Declines in consumer spending and inbound visitors due to economic conditions, disasters and diplomatic relations
First written in FY2017. 9 of 27 entries say "Mitigated", first in FY2023-Q2. Latest entry: FY2026-H1.
Wagokoro moved to the "Worse" side of this theme in 2018.
1 other company's latest entry also says "Mitigated".
- FY2026-H1MitigatedAnnual report
「In addition, the number of visitors to Japan in January–June 2026 was approximately 21.08 million, with the cumulative total through June exceeding 20 million for the second consecutive year (Source: Japan National Tourism Organization (JNTO)), and inbound demand has remained firm.」
Regarding the risk of a decline in visitors to Japan due to infectious diseases, diplomatic issues and other factors, it states that the number of visitors in the first half of 2026 was approximately 21.08 million, with the cumulative total for the first half exceeding 20 million for the second consecutive year. - 2026-05-14MitigatedRevision to earnings forecasts
「In addition, the number of overseas visitors to Japan from January through March 2026 was approximately 10.68 million. For the second consecutive year, the cumulative number through March exceeded 10 million, following the previous year, according to the Japan National Tourism Organization (JNTO), and inbound demand has remained healthy.」
The increase in overseas visitors to Japan and healthy inbound demand were cited as factors mitigating the risk of a decline in inbound visitors. - FY2025-H1MitigatedAnnual report
「In addition, the number of visitors to Japan in January–June 2025 was approximately 21.58 million, more than 3.7 million above the same period in 2024, surpassing 20 million in the first 6 months, the fastest pace on record (Source: Japan National Tourism Organization (JNTO)), and inbound demand has remained firm.」
Regarding the risk of a decline in visitors to Japan due to infectious diseases and other factors, it states that the number of visitors in the first half of 2025 was approximately 21.58 million, more than 3.7 million above the same period of the previous year. - FY2024MitigatedAnnual report
「In addition, the number of visitors to Japan in January–December 2024 was approximately 36.86 million, exceeding the annual total for the previous year (Source: Japan National Tourism Organization (JNTO)), and inbound demand has remained firm.」
Regarding the risk of a decline in visitors to Japan due to infectious diseases and other factors, it states that the number of visitors in 2024 was approximately 36.86 million, exceeding the previous year's figure. - FY2024-H1MitigatedAnnual report
「In addition, the number of visitors to Japan in January–June 2024 was approximately 17.77 million, exceeding the pre-pandemic level at 108.9% of the same period in 2019 (Source: Japan National Tourism Organization (JNTO)), and inbound demand has remained firm.」
It states that the impact of a decline in visitors to Japan due to infectious diseases and other factors was addressed as the number of visitors during the interim period reached 108.9% of the same period in 2019, exceeding pre-pandemic levels. - FY2024-Q1MitigatedAnnual report
「The number of visitors to Japan in January–March 2024 was approximately 8.55 million, exceeding the pre-pandemic level at 106.3% of the same period in 2019 (Source: Japan National Tourism Organization (JNTO)), and inbound demand has remained firm.」
Regarding the risk of a decline in visitors to Japan due to infectious diseases and other factors, it states that the number of visitors reached 106.3% of the same period in 2019, exceeding pre-pandemic levels. - FY2023MitigatedAnnual report
「The annual number of visitors to Japan in 2023 was 25,066,100. Following the removal of border control measures in April, the number of visitors to Japan recovered sharply and continued to rise, exceeding 100% of the level in the corresponding month of 2019 for the first time in October. On a cumulative annual basis, it recovered to 78.6% of the 2019 level, or approximately 80%.」
Although risks remain of a decline in visitors to Japan due to infectious diseases, diplomatic issues and other factors, the number of visitors in 2023 recovered to 78.6% of the 2019 level, mitigating the impact. - FY2023-Q3MitigatedAnnual report
「The number of foreign visitors to Japan in January–September 2023 increased 1,588.9% year on year (Source: Japan National Tourism Organization (JNTO)), recovering to a level 28.8% below the same period in 2019, or approximately 70% of the pre-pandemic level.」
The number of foreign visitors to Japan increased significantly year on year, and the decline from the same period in 2019 narrowed to 28.8%. However, it had still not reached pre-pandemic levels. - FY2023-Q2MitigatedAnnual report
「The number of foreign visitors to Japan in January–June 2023 increased 2,010.2% year on year (Source: Japan National Tourism Organization (JNTO)), recovering to a level 35.6% below the same period in 2019.」
