AlphaWise Consumer Pulse Survey Jun-26: China Consumer Pulse | Asia Pacific

Research evidence excerpt

AlphaWise Consumer Pulse Survey Jun-26: China Consumer Pulse | Asia Pacific

Foundation

July 14, 2026 06:07 PM GMT

Morgan Stanley Asia Limited+MChina Consumer Pulse | Asia Pacific Lillian Lou

Equity Analyst

AlphaWise Consumer Pulse Lillian.Lou@morganstanley.comRobin Xing +852 2848-6502

Chief China Economist

Robin.Xing@morganstanley.com +852 2848-6511

Survey Jun-26 Chetan Ahya

Chief Asia Economist

Chetan.Ahya@morganstanley.com +852 2239-7812

Our survey, conducted over June 30 – July 3, shows that export Laura Wang

resilience lifts job sentiment but domestic softness remains EquityLaura.Wang@morganstanley.comStrategist +852 2848-6853

visible in wages, spending appetite and housing. AI use has Stephen Cheung, CFA

accelerated, yet its net impact on jobs remains unclear. EquityStephen.Cheung@morganstanley.comAnalyst +852 3963-0385

Jenny Zheng, CFA

Economist

Jenny.L.Zheng@morganstanley.com +852 3963-4015MEased job fears on stronger external demand, but wage concerns linger: Anxiety

Zhipeng Cai

over job losses and geopolitical tensions eased from March, yet salary cuts Economist

remained households’ biggest concern, pushing expected income growth over the Zhipeng.Cai@morganstanley.com +852 2239-7820

Hildy Ling

next 12 months down to around 5% from 5.8% in March 2026. Notably, employees Equity Analyst

at companies with overseas revenue exposure were more optimistic about their job Hildy.Ling@morganstanley.com +852 2239-7834

Gary Yuprospects than those at domestically oriented firms, echoing the increasingly K-

shaped nature of the economy: resilient exports, weaker domestic demand. Gary.Yu@morganstanley.com +852 2848-6918

Rebecca Xu

Spending appetite to soften slightly: For the next quarter, 21% of consumers Equity Analyst

expect higher spending vs.