China consumer

Research evidence excerpt

China consumer

Global Markets Research

25 June 2026China consumer

EQUITY: CONSUMER RELATED

Nanjing-based mall records mixed performances by brands Research Analysts

China Consumer Related

Expert on shopping malls saw divergent performances by luxury/jewelry Jizhou Dong, CFA - NIHK

brands in 2Q26 jizhou.dong@nomura.com

+852 2252 1554

We hosted a channel check call (24 June) with an expert with deep knowledge of China’s

Summer Qian - NIHKhigh-end consumption trend, who provided observations on a leading luxury shopping summer.qian@nomura.com

mall, located in Nanjing of Jiangsu Province. Our key takeaways from the call are +852 2252 6220

summarised below:

2Q26 sales saw sequential weakening from 1Q26

According to the expert, the shopping mall’s sales performance during quarter-to-date

(QTD) 2Q26 saw some sequential weakening from 1Q26 (historically the peak season

with the Chinese New Year holiday). As per the expert, in 2Q26, the shopping mall’s total

foot traffic grew by c.10% y-y, and total sales value grew by mid-single-digit% (MSD%) y-

y.

Although there was a strong recovery in foot traffic in QTD 2Q26, the expert noted that

consumers are more focused on experience-related consumptions; the mall has utilized

several key promotional windows (such as the Labor Day holiday, the “520” celebration

and the shopping mall’s 20th year anniversary) to stimulate more experience-focused

purchases by consumers, as per the expert.

Mixed performance by major segments and brands

Based on the expert's comments, there were divergent sales performances across major

consumption segments in QTD 2Q26.

• Gold & jewelry: the expert has a long-run bullish view on the gold & jewelry segment

and believes that China’s consumers will have sustained demand for well-crafted,