Stagnation in private consumption due to the consumption tax increase
First written in FY2019. 1 of 2 entries say "Reframed", first in FY2020-Q2. Latest entry: FY2020-Q2.
The whole theme swung hardest in 2026: 4 of 7 companies on the "Worse" side.
5 other companies' latest entry also says "Reframed".
- 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.」
The wording has shifted from concerns about the consumption tax increase scheduled for FY2019 to concerns about weaker consumer sentiment after the tax rate increase. It does not state that personal consumption itself stagnated. - FY2019First statedAnnual report
「The business environment is expected to remain challenging due to consumers' "defensive spending stance" amid concerns about the future, intensifying competition, and concerns that personal consumption may stagnate because of the planned consumption tax increase.」
The planned consumption tax increase is explicitly identified as a new business-environment risk for the year because it could cause personal consumption to stagnate.