China Consumer Strategy: May retail sales down 0.6% YoY, a consecutive miss

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China Consumer Strategy: May retail sales down 0.6% YoY, a consecutive miss

Asia Pacific Equity Research

17 June 2026

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China Consumer Strategy

May retail sales down 0.6% YoY, a consecutive miss

China's May 2026 retail sales fell by 0.6% YoY (the first decline since Consumer

Dec-22), a sequential deterioration from Apr (+0.2%) and Mar (+1.7%), AC Jessie Xu

missing Bloomberg consensus (down 0.2%). Durable goods continued to (852) 2800-8590

be the drag, including home durables (down 15% on a high base); gold & jessie.j.xu@jpmorgan.com

jewelry (down 9%) - reflecting recent volatility in gold prices (though J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

narrowing from down 21% in Apr); and autos (down 16%). YTD

Qian Yao

weakening demand triggered further concerns among investors on topline (86-21) 6106 6277

growth for consumer companies, and we think there is a higher possibility qian.q.yao@jpmorgan.com

that more companies may guide down during the 2Q26 result season. SAC Registration Number: S1730521050001

Investors agree that it’s too early to call the bottom and hence need to stay J.P. Morgan Securities (China) Company

selective and stick with quality names. Limited

Yibo Wu

• Stock views. We advise investors to focus on two groups: (I) quality (852) 2800-8559

names with limited downside and earlier earnings stabilization - Anta yibo.wu@jpmorgan.com

(OW) for a well-executed multi-brand portfolio and overseas upside; J.P.