Stagnating Consumer Spending and Uncertainty Over the Economic Recovery
First written in FY2017-Q1. 10 of 38 entries say "Worsened", first in FY2017-Q2. Latest entry: 2026-10-13.
Arclands moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 53 of 68 companies on the "Worse" side.
29 other companies' latest entry also says "Restated".
- 2026-10-13RestatedEarnings
「継続する円安や原材料高を背景に生活必需品等の価格上昇が続いており、消費者の生活防衛意識から個人消費は力強さを欠く状況が続いております。」
個人消費の慎重化と物価・原材料高による外部環境の不透明感が継続して示された。 - FY2027-H1WorsenedAnnual report
「During the current interim consolidated accounting period (1 March 2026 to 31 August 2026), the Japanese economy saw improvements in income due to wage increases. However, consumers remained strongly focused on protecting their household finances as prices of daily necessities rose amid the continued depreciation of the yen and higher raw material costs, and personal consumption remained sluggish.」
Despite improved income, consumers continued to focus on protecting their household finances because of the weaker yen, higher raw material costs and rising prices for daily necessities, and personal consumption was described as sluggish. - FY2026Economic recovery coexisting with higher prices and costs and more cautious consumptionAnnual report
「During the consolidated fiscal year under review, Japan’s economy remained on a gradual recovery trend, supported by improvements in employment and income conditions and strong inbound demand, although the effects of US trade policy persisted to some extent. Meanwhile, prices continued to rise and real wages remained weak, and personal consumption continued to show cautious trends. In addition to persistently high raw material, logistics and energy costs, higher financing costs resulting from rising interest rates also weighed on corporate earnings.」
While a gradual economic recovery and inbound demand were indicated, rising prices, weak real wages, more cautious personal consumption, and higher raw material, logistics, energy and financing costs became evident. - 2026-04-14RestatedRevision of earnings forecasts
「At the same time, personal consumption remained cautious amid continuing price increases and persistently weak real wages.」
Cautious personal consumption continued amid price increases and weak real wages. - FY2026-H1Economic recovery coexisting with higher real burdens, elevated costs and restrained consumer spendingAnnual report
「During the interim consolidated accounting period from 1 March 2025 to 31 August 2025, Japan’s economy maintained a gradual recovery trend. In addition to resilient employment and income conditions, the recovery in inbound demand provided support, particularly for tourism and dining out. However, although wages have begun to recover, prices have continued to rise faster, and personal consumption has remained restrained due to the increased real burden on consumers.」
The economy’s gradual recovery trend and the recovery in inbound demand were indicated, while personal consumption was described as restrained by the increased real burden resulting from rising prices, demonstrating the coexistence of recovery and more cautious consumer spending. - FY2025Economic recovery coexisting with cautious consumer spending and elevated costsAnnual report
「During the consolidated fiscal year under review, Japan’s economy remained on a recovery trend, supported by improvements in employment and income conditions and growing inbound demand. However, rising prices and surging energy costs heightened consumers’ focus on protecting their household finances, leading to more cautious spending.」
While the economy was described as being on a recovery trend, rising prices and energy costs heightened consumers’ focus on protecting their household finances and led to more cautious spending. - FY2025-H1Economic recovery coexisting with overseas and financial-market risksAnnual report
「During the interim consolidated accounting period (from 1 March 2024 to 31 August 2024), the Japanese economy maintained its recovery trend, supported by the normalisation of economic activity and increased inbound consumption. However, the economic outlook remained uncertain as persistently high raw-material and energy prices resulting from the prolonged situation in Ukraine and tensions in the Middle East coincided with sharp fluctuations in exchange rates.」
While the recovery trend supported by the normalisation of economic activity and inbound consumption continued, tensions in the Middle East in addition to the situation in Ukraine, persistently high raw-material and energy prices, and sharp exchange-rate fluctuations were identified as sources of uncertainty. - FY2025-Q1Economic recovery and increased inbound consumption coexisting with overseas risks and higher costsAnnual report
「The economy showed a gradual recovery as economic activity normalised and inbound consumption increased. However, the economic outlook remained uncertain and difficult owing to persistently high energy and raw-material prices resulting from the prolonged situation in Ukraine and the yen's depreciation.」
A recovery supported by the normalisation of economic activity and increased inbound consumption was identified, while uncertainty owing to the situation in Ukraine, the weaker yen, and persistently high energy and raw-material prices continued. - FY2024Progress toward normalisation coexisting with overseas risks and higher costsAnnual report
「Following the reclassification of COVID-19 as a Class 5 disease, the economy was gradually recovering as normal economic activity before the pandemic was restored. However, the economic outlook remained uncertain and difficult owing to the prolonged situation in Ukraine, the yen's continued depreciation, and persistently high energy and raw-material prices.」
