Sluggish consumer spending, downside economic risk and intensifying sales competition

「家具・インテリア業界におきましては、消費者態度指数の回復遅れを背景に、耐久消費財に対する購買意欲が減退するなど、その影響を強く受けております。さらに、業種・業態の垣根を越えた競争の激化、人手不足に伴う労務コストの上昇、並びに原材料価格や物流コスト等の高止まりが重なり、経営環境は一段と厳しさを増しております。」

「The furniture and interior products industry has been affected, particularly, by declining willingness to purchase durable consumer goods due to the delayed recovery in the Consumer Confidence Index. In addition, the operating environment has become even more challenging due to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and increases in raw-material prices and logistics costs associated with soaring crude oil prices.」

「In terms of sales performance, average spend per customer exceeded the level in the same period of the previous year during the interim consolidated accounting period, but sales declined year on year because the number of customers was below the level in the same period of the previous year.」

「The furniture and interior products industry has been affected by the delayed recovery in the Consumer Confidence Index and declining willingness to purchase durable consumer goods. In addition, it continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and increases in raw-material prices and logistics costs.」

「During the fiscal year from 1 April 2024 to 31 March 2025, the Japanese economy was expected to recover gradually, supported by improvements in employment and income conditions and the effects of various policies. However, the downside risk to the economy from the impact of US trade policies was increasing. In addition, the continued rise in prices posed a risk of putting downward pressure on the Japanese economy through its impact on consumer spending, including a decline in consumer sentiment.」

「During the interim consolidated accounting period, downside risks to overseas economies, including the impact of global monetary tightening and concerns over the outlook for the Chinese economy, posed a risk of putting downward pressure on the Japanese economy. In addition, close attention must be paid to the impact of rising prices, the situation in the Middle East and volatility in financial and capital markets,」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, supply-side constraints and rising raw-material prices.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, rising raw-material prices and longer replacement cycles for durable consumer goods.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and rising raw-material prices.」

「Downside risks to overseas economies stemming from global monetary tightening and other factors are weighing on the Japanese economy, although economic and social activity is expected to normalize as comprehensive measures are taken to prevent infection. The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, supply-side constraints and rising raw-material prices.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, supply-side constraints and rising raw-material prices.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and rising logistics costs resulting from the global shortage of containers and soaring ocean freight rates.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and rising logistics costs.」

「The furniture and interior products industry continues to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and rising logistics costs.」

「Although demand for furniture and interior products remained strong in the furniture and interior products industry due to stay-at-home consumption and the entrenchment of new lifestyles, the industry continued to face a challenging operating environment owing to intensifying competition across industries and business formats, soaring labor costs caused by labor shortages, and rising logistics costs.」

「During the first 9 months of the fiscal year, the Japanese economy showed signs of recovery in consumer spending and exports, but the outlook remained extremely uncertain as the impact of COVID-19 continued for an extended period. The furniture and interior products industry also continued to face a challenging operating environment due to intensifying competition across industries and business formats, soaring labor costs and rising logistics costs.」

「In the furniture and interior products industry, time spent at home increased as requests to refrain from going out and telework became more widespread, and demand for furniture and interior products increased due to stay-at-home consumption. However, a challenging operating environment is expected to continue because of intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「During the first quarter of the fiscal year, from 21 February 2020 to 20 May 2020, the Japanese economy was in an extremely difficult situation as economic conditions continued to deteriorate rapidly while exports declined due to the global spread of COVID-19. Employment conditions also weakened further due to the pandemic. Although the outlook for the economy was expected to improve gradually as the level of socioeconomic activity was raised in stages while measures were taken to prevent the spread of infection, the extremely difficult and uncertain situation was expected to continue for the time being, requiring close monitoring of the risk that the pandemic could further weaken domestic and overseas economies and of the impact of volatility in financial and capital markets. In the furniture and interior products industry, time spent at home increased due to requests to refrain from going out and the promotion of telework, and demand for furniture and interior products increased due to stay-at-home consumption. However, a decline in store traffic due to restrictions on outings, intensifying competition across business formats, soaring labor costs and rising logistics costs were also expected.」

