Information Releases

Survey of Corporate Attitudes toward Activation of Consumer Spending

A majority of companies regard the current consumer spending sentiment as “bad”
— Less than 10% anticipate an early recovery, suggesting the necessity of satisfying the eight requirements for the revitalization of consumer spending step by step. —


Corporate Attitudes toward the Economic Outlook for 2017, which was conducted by Teikoku Databank in November 2016, reveals that the “personal consumption expansion measure” has been regarded as the top prioritized economic recovery measure for five consecutive years. The expansion of personal consumption, which accounts for about 60% of GDP, has become an essential factor for the full-scale economic recovery.

Based on these developments, Teikoku Databank conducted a survey on corporate attitudes toward the revitalization of personal consumption. This research was conducted in conjunction with the December 2016 TDB Trends Research.

*Survey period: December 15, 2016 – January 5, 2017; Companies Surveyed: 23,804; Valid Responses: 10,033 (Response Rate: 42.1%).

*Details of this survey can be found on the dedicated Economic Trend Survey HP. (

Primary points of survey results(summary)

  1. 1 More than half of the companies consider that the consumer spending sentiment is currently “bad” (including “very bad,” “bad” and “slightly bad”). On the other hand, just 8.7% consider the sentiment as “good,” in particular, no companies feel the sentiment as “very good,” hinting at a very tough view of the consumer spending sentiment.
  2. 2 “Income tax cut measure” (43.9%) has been deemed as the most effective measure to boost the economy in the past, then followed by “eco-car tax cut / subsidy” (40.9%) and “mortgage tax cut” (37.3%). Thus, the tax cut measures are expected to ease the burden of consumers. Other high percentage replies include “eco point systems” (23.1%) and “issuance of premium gift certificates,” characterized as measures to promote additional services.
  3. 3 “Increase in wages” is by far the largest (74.3%) for revitalizing consumer spending. Other high percentage replies include “elimination of future uncertainty (e.g. pension),” “tax reduction on personal income tax” (40% or more) and “improvement of corporate performance” (30% or more).
  4. 4 The requirements to be satisfied for the revitalization of consumer spending are: 1) creating consumption opportunities; 2) increasing free time; 3) providing support to young people, 4) providing support to the elderly; 5) improving the macro environment; 6) removing anxieties in the future; 7) reducing household burdens; and 8) improving corporate activities.
  5. 5 As to when the economy will recover, 28.8% have “no prospect of recovery over the long term.” Nearly a quarter of companies expect the recovery will be at least two years later, specifically “two years later” (13.3%) and “three years later” (12.8%). Less than 10% anticipate the recovery will come within one year.
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