China/Hong Kong Consumer: China Retail Sales – Apr 2026: Pace Slowed Further

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China/Hong Kong Consumer: China Retail Sales – Apr 2026: Pace Slowed Further

Idea

May 18, 2026 05:05 AM GMT

Morgan Stanley Asia Limited+MChina/Hong Kong Consumer | Asia Pacific Lillian Lou

Equity Analyst

China Retail Sales – Apr 2026: Lillian.Lou@morganstanley.comDustin Wei +852 2848-6502

Dustin.Wei@morganstanley.com +852 2239-7823

Pace Slowed Further Hildy Ling

Hildy.Ling@morganstanley.com +852 2239-7834

China retail sales rose 0.2% YoY in Apr (2.9% CAGR vs. 2019),

Morgan Stanley Taiwan Limited+

below +2% consensus and decelerating vs. Mar 26, with most Terence Cheng

categories' growth slowing down, in particular discretionary EquityTerence.Cheng@morganstanley.comAnalyst +886 2 2730-2873

items. For May, we do not expect meaningful recovery, starting Jenny Ting

with soft consumer sentiment in the Labor Day Holiday. ResearchJenny.Ting@morganstanley.comAssociate +886 2 2730-2995

YoY trend by category (reported YoY, with rebasing among categories): Bigger Morgan Stanley Asia Limited+

Jenny Yudeceleration from retail sales of goods which first time reported negative growth (-

Research Associate

0.1% yoy) pos-Covid and online sales (partly from high comp base). Restaurants Jenny.Yu1@morganstanley.com +852 3963-1925

relatively resilient with some slowdown to 2.2% from 2.9% in March. Among goods, Carlos Liu, CFA

discretionary categories are the main drag: Gold & Jewelry recorded -21.3% yoy vs. Research Associate

Carlos.Liu@morganstanley.com +852 2848-5206

+11.7% in March given the gold price moves; Electronics & Appliances and Home

China/Hong Kong Consumer

Furnishing decline widened to 15.1% and 10.4% yoy from -5% and -8.7% last month,

Asia Pacific

respectively, on fading subsidy effects and still-soft property-related demand. F&B Industry View In-Line