IP Offline Sales (May 2026): Holiday Demand Drives MoM Recovery

Research evidence excerpt

IP Offline Sales (May 2026): Holiday Demand Drives MoM Recovery

Deutsche Bank

Research

Asia Industry Date

China 23 June 2026

China IP Retailer

Consumer Industry Update

Retail / Wholesale Trade

IP Offline Sales (May 2026): Holiday

Demand Drives MoM Recovery

Sammi Xu

Note: Our monthly China IP Retailer Offline Sales Tracker utilizes alternative data to

Research Analyst

analyze major players offline sales in mainland China. This report provides investors +852-2203-5415

with insights into offline sales trends, thereby facilitating an understanding of current

brand momentum. Please be aware that the data presented do not represent official

revenue figures from the companies.

Data in excel available upon request

Pop Mart: SSSG +12% YoY in May and Jun will release "Labubu 4.0"

Pop Mart’s same-store sales growth (SSSG) increased 12% YoY in May 2026,

while sales rose 11% MoM, supported by the longer Labor Day holiday. Compared

with 2H25 levels, May sales were 1% higher, but we think the sequential

improvement from April was largely holiday-driven rather than a sign of stronger

underlying demand. Based on our channel checks, offline inventory availability has

continued to improve, marking a clear shift from the out-of-stock conditions seen

in 2025. Despite holiday support offline sales, our latest online sales tracker showed

Pop Mart’s first negative YoY online sales growth since 2024.

Looking into 2H26, the key debate is whether new product catalysts can offset

signs of slowing core demand. Investors are likely to focus on two upcoming

launches: “THE MONSTERS × FIFA Series,” which could test whether Pop Mart can

broaden its collector base through global sports exposure, and “Labubu 4.0” —

THE MONSTERS Hair Salon Series, where expectations remain high following