【高盛-2025研报】日本消费品：欧洲投资者会议反馈及日本公司产品销售检查.pdfVIP

16June2025|9:45AMJST

JapanConsumerProducts:FeedbackfromEuropeaninvestormeetings

andsaleschecksofJapanesecompanyproducts

WemetwithinstitutionalinvestorsinEurope(LondonandFrankfurt)overfourTakashiMiyazaki

+81(3)4587-9896|

businessdays(June5-9).Wealsovisitedfoodanddailynecessitiesretailstoresintakashi.miyazaki@

GoldmanSachsJapanCo.,Ltd.

London,Budapest,andWarsawtocheckthesalesstatusofbrandsownedby

MegumiTaniguchi

Japanesecompanies.Wereportourfindingsbelow.Amongindividualstocks,there+81(3)4587-9877|

megumi.taniguchi@

wasrelativelystronginterestinAsahiGroup,Kao,ToyoSuisan,Unicharm,andGoldmanSachsJapanCo.,Ltd.

ROHTOPharmaceutical.Wesummarizethemaindiscussionpointsbelow.

nOverallview:Wehadaconsiderablediscussionabouttheoutlookforthe

consumergoodssectorinlightofmacrotrends,includingricepricesand

otherinflation.Discussionsmainlyfocusedonlarge-capstockswithmarket

capsof¥1tnormore.Webelievethatinflationcouldmoderateduetoslower

growthinricepricesandpricesofrawmaterialsimportedfromoverseas,while

disposableincomescouldriseoncontinuedwagegrowth.However,weassume

thattheimpactofhigherdisposableincomesonconsumptionvolumewill

belimitedcompared