, restraint in purchasing nonessential and non-urgent products and declining sales have continued. - FY2021-Q2MaterialisedAnnual report
「In the retail industry, demand for daily necessities, particularly food, continued to increase after the state of emergency was declared in April. However, consumers continued to refrain from purchasing nonessential and non-urgent products, forcing sales to decline and resulting in difficult conditions overall.」
It states that, despite increased demand for daily necessities, restraint in purchasing nonessential and non-urgent products and declining sales actually occurred. - FY2021-Q1WorsenedAnnual report
「In the retail industry, although demand for daily necessities, particularly food, increased during the COVID-19 pandemic, sales of nonessential and non-urgent products were forced down as consumers refrained from shopping due to restrictions on going out, resulting in difficult conditions overall.」
In addition to the previously cited preference for saving and weak consumption, restrictions on going out during the COVID-19 pandemic and consumers' restraint in purchasing nonessential and non-urgent products were reflected in lower sales. - FY2020WorsenedAnnual report
「In addition, the market is expected to shrink due to declining birth rates, an aging population and population decline, while competition across industries and business formats is expected to intensify. Price increases for goods and services caused by soaring raw material prices and labor shortages, together with a decline in consumption as concerns about future social security heighten the desire to protect household finances, are expected to result in an increasingly difficult operating environment.」
In addition to the previously cited market contraction, intensifying competition and preference for saving, it expects an increasingly difficult environment against a backdrop of price increases caused by higher raw material prices and labor shortages, and the impact of the spread of COVID-19 on consumption and economic activity. - FY2020-Q3WorsenedAnnual report
「The retail industry continues to face a difficult operating environment due to intensifying competition across industries and business formats, market contraction caused by population aging and decline, an entrenched preference for saving due to stagnant real wage growth and concerns about the future, and the impact of an increase in the consumption tax rate.」
Regarding the increase in the consumption tax rate, the current quarter describes it as an “impact” rather than the “assumption” used previously, continuing to indicate difficult conditions surrounding personal consumption. - FY2020-Q2WorsenedAnnual report
「The retail industry continues to face a difficult operating environment due to intensifying competition across industries and business formats, market contraction caused by population aging and decline, an entrenched preference for saving due to stagnant real wage growth and concerns about the future, and the anticipated costs associated with an increase in the consumption tax rate and resulting weakness in consumer sentiment.」
In addition to the previously cited market contraction, stagnant real wage growth and preference for saving, it explicitly identifies the costs associated with an increase in the consumption tax rate and weaker consumer sentiment as factors driving deterioration. - FY2020-Q1WorsenedAnnual report
「The retail industry continues to face a difficult operating environment due to intensifying competition across industries and business formats, market contraction caused by population aging and decline, an entrenched preference for saving due to stagnant real wage growth, and the planned increase in the consumption tax rate.」
In addition to intensifying competition, market contraction, stagnant real wage growth and a preference for saving, it explicitly identifies the planned increase in the consumption tax rate as a factor worsening the personal consumption environment. - FY2019-Q3WorsenedAnnual report
「However, personal consumption remains uncertain as a persistent preference for saving has become entrenched due to successive natural disasters, including the July 2018 heavy rain disaster that caused extensive damage in the Chugoku and Shikoku regions, fluctuations in domestic and overseas political and economic conditions, stagnant real wage growth, and rising prices.」
In addition to the previously cited stagnant income growth, rising prices and preference for saving, it explicitly identifies successive natural disasters, including those affecting the Chugoku and Shikoku regions, as sources of uncertainty for personal consumption. - FY2019-Q2RestatedAnnual report
「However, personal consumption remains uncertain as a strong inclination to save has become entrenched due to stagnant real wage growth and rising prices, in addition to the effects of fluctuations in domestic and overseas political and economic conditions.」
It continues to cite uncertainty surrounding personal consumption due to stagnant real wage growth, rising prices and a preference for saving. - FY2019-Q1WorsenedAnnual report
「However, personal consumption remains uncertain as a strong inclination to save has become entrenched due to stagnant real wage growth and rising prices, in addition to the effects of fluctuations in domestic and overseas political and economic conditions.」
In addition to the previously cited stagnant income growth and preference for saving, it explicitly identifies stagnant real wage growth and rising prices as factors. - FY2018-Q3RestatedAnnual report
「However, personal consumption is expected to remain sluggish, as consumers' preference for saving in response to concerns about the future has become entrenched.」
It states that weak personal consumption is expected to continue against a backdrop of concerns about the future and a preference for saving. - FY2018-Q2RestatedAnnual report
「However, personal consumption is expected to remain sluggish, as consumers' preference for saving in response to concerns about the future has become entrenched.」
It states that weak personal consumption is expected to continue against a backdrop of concerns about the future and a preference for saving. - FY2018-Q1RestatedAnnual report
「Personal consumption is expected to remain sluggish due to an entrenched preference for saving prompted by concerns about the future and stagnant income growth.」
It continues to describe weak personal consumption against a backdrop of concerns about the future and stagnant income growth. - FY2017WorsenedAnnual report
「In Japan, the market is expected to continue shrinking due to declining birth rates, an aging population and population decline. The operating environment is also expected to remain difficult due to price increases for goods and services caused by labor shortages and a growing desire to protect household finances amid concerns about tax increases and social security.」
In addition to stagnant real income growth and a preference for saving, it cites market contraction due to population decline, price increases, and a desire to protect household finances arising from concerns about tax increases and social security, thereby broadening the risks surrounding the demand environment. - FY2017-Q3RestatedAnnual report
「Personal consumption has also remained sluggish due to stagnant real income growth and a stronger preference for saving.」
It continues to cite weak personal consumption caused by stagnant real income growth and a stronger preference for saving. - FY2017-Q2RestatedAnnual report
「Personal consumption has also remained sluggish due to stagnant real income growth and a stronger preference for saving.」
It continues to cite weak personal consumption caused by stagnant real income growth and a stronger preference for saving. - FY2017-Q1First statedAnnual report
「Personal consumption has also remained sluggish due to stagnant real income growth and a stronger preference for saving.」
It indicates weak demand against a backdrop of income levels and consumers' preference for saving.