The restoration of normal economic activity before the pandemic was identified as a positive factor, while uncertainty owing to the situation in Ukraine, the weaker yen, and persistently high energy and raw-material prices continued. - FY2024-Q3Progress toward economic normalisation coexisting with overseas risks and higher costsAnnual report
「The reclassification of COVID-19 as a Class 5 disease supported progress toward normalising economic activity and a gradual economic recovery. However, the economic outlook remained uncertain and difficult owing to the prolonged situation in Ukraine, the yen's continued depreciation, and persistently high energy and raw-material prices.」
While progress toward normalising economic activity and the move toward economic recovery became more evident than in the previous quarter, uncertainty owing to the situation in Ukraine, the weaker yen, and persistently high energy and raw-material prices continued. - FY2024-Q2Recovery following the reclassification of COVID-19 and higher costsAnnual report
「During the second quarter of the fiscal year (from 1 March 2023 to 31 August 2023), the economy was moving toward a gradual recovery following the reclassification of COVID-19 as a Class 5 disease. However, the economic outlook remained uncertain and difficult owing to the prolonged situation in Ukraine, the yen's continued depreciation, and persistently high energy and raw-material prices.」
The reclassification of COVID-19 as a Class 5 disease was identified as a factor supporting a gradual economic recovery, while uncertainty owing to the prolonged situation in Ukraine, the weaker yen, and persistently high energy and raw-material prices continued. - FY2024-Q1Economic normalisation coexisting with an overseas slowdown and higher costsAnnual report
「As restrictions associated with COVID-19 were eased, economic activity gradually moved toward normal. However, concerns over a slowdown in overseas economies and persistently high energy and raw-material prices owing to the prolonged situation in Ukraine meant that the economic outlook remained uncertain and difficult.」
The easing of activity restrictions and progress toward economic normalisation were identified, while concerns over a slowdown in overseas economies, the prolonged situation in Ukraine, and persistently high energy and raw-material prices continued to create uncertainty over the economy. - FY2023-Q3Signs of normalising economic activity coexisting with higher costs and a weaker yenAnnual report
「During the third quarter of the fiscal year (from 1 March 2022 to 30 November 2022), restrictions on economic activity related to COVID-19 were eased and signs of a return to normal emerged. However, the economic outlook remained uncertain and difficult owing to higher raw-material prices resulting from the situation in Ukraine and the yen's continued depreciation.」
The easing of restrictions on economic activity and signs of a return to normal were identified, while the situation in Ukraine, higher raw-material prices, and the yen's depreciation continued as external factors affecting the environment, maintaining the view that the outlook was uncertain and difficult. - FY2023-Q2WorsenedAnnual report
「During the second quarter of the fiscal year (from 1 March 2022 to 31 August 2022), social and economic activity was beginning to normalise as restrictions on activity were eased amid a resurgence of COVID-19 infections. However, the economic outlook remained uncertain and difficult owing to geopolitical risks arising from the situation in Ukraine and the impact of higher crude oil and raw-material prices on consumer spending.」
The trend of declining infections in the previous quarter turned to a resurgence, while geopolitical risks arising from the situation in Ukraine, higher crude oil and raw-material prices, and their impact on consumer spending were newly identified. - FY2023-Q1WorsenedAnnual report
「COVID-19 infections were trending downward and the economy began moving toward coexistence with the virus. However, the economic outlook remained uncertain and difficult owing to the rapid depreciation of the yen, successive product price increases accompanying higher energy and raw-material prices, and the impact of the Russia-Ukraine situation on the global economy.」
While infections were described as trending downward, the rapid depreciation of the yen, higher energy and raw-material prices, product price increases, and the Russia-Ukraine situation were added, and the view that the economic outlook was uncertain and difficult continued. - FY2022WorsenedAnnual report
「During the fiscal year, the Japanese economy remained in a difficult situation as the COVID-19 pandemic repeatedly ebbed and flowed. The outlook remained uncertain owing to factors including the impact of COVID-19 trends in Japan and overseas and economic sanctions imposed by countries in response to Russia's invasion of Ukraine.」
While the pandemic continued, Russia's invasion of Ukraine and economic sanctions imposed by countries were explicitly identified as new sources of uncertainty over the economic outlook. - FY2022-Q3Fewer infections coexisting with concerns over variantsAnnual report
「During the third quarter of the fiscal year (from 21 February 2021 to 20 November 2021), the economy was recovering gradually as infections declined with the spread of COVID-19 vaccinations and various policies took effect. However, concerns over the spread of new variants persisted, and the outlook remained uncertain.」
The economy was described as recovering gradually as vaccinations became widespread and infections declined, while concerns over the spread of new variants continued to support the view that the outlook was uncertain. - FY2022-Q2Continued spread of infection coexisting with the rollout of vaccinationsAnnual report
