CHINA CONSUMER DURABLES: APPLIANCE TRACKER: May 2026: Still weak domestic demand yet base will ease into June, 618 in focus; exports sequentially improved

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CHINA CONSUMER DURABLES: APPLIANCE TRACKER: May 2026: Still weak domