Declining Public Transportation Passenger Numbers and Sales Due to Declining Birthrates, Population Aging and Population Decline
First written in FY2016. 6 of 8 entries say "Worsened", first in FY2017. Latest entry: FY2026.
Nankai moved to the "Worse" side of this theme in 2017, 4 years before the typical company in this theme (2021).
The whole theme swung hardest in 2024: 3 of 10 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Looking ahead to severe changes in the future business environment, including the expectation that population decline in the business area will progress markedly even compared with other areas,」
Population decline in the business area is expected to progress markedly compared with other areas, making the previously disclosed risks of population decline and declining passenger numbers clearer. - 2026-04-30WorsenedEarnings presentation
「The impact of the decline following the Osaka-Kansai Expo and deteriorating Japan–China relations」
The fiscal 2026 earnings forecast explicitly identified the impact of deteriorating Japan–China relations on demand and performance in addition to the decline following the Expo. - FY2025-H1WorsenedAnnual report
「Meanwhile, structural declines in demand for the railway business remain unchecked due to declining populations along the railway lines and changes in lifestyles resulting from the COVID-19 pandemic, among other factors.」
In explaining the purpose of the merger with Senboku Rapid Railway, the previously disclosed risk of declining demand due to population decline and other factors was described more clearly as a situation in which the structural decline in demand for the railway business remains unchecked. - FY2022RestatedAnnual report
「Passenger numbers in the transportation business, including the railway business, may decline due to the declining birthrate and aging population, population trends in areas along the railway lines, employment conditions and trends in the number of users of Kansai International Airport, including inbound visitors. In addition, revenue in the real estate, retail, leisure and services businesses may be affected by domestic and overseas economic trends, consumer trends and changes in market needs.」
The risks of declining demand and revenue due to population, employment, airport-user numbers, and economic and consumer trends continue to be disclosed. - FY2020WorsenedAnnual report
「Passenger numbers in the transportation business, including the railway business, may decline due to the declining birthrate and aging population, population trends in areas along the railway lines, employment conditions and trends in the number of users of Kansai International Airport, including inbound visitors. In addition, revenue in the real estate, retail, leisure and services businesses may be affected by domestic and overseas economic trends, consumer trends and changes in market needs.」
Population along the railway lines, employment conditions and the number of users of Kansai International Airport, including inbound visitors, are explicitly identified as risks to passenger numbers and revenue. - FY2018WorsenedAnnual report
「Passenger numbers in the transportation business, including the railway business, may decline due to the declining birthrate and aging population, population trends in areas along the railway lines, employment conditions and trends in the number of users of Kansai International Airport. In addition, revenue in the retail, leisure and services businesses may be affected by domestic and overseas economic trends, consumer trends and changes in market needs.」
The population along the railway lines was explicitly identified as a factor contributing to the risk of declining demand, in addition to the declining birthrate and aging population and other factors previously disclosed. - FY2017WorsenedAnnual report
「Passenger numbers in the transportation business, including the railway business, may decline due to the declining birthrate and aging population, employment conditions in areas along the railway lines, trends in the number of Kansai International Airport users and other factors. Revenue from the retail, leisure and services businesses and other operations may be affected by domestic and overseas economic conditions, consumer trends and changes in market needs. In addition, foreign-exchange fluctuations, higher electricity charges due to surging crude oil prices, and higher material prices may affect the group's performance.」
In addition to the risk of declining demand, factors such as market needs, foreign exchange rates and material prices were added, broadening the scope of disclosed impact factors. - FY2016First statedAnnual report
「Passenger numbers in the transportation business, including the railway business, may decline due to the declining birthrate and aging population, diversification of employment patterns in areas along the railway lines, trends in the number of Kansai International Airport users and other factors. Revenue from merchandise sales, services and other businesses may also be affected by domestic and overseas economic conditions and consumer trends.」
Population trends, employment patterns, airport users, and economic and consumer trends were cited as factors driving demand fluctuations.