「The outlook remains uncertain due to the impact of the COVID-19 pandemic on domestic and overseas economies, developments in overseas economies including trade issues, volatility in financial and capital markets, and trends in consumer sentiment following the consumption tax rate increase.」

「Although furniture sales were affected by the decline following rush demand ahead of the consumption tax increase, sales of seasonal bedding and bed linens grew as temperatures fell, while kitchenware and laundry products performed steadily.」

「Kitchenware and household appliances, dining furniture and bedroom furniture performed well, but some seasonal products that had performed well in the previous year were sluggish due to the late end of the rainy season and unsettled weather.」

「Meanwhile, uncertainty continues due to the impact of trade issues on the global economy, the outlook for the Chinese economy, uncertainty over overseas economic developments and policies, and volatility in financial and capital markets. The furniture and interior products industry also continues to face intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「Looking ahead, the outlook is expected to remain uncertain due to the impact of trade issues on the global economy, uncertainty in overseas economies, including the outlook for the Chinese economy, and volatility in financial and capital markets. The operating environment in the furniture and interior products industry is also expected to change significantly due to intensifying competition across business formats, rising logistics costs, various changes driven by technological advances and shifts in consumer values.」

「However, the outlook remains uncertain due to the impact of trade issues on the global economy, uncertainty in overseas economies and volatility in financial and capital markets. The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「However, the outlook remains uncertain due to the impact on the economy of heavy rainfall observed across Japan and record-breaking heat, as well as the increased downside risk to the global economy from trade friction arising from protectionist trade policies adopted by the US and China. The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「Meanwhile, the outlook for the economy remains uncertain due to uncertainty in overseas economies arising from geopolitical risks, economic developments in China and other emerging Asian economies, and policy developments in Europe and the US, as well as the impact of volatility in financial and capital markets. The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「The operating environment in the furniture and interior products industry is also expected to change significantly due to intensifying competition across business formats, rising logistics costs, various changes driven by technological advances and shifts in consumer values.」

「During the first 9 months of the fiscal year, the Japanese economy remained on a gradual recovery path, supported in part by the effects of various policies as employment and income conditions continued to improve. However, the outlook remained uncertain due to geopolitical risks, uncertainty in overseas economies arising from economic developments in emerging Asian economies, particularly China, and policy developments in Europe and the US, as well as volatility in financial and capital markets. The furniture and interior products industry also continued to face a challenging operating environment, owing mainly to intensifying competition across business formats and rising logistics costs.」

「During the first 6 months of the fiscal year, the Japanese economy remained on a gradual recovery path as consumer spending continued to show signs of recovery and employment and income conditions improved. However, the outlook remained uncertain due to uncertainty in the global economy, including geopolitical risks, volatility in financial and capital markets, and economic developments in emerging Asian economies, particularly China. The furniture and interior products industry also continued to face a challenging operating environment, owing mainly to intensifying competition across business formats and rising logistics costs.」

「The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats, soaring labor costs and rising logistics costs.」

「During the first 9 months of the fiscal year, the Japanese economy remained on a gradual recovery path as employment and income conditions continued to improve. However, the outlook remained uncertain due to uncertainty in the global economy, including stagnant consumer spending and developments in the US economy and in emerging and resource-rich economies, particularly China. The furniture and interior products industry also continued to face a challenging operating environment, owing mainly to intensifying competition across business formats and rising logistics costs.」

「The outlook remains uncertain due to concerns over the UK’s withdrawal from the EU, the risk of a slowdown in the global economy, particularly in emerging economies, and stagnant consumer spending. The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats and rising logistics costs.」

「The outlook remains uncertain due to downside risks to the Japanese economy, including stagnant consumer spending and economic slowdowns in emerging Asian and resource-rich countries. The furniture and interior products industry also continues to face a challenging operating environment, owing mainly to intensifying competition across business formats.」