Weak private consumption due to sluggish real wage growth
First written in FY2017-Q1. 6 of 18 entries say "Softened", first in FY2018-Q1. Latest entry: FY2026.
Consec moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 10 of 14 companies on the "Worse" side.
2 other companies' latest entry also says "Softened".
- FY2026SoftenedAnnual report
「Personal consumption has shown signs of recovery against a backdrop of improving employment and income conditions.」
The description changed from the previous references to personal consumption being restrained by higher food prices and a preference for saving to an indication that personal consumption was recovering against the backdrop of improving employment and income conditions. - 2026-05-14MitigatedEarnings
「Personal consumption has shown signs of recovery against a backdrop of improving employment and income conditions.」
The description of personal consumption changed from previous references to downward pressure from higher food prices and consumers' preference for saving to one indicating signs of recovery. - FY2025WorsenedAnnual report
「Higher prices for food, particularly rice, restrained consumers' personal consumption, among other effects」
The description stated that higher food prices restrained personal consumption, specifying a factor weighing on the consumption environment. - FY2025-H1RestatedAnnual report
「Negative factors continued, including higher raw material prices and logistics costs, labor shortages, and consumers' increasing preference for saving」
Consumers' increasing preference for saving continued to be cited as a factor weighing on personal consumption and the domestic economy through the previous fiscal year. - FY2024-Q3RestatedAnnual report
「Although downward factors included chronic labor shortages, production adjustments due to increased inventories, and higher prices for essential goods」
Higher prices for essential goods continued to be cited as a factor weighing on the economy, but no new deterioration in personal consumption itself was explicitly stated. - FY2024-Q2WorsenedAnnual report
「Higher energy and other cost burdens, an increasing preference for saving, the weaker yen, and slowing growth in the US, European and Chinese economies weighed on corporate activity, and the domestic economy showed a downward trend across many sectors, albeit modestly.」
Rising prices for essential goods, energy cost burdens, and an increasing preference for saving were cited as factors weighing on personal consumption and the domestic economy, and the wording deteriorated from the previous recovery trend. - FY2024-Q1Recovery from revenge spending coexisting with higher prices for essential goodsAnnual report
「Although higher prices for essential goods and prolonged labor shortages were negative factors, there were also positive factors, including inbound tourism, an increase in available labor, revenge spending following the COVID-19 pandemic, and easing semiconductor shortages.」
While higher prices for essential goods continued to weigh on personal consumption, the description cited revenge spending and inbound tourism as positive factors supporting the recovery in personal consumption and economic activity. - FY2023-Q3Recovery in services consumption coexisting with downward pressure from higher prices for essential goodsAnnual report
「An improving trend was seen, centered on services consumption. However, persistently high production costs, higher prices for essential goods, and a growing sense of labor shortages, among other factors」
While personal consumption was described as improving, particularly in services consumption, higher prices for essential goods continued to be cited as a factor weighing on the consumption environment. - FY2023-Q2WorsenedAnnual report
「Consumer sentiment cooled as food and other essential goods were successively repriced, strengthening downward pressure, particularly on sectors related to personal consumption.」
In contrast to the recovery in the flow of people and personal consumption through the previous quarter, the description cited cooling consumer sentiment due to higher prices for essential goods and increased downward pressure on personal consumption. - FY2023-Q1SoftenedAnnual report
「Although the flow of people, which had been restricted, gradually returned and signs of recovery emerged in sectors related to personal consumption, particularly face-to-face services」
The description cited a recovery in the flow of people and signs of recovery centered on face-to-face services in relation to personal consumption, while the wording concerning the risk of sluggishness was softened. However, uncertainty in the external environment was also noted. - FY2022-Q3SoftenedAnnual report
「As sentiment in sectors related to personal consumption improved」
The description changed from sluggish and stagnant personal consumption to an improvement in sentiment in sectors related to personal consumption. - FY2019-Q3RestatedAnnual report
「Corporate earnings improved due to continued improvement in employment conditions, a recovery in personal consumption, and an increase in capital investment, among other factors.」
The description continues to indicate that personal consumption is recovering, with the improvement from its previous sluggish and stagnant state being maintained. - FY2018SoftenedAnnual report
「Personal consumption and capital investment continued to show signs of recovery, and the economy remained on a gradual recovery track.」
The description continues to indicate that personal consumption is showing signs of recovery, changing from the previous references to stagnation and sluggishness. - FY2018-Q3SoftenedAnnual report
「Personal consumption recovered against the backdrop of improving employment conditions, while capital investment and exports also performed steadily.」
The description of personal consumption continues to indicate a recovery against the backdrop of improving employment conditions, changing from the previous concerns about stagnation and sluggishness. - FY2018-Q1SoftenedAnnual report
「The economy is recovering gradually, including a recovery in personal consumption.」
The description changed from sluggish and stagnant personal consumption to a recovery in personal consumption. - FY2017-Q3RestatedAnnual report
「There have been no material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
There is no direct reference to personal consumption, but it is explicitly stated that there have been no material changes to the risks associated with existing businesses and other matters. - FY2017-Q2RestatedAnnual report
「During the cumulative first six months of the fiscal year, Japan's economy was showing signs of recovery in employment, but concerns about an economic slowdown increased due to the appreciation of the yen and sluggish personal consumption, among other factors.」
Sluggish personal consumption continues to be cited as an external environmental concern. - FY2017-Q1First statedAnnual report
「Although employment continues to improve, personal consumption remains sluggish due to stagnant real wage growth.」
Sluggish personal consumption was cited as an external environmental risk.