Uncertainty surrounding personal consumption due to sluggish employee income growth and stagnant consumer sentiment
First written in FY2017-Q1. 16 of 30 entries say "Restated". Latest entry: 2026-08-10.
Makiya 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".
- 2026-08-10RestatedEarnings
「Declining disposable income due to higher social security contributions and other factors, and inflation exceeding wage growth」
The company continued to cite declining disposable income caused by social security burdens and higher prices as a challenging factor in the retail industry’s business environment. - FY2026ReframedAnnual report
「The operating environment remained difficult due to factors including declining disposable income resulting from higher social security burdens and price increases exceeding wage growth, intensifying price competition due to the opening of competing stores and the expansion of e-commerce, and declining consumer sentiment due to cost-push inflation originating on the raw-material supply side.」
It organizes the factors contributing to uncertainty in personal consumption as declining disposable income, price competition, and declining consumer sentiment caused by cost-push inflation. - 2026-05-12RestatedResults briefing materials
「Declining disposable income Changing consumer sentiment due to inflation and higher prices」
The company reiterated declining disposable income and changes in consumer sentiment caused by higher prices. - FY2026-H1RestatedAnnual report
「The operating environment remains difficult due to factors including declining disposable income resulting from higher social security burdens and inflation-driven price increases, as well as declining consumer sentiment due to cost-push inflation originating on the raw-material supply side.」
The decline in disposable income and the decline in consumer sentiment caused by cost-push inflation continue to be cited as environmental factors affecting personal consumption and the retail industry. - FY2024-Q2RestatedAnnual report
「The operating environment remains difficult due to factors including declining disposable income resulting from higher social security burdens and increased living costs caused by inflation and rising prices, as well as declining consumer sentiment due to cost-push inflation originating on the raw-material supply side.」
The decline in disposable income and the decline in consumer sentiment caused by cost-push inflation continue to be cited as factors contributing to the difficult business environment. - FY2024-Q1WorsenedAnnual report
「The operating environment remains difficult due to factors including declining disposable income resulting from higher social security burdens and increased living costs caused by inflation and rising prices, as well as declining consumer sentiment due to cost-push inflation originating on the raw-material supply side.」
It explicitly identifies higher social security burdens and increased living costs resulting from inflation and rising prices as factors behind the decline in disposable income, and states that consumer sentiment has declined due to cost-push inflation. - FY2023RestatedAnnual report
「Consumers' preference for protecting their household finances against sharply rising prices」
Reconfirms consumers' preference for protecting their household finances against rising prices as an environmental factor affecting personal consumption and the retail industry. - FY2023-Q3RestatedAnnual report
「Consumers' preference for protecting their household finances against rising prices」
Reconfirms consumers' preference for protecting their household finances against rising prices as an environmental factor affecting personal consumption and the retail industry. - FY2023-Q2RestatedAnnual report
「Consumers' preference for protecting their household finances against rising prices」
Reconfirms consumers' preference for protecting their household finances against rising prices as an environmental factor affecting personal consumption and the retail industry. - FY2023-Q1ReframedAnnual report
「Consumers' preference for protecting their household finances against rising prices」
In addition to the previous concerns about consumer sentiment and disposable income, it explicitly identifies consumers' preference for protecting their household finances against rising prices as an environmental factor affecting the retail industry. - FY2022-Q3RestatedAnnual report
「During the cumulative third quarter of the fiscal year, the Japanese economy remained affected by sluggish personal consumption and contracted corporate activity due to the spread of COVID-19.」
Reconfirms that sluggish personal consumption and contracted corporate activity have continued due to the spread of COVID-19. - FY2022-Q2WorsenedAnnual report
「During the cumulative second quarter of the fiscal year, the Japanese economy remained affected by sluggish personal consumption and contracted corporate activity due to the spread of COVID-19.」
It states that sluggish personal consumption has continued alongside contracted corporate activity due to the spread of COVID-19. - FY2022-Q1WorsenedAnnual report
「Personal consumption has remained sluggish and corporate activity has remained contracted due to the spread of COVID-19.」
In addition to the previous uncertainty surrounding personal consumption, it states that personal consumption has remained sluggish due to the spread of COVID-19. - FY2021RestatedAnnual report
「The recovery in personal consumption has remained stalled amid repeated waves of infections, and the outlook remains uncertain as there are no signs that the spread of infections is coming to an end.」
Reconfirms the stalled recovery in personal consumption and the uncertain outlook caused by the spread of infections. - FY2021-Q3WorsenedAnnual report
「The recovery in personal consumption remained stalled due to the second and third waves of infections.」
In addition to the previous stagnation in the recovery of personal consumption caused by the second wave, uncertainty surrounding personal consumption has continued and deepened against the backdrop of the third wave and the reissuance of a state of emergency. - FY2021-Q2WorsenedAnnual report
「The recovery in personal consumption has remained stalled since August due to the second wave of infections, leaving the outlook uncertain.」
In addition to the previous concerns about consumers' preference for saving and consumer sentiment, it states that the recovery in personal consumption has stalled due to the second wave of infections. - FY2020-Q3ReframedAnnual report