「During the second quarter of the fiscal year (from 21 February 2021 to 20 August 2021), vaccinations against COVID-19 had begun, but the spread of infections continued, with declarations of a state of emergency and other measures issued intermittently, and the outlook remained uncertain.」
While the start of vaccinations was a positive factor, intermittent declarations of a state of emergency and other measures and the continued spread of infections maintained the view that the outlook was uncertain. - FY2022-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (from 21 February 2021 to 20 May 2021), the Japanese economy was significantly affected by economic activity restrictions, including renewed declarations of a state of emergency and the implementation of priority preventive measures in some regions, as COVID-19 infections resurged. Although some positive signs emerged, including the start of vaccinations, the economic outlook remained uncertain and difficult.」
The resurgence of COVID-19 and the impact of declarations of a state of emergency and other measures on economic activity were explicitly identified, and the uncertain and difficult outlook continued. At the same time, the start of vaccinations was added as a positive sign. - FY2021RestatedAnnual report
「During the fiscal year, the Japanese economy remained in a difficult situation because of the impact of the spread of COVID-19. Various government policies were implemented and some signs of recovery were seen, but infections spread again, leaving no clear prospect of containment and the outlook uncertain.」
The difficult economic environment caused by the spread of COVID-19 and uncertainty over renewed spread and the prospect of containment continued throughout the fiscal year. - FY2021-Q3WorsenedAnnual report
「During the third quarter of the fiscal year (from 21 February 2020 to 20 November 2020), the Japanese economy deteriorated rapidly as the spread of COVID-19 caused economic activity in Japan and overseas to stagnate and contract. After the state of emergency was lifted, some signs of recovery emerged in domestic economic activity, but the spread of a third wave could not be contained, and uncertainty over the outlook continued.」
Amid continued rapid economic deterioration and uncertainty, the inability to contain the spread of a third wave was newly stated explicitly. - FY2021-Q2Early signs of a partial recovery amid continued rapid deteriorationAnnual report
「The economy deteriorated rapidly as the spread of COVID-19 caused economic activity in Japan and overseas to stagnate and contract. After the state of emergency was lifted, some signs of recovery emerged in domestic economic activity, but the outlook remained extremely difficult and uncertain.」
While the economy's rapid deterioration and the difficult, uncertain outlook continued, some signs of recovery in the domestic economy after the state of emergency was lifted were added. - FY2021-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (from 21 February 2020 to 20 May 2020), the Japanese economy had remained on a gradual recovery path owing to improvements in corporate earnings and employment conditions. However, economic activity in Japan and overseas stagnated or contracted as the spread of COVID-19 disrupted activity, causing the economy to deteriorate rapidly and enter an extremely difficult situation.」
In addition to the previous stagnation and uncertainty in consumer spending, economic activity in Japan and overseas stagnated and contracted because of COVID-19, with the economy explicitly described as deteriorating rapidly and being in an extremely difficult situation. - FY2020Thrift-oriented consumption and uncertainty caused by the spread of infectionAnnual report
「In the home-improvement retail sector, the main business of our group, difficult conditions continue owing to intensifying competition across industry and business-format boundaries, continued consumer thrift, and a record warm winter.」
The previous view of stagnant and cautious consumer spending was described as continued consumer thrift in the home-improvement retail sector, with the record warm winter adding to the factors affecting conditions. - FY2020-Q3MaterialisedAnnual report
「The outlook remained uncertain, partly because of a succession of natural disasters and the impact of the consumption tax increase.」
The disclosure states that, after a surge in demand ahead of the consumption tax increase, the post-increase backlash actually affected store sales, showing that previously cautious consumer sentiment had materialised as a specific business impact. - FY2020-Q2More cautious consumer sentiment ahead of the consumption tax rate increaseAnnual report
「In the home-improvement retail sector, the main business of our group, difficult operating conditions continue owing to more cautious consumer sentiment ahead of the consumption tax rate increase and intensifying sales competition, including competition from other industries.」
A specific factor was identified: more cautious consumer sentiment ahead of the consumption tax rate increase, replacing the previous descriptions of sluggish consumer spending and a lack of strength. - FY2020-Q1RestatedAnnual report
「Competition in the home-improvement retail sector, the main business of our group, has intensified, including competition from other industries, and difficult conditions continue.」
While the domestic economy continues on a gradual recovery path, the outlook remains uncertain owing to trade issues, uncertainty in overseas economies, and volatility in financial and capital markets. - FY2019Economic recovery coexisting with thrift-oriented consumption and overseas uncertaintyAnnual report