The number of foreign visitors to Japan increased significantly year on year, and the decline from the same period in 2019 narrowed to 35.6%. However, it had still not reached 2019 levels. - FY2023-Q1Visitors to Japan surged, but recovery remained incomplete versus 2019Annual report
「The number of visitors to Japan in January–March 2023 increased 4,661.4% year on year (Source: Japan National Tourism Organization (JNTO)) on the back of stronger demand for travel to Japan and the resumption of cruise ship operations, recovering to a level 40.5% below the same period in 2019.」
It states that the number of visitors to Japan increased significantly year on year and that the decline from the same period in 2019 narrowed to 40.5%, although it had not yet recovered to 2019 levels. - FY2022Sharp increase year on year but still below 2019 levelsAnnual report
「The number of visitors to Japan in 2022 increased 1,458.6% year on year (Source: Japan National Tourism Organization (JNTO)), but was down 88.0% from the same period in 2019 (Source: Japan National Tourism Organization (JNTO)), and inbound spending has not yet recovered.」
It states that the number of visitors to Japan increased significantly year on year, but was down 88.0% from 2019, and that inbound spending had not recovered. - FY2022-Q3Up year on year but still below 2019 levelsAnnual report
「The number of foreign visitors to Japan in January–September 2022 increased 438.5% year on year (source: Japan National Tourism Organization (JNTO)), but was still down 95.8% from the same period in 2019 (source: Japan National Tourism Organization (JNTO)), and inbound spending had not yet recovered.」
Although the number of foreign visitors to Japan increased year on year, it was down 95.8% from the same period in 2019, and the company explained that inbound spending had not yet recovered. - FY2022-Q2Up year on year but still below 2019 levelsAnnual report
「The number of foreign visitors to Japan in January–June 2022 increased 427.1% year on year (source: Japan National Tourism Organization (JNTO)), but was still down 96.9% from the same period in 2019 (source: Japan National Tourism Organization (JNTO)), and inbound spending had not yet recovered.」
Although the number of foreign visitors to Japan increased year on year, it was down 96.9% from the same period in 2019, and the company explained that inbound spending had not yet recovered. - FY2022-Q1Up year on year but still below 2019 levelsAnnual report
「The number of foreign visitors to Japan in January–March 2022 increased 52.1% year on year (source: Japan National Tourism Organization (JNTO)), but was still down 98.8% from the same period in 2019 (source: Japan National Tourism Organization (JNTO)), and inbound spending had not yet recovered.」
Although the number of foreign visitors to Japan increased year on year, it was down 98.8% from the same period in 2019, indicating that inbound spending had not yet recovered. - FY2021WorsenedAnnual report
「The number of foreign visitors to Japan in 2021 fell 94.0% from 2020 (source: 2021 Japan National Tourism Organization (JNTO)), and there was no clear prospect of a recovery.」
The substantial decline in foreign visitors to Japan continued on an annual basis, and the company described a situation with no clear prospect of recovery. - FY2021-Q3RestatedAnnual report
「The number of foreign visitors to Japan in January–September 2021 fell 95.2% year on year (source: Japan National Tourism Organization (JNTO)), and inbound spending also weakened.」
The substantial decline in foreign visitors to Japan and inbound spending due to the novel coronavirus infection has continued. - FY2021-Q2RestatedAnnual report
「The number of foreign visitors to Japan in January–June 2021 fell 97.6% year on year (source: Japan National Tourism Organization (JNTO)), and inbound spending also weakened.」
The substantial decline in foreign visitors to Japan and inbound spending due to the novel coronavirus infection has continued. - FY2021-Q1WorsenedAnnual report
「The number of foreign visitors to Japan in January–March 2021 fell 98.3% year on year (source: Japan National Tourism Organization (JNTO)), and inbound spending also weakened.」
The decline in foreign visitors to Japan due to the novel coronavirus infection was shown by an even larger year-on-year decrease of 98.3%. - FY2020-Q3WorsenedAnnual report
「The number of foreign visitors to Japan in January–September 2020 fell 83.7% year on year (source: Japan National Tourism Organization (JNTO)), and inbound spending also weakened.」
The decline in foreign visitors to Japan and tourism demand due to the novel coronavirus infection was shown by an even larger year-on-year decrease of 83.7%. - FY2020-Q2WorsenedAnnual report
「The number of foreign visitors to Japan in January–June 2020 fell 76.3% year on year (source: Japan National Tourism Organization (JNTO)), and inbound spending also weakened.」