「Real gross employee income is increasing moderately and consumer sentiment is showing signs of recovery, but consumers continue to favor saving amid concerns about the outlook for higher prices resulting from rising raw material prices and other costs.」
While the wording now acknowledges improvements in income and consumer sentiment, it identifies concerns about higher prices resulting from rising raw material prices and other costs, along with consumers' preference for saving, as new factors of concern. - FY2020-Q2ReframedAnnual report
「Personal consumption remains in a difficult situation. Although it continues to show moderate signs of recovery against a backdrop of improved employee income, there are concerns about a decline in consumer sentiment following the consumption tax rate increase.」
While acknowledging the moderate recovery trend resulting from improved employee income, it identifies the decline in consumer sentiment following the consumption tax rate increase as a new source of uncertainty. - FY2020-Q1ReframedAnnual report
「Personal consumption remains in a difficult situation. Although it continues to show moderate signs of recovery against a backdrop of improved employee income, there are concerns that higher public-sector burdens and other factors will reduce disposable income.」
While acknowledging the moderate recovery trend resulting from improved employee income, it identifies a decline in disposable income due to higher public-sector burdens and other factors as a factor of concern, in addition to raw material and energy prices and share-price trends. - FY2019ReframedAnnual report
「Personal consumption remains in a difficult situation. Although it is showing signs of recovery against a backdrop of improved employee income, there are concerns about deteriorating consumer sentiment due to rising raw material and energy prices and volatile share prices.」
While acknowledging signs of recovery due to improved income, it cites rising raw material and energy prices, as well as volatile share prices, as factors of concern due to their potential impact on consumer sentiment. - FY2019-Q3RestatedAnnual report
「Personal consumption is showing signs of recovery against a backdrop of improved employee income, but remains in a difficult situation. Consumer sentiment has paused due to rising raw material prices, energy prices and other factors.」
While acknowledging signs of recovery in personal consumption due to improved employee income, it reconfirms the pause in consumer sentiment and difficult conditions caused by rising raw material and energy prices. - FY2019-Q2Personal consumption is showing signs of recovery while remaining under pressureAnnual report
「Personal consumption is showing signs of recovery against a backdrop of improved employee income, but remains in a difficult situation. Consumer sentiment has paused due to rising raw material prices, energy prices and other factors.」
While stating that personal consumption is showing signs of recovery against a backdrop of improved employee income, it also cites the pause in consumer sentiment and difficult conditions caused by rising raw material and energy prices. - FY2018RestatedAnnual report
「Personal consumption is lacking strength. Employee income is on a moderate recovery trend, but consumer sentiment has paused due to rising raw material prices, energy prices and other factors.」
While acknowledging the recovery trend in income, it cites stagnant consumer sentiment due to rising raw material and energy prices, as well as weakness in personal consumption. - FY2018-Q3RestatedAnnual report
「Personal consumption remains in an uncertain situation. Employee income is on a moderate recovery trend and real employee income is increasing, but consumer sentiment has paused due to rising energy prices and other factors.」
While acknowledging improvements in employee income and real employee income, it reiterates the pause in consumer sentiment and uncertainty surrounding personal consumption due to rising energy prices and other factors. - FY2018-Q2RestatedAnnual report
「Personal consumption remains in an uncertain situation. Employee income is on a moderate recovery trend and real employee income is increasing, but consumer sentiment has paused due to rising energy prices and other factors.」
While acknowledging improvements in employee income and real employee income, it reiterates the pause in consumer sentiment and uncertainty surrounding personal consumption due to rising energy prices and other factors. - FY2018-Q1ReframedAnnual report
「Personal consumption remains in an uncertain situation. Employee income is on a moderate recovery trend and real employee income is increasing, but consumer sentiment has paused due to rising energy prices and other factors.」
The explanation has shifted from the previous emphasis on sluggish growth in employee income to noting that income is recovering and increasing, while a pause in consumer sentiment caused by rising energy prices and other factors is cited as a source of uncertainty. - FY2017RestatedAnnual report
「Personal consumption remains in an uncertain situation, due to sluggish growth in employee income and a pause in consumer sentiment.」
Reiterates the uncertainty surrounding personal consumption due to sluggish growth in employee income and a pause in consumer sentiment. - FY2017-Q3RestatedAnnual report
「Although real income has been supported by the slowing rate of inflation, personal consumption remains uncertain amid sluggish growth in employment income and stalled consumer sentiment.」
Although there are factors supporting real income, sluggish growth in employment income and stalled consumer sentiment are again cited as sources of uncertainty for personal consumption. - FY2017-Q2RestatedAnnual report
「Although real income has been supported by the slowing rate of inflation, personal consumption remains uncertain amid sluggish growth in employment income and stalled consumer sentiment.」
Although there are factors supporting real income, sluggish growth in employment income and stalled consumer sentiment are again cited as sources of uncertainty for personal consumption. - FY2017-Q1First statedAnnual report
「Although real income has been supported by the slowing rate of inflation, personal consumption remains uncertain amid sluggish growth in employment income and stalled consumer sentiment.」
Although there are factors supporting real income, sluggish growth in employment income and stalled consumer sentiment are identified as sources of uncertainty for personal consumption.