「During the fiscal year, the Japanese economy continued on a gradual recovery path, supported by improvements in employment and income conditions and corporate earnings. However, the global economy remained uncertain, owing to factors including US-China trade friction and the UK's withdrawal from the EU.」
While the domestic economy was described as being on a gradual recovery path, uncertainty in the global economy continued. Consumers in the home-improvement retail sector also continued to favour thrift, with recovery coexisting with cautious consumption. - FY2019-Q3RestatedAnnual report
「During the third quarter of the fiscal year (from 21 February 2018 to 20 November 2018), the Japanese economy continued on a gradual recovery path, supported by improvements in employment and income conditions despite the impact of a succession of natural disasters, and consumer spending also began to recover gradually.」
Although the impact of natural disasters was mentioned, the gradual economic recovery and the recovery in consumer spending continued from the previous quarter. - FY2019-Q2RestatedAnnual report
「During the second quarter of the fiscal year (from 21 February 2018 to 20 August 2018), the Japanese economy was on a gradual recovery path, supported by improvements in corporate earnings and employment and income conditions. However, consumer spending remained lacklustre, geopolitical risks were a concern, and the uncertain environment continued.」
While the economy remained on a gradual recovery path, consumer spending continued to lack strength and the environment remained uncertain. - FY2019-Q1WorsenedAnnual report
「During the first quarter of the fiscal year (from 21 February 2018 to 20 May 2018), the Japanese economy was on a gradual recovery path, supported by continued improvements in corporate earnings and employment conditions and the effects of various government policies. However, consumer spending remained weak, geopolitical risks were a concern, and the business environment remained uncertain.」
Although explicit concerns over consumer spending had eased in the previous fiscal year, this quarter again stated that consumer spending remained weak, indicating that stagnant consumption persisted despite the economy's recovery trend. - FY2018MitigatedAnnual report
「During the fiscal year, the Japanese economy remained on a gradual recovery path, supported by improvements in employment and income conditions and corporate earnings.」
There was no longer any reference to stagnant consumer spending, and the economy was described as being on a gradual recovery path. Concerns over overseas economies and financial and capital markets were disclosed separately. - FY2018-Q3MitigatedAnnual report
「During the third quarter of the fiscal year (from 21 February 2017 to 20 November 2017), the Japanese economy continued on a gradual recovery path, supported by improvements in employment and income conditions, and consumer spending also began to recover gradually.」
In addition to the economy's recovery trend, consumer spending was described as gradually recovering rather than remaining stalled and uncertain, indicating a reduction in perceived risk. - FY2018-Q2Stagnant consumer sentiment amid an economic recoveryAnnual report
「During the second quarter of the fiscal year (from 21 February 2017 to 20 August 2017), the Japanese economy was on a gradual recovery path, supported by improvements in employment and income conditions. However, in the retail sector, the improvement in consumer sentiment was slow, and difficult conditions continued.」
While the overall economy was described as being on a gradual recovery path, the retail sector continued to face delayed improvement in consumer sentiment and difficult conditions. The risk description became more specific, shifting from general economic uncertainty to stagnant consumer sentiment. - FY2018-Q1RestatedAnnual report
「Consumer spending remains in a situation where a full-fledged recovery will still take time, and the business environment remains uncertain.」
The disclosure continues to state that a full recovery in consumer spending will take time and that the business environment remains uncertain. - FY2017-Q3WorsenedAnnual report
「During the third quarter of the fiscal year (from 21 February 2016 to 20 November 2016), the Japanese economy remained on a gradual recovery path, supported by improvements in employment and income conditions. However, consumer spending slowed, while the exchange rate, stock prices and other markets fluctuated in response to uncertain overseas factors, leaving the outlook uncertain.」
Consumer spending was described as slowing rather than being in a stalled recovery, and uncertain overseas factors affecting exchange rates and stock prices were explicitly identified, indicating continued uncertainty over the outlook. - FY2017-Q2WorsenedAnnual report
「During the second quarter of the fiscal year (from 21 February 2016 to 20 August 2016), the Japanese economy showed signs of a gradual recovery, supported by improving corporate earnings and employment and income conditions. However, the recovery in consumer spending remained stalled. Concerns also persisted over an economic slowdown in emerging markets, including China, and renewed uncertainty in Europe arising from issues such as the UK's withdrawal from the EU, leaving the outlook for the economy uncertain.」
The recovery in consumer spending remained stalled and the economic outlook uncertain, with concerns over a slowdown in emerging-market economies and renewed uncertainty in Europe associated with the UK's withdrawal from the EU. - FY2017-Q1First statedAnnual report
「The economic recovery remains uncertain, with consumer spending stagnant and the pace of improvement in corporate earnings slowing.」
The business environment for the quarter is described as one of stagnant consumer spending and uncertainty over the economic recovery.