The company described a specific deterioration in tourism demand due to the novel coronavirus infection, with the number of foreign visitors to Japan down 76.3% year on year. - FY2020-Q1WorsenedAnnual report
「The World Health Organization (WHO) declared the recent spread of the novel coronavirus to be a pandemic, or a worldwide outbreak. Tourism demand, including inbound demand, has declined sharply, resulting in lower visitor numbers and sales. There is no clear prospect of the outbreak ending, and further spread of the infection and a prolonged stagnation in economic activity are expected, which could have a significant impact on the company's operating results and financial condition.」
Regarding the novel coronavirus infection, which was described as having an actual impact in the previous fiscal year, the company indicated that the scope of the impact had expanded to include declines in tourism demand, visitor numbers and sales, as well as the uncertain timing of the outbreak's end and the possibility of a prolonged stagnation. - FY2019MaterialisedAnnual report
「The World Health Organization (WHO) declared the recent spread of the novel coronavirus to be a pandemic, or a worldwide outbreak. Tourism demand, including inbound demand, has declined sharply, resulting in lower visitor numbers and sales.」
The previously anticipated risks of infectious diseases and declining tourism demand materialized as lower visitor numbers and sales due to the spread of the novel coronavirus. - FY2019-Q3MaterialisedAnnual report
「The company's operating environment was affected by various factors, including a slight decline in travel spending by Japanese people, an increase in travel spending by visitors from Europe, the United States and Australia, a sharp decline in South Korean tourists due to deteriorating Japan–South Korea relations, a shift in foreign tourists' spending from goods in major cities to experiences in regional areas, natural disasters and adverse weather.」
Previously identified external-environment risks, including a sharp decline in South Korean tourists due to deteriorating Japan–South Korea relations, changes in travel spending, natural disasters and adverse weather, materialized in the business environment. - FY2019-Q2WorsenedAnnual report
「The company's operating environment included economic indicators supporting higher consumption, such as an improvement in the jobs-to-applicants ratio and a decline in the unemployment rate. However, domestic consumers' propensity to spend could not be described as strong, given concerns about the global economy and anxiety over Japan's declining birthrate, aging population and retirement. Despite the approaching 2020 Tokyo Olympics, neither growth in the number of foreign tourists visiting Japan nor an increase in their per-capita spending warranted optimism, due to the deterioration in Japan–South Korea relations, described as the worst since the end of World War II, and the stronger yen.」
In addition to weak domestic consumption, the company described concerns about the number of visitors from South Korea and per-capita spending by foreign visitors due to deteriorating Japan–South Korea relations and the stronger yen. Although the business and other risks section stated that there were no material changes, the description of the operating environment presented a cautious outlook. - FY2018-Q3MaterialisedAnnual report
「Although the favorable environment continued, with the number of foreign visitors to Japan rising 10.7% year on year to 23.47 million in the January–September 2018 period (source: Japan National Tourism Organization), the figure for September fell 5.3% year on year to 2.16 million due to the closure of Kansai International Airport following Typhoon Jebi and the closure of New Chitose Airport following the Eastern Iburi Earthquake in Hokkaido on 6 September 2018.」
Airport closures caused by typhoons and earthquakes occurred, and the number of foreign visitors to Japan declined year on year in September. - FY2018-Q2MaterialisedAnnual report
「The company was affected by a sharp decline in visitor numbers, particularly in the Kyoto area where most of its stores are located, due to the Northern Osaka Earthquake on 18 June and the heavy rains in western Japan from 28 June onward.」
The previously identified risk of declining visitor numbers due to earthquakes, heavy rain and other events materialized. - FY2017First statedAnnual report
「Wars, conflicts or terrorism in Japan, outbreaks of infectious diseases, natural disasters such as major earthquakes and typhoons, and a decline in foreign visitors to Japan due to deteriorating diplomatic relations could affect the company's operating results and financial condition.」
While identifying the expansion of inbound demand as an opportunity, the company also discloses the factors that could reverse this trend as risks.