Japan Retail Sector "Shanghai business environment: May retail sales tot..."

研报英文原文证据摘录

Japan Retail Sector "Shanghai business environment: May retail sales tot..."

Global Research

18 June 2026ab

Japan Retail Sector Equities

JapanShanghai business environment: May retail sales

total highlights MUJI's strong trends amid Retail

challenging macro conditions Takahiro KazahayaAnalyst

takahiro.kazahaya@ubs.com

+81-3-5208 6226

Summary Kazuki Oike

Associate Analyst

On 18 June, the Shanghai Municipal Bureau of Statistics announced total retail value of kazuki.oike@ubs.com

consumer goods sales for May. Here we present an overview of the data and +81-3-5208 6964

implications.

Shanghai total retail sales fell 4.7% yoy in May

According to the Shanghai Municipal Bureau of Statistics, total retail sales of consumer

goods in May fell 4.7% yoy (April was -1.3% yoy), down for the second straight month.

Looking at sales value by category at companies with sales above the specified level,

sales of food products declined 3.7% yoy, apparel sales rose 3.8%, cosmetics sales

declined 0.3%, gold, silver, and jewelry sales rose 7.6%, sales of daily necessities

declined 2.1%, home appliance sales fell 19.8%, sales of office supplies fell 4.6%,

telecommunications equipment sales fell 34.1%, automobile-related sales fell 23.5%,

and restaurant sales declined 1.3% (Figure 1YoychangeintotalretailsalesbycategoryforMar–May2026(enterprisesabovethesetscale)). For January-May, the total retail value of

consumer goods sales was up 2.0% yoy, and looking at sales value by category at

companies with sales above the specified level during the same period, food product

sales increased 2.9% yoy, apparel sales rose 8.2%, cosmetics sales increased 1.0%,

gold, silver, and jewelry sales were up 6.5%, sales of daily necessities rose 2.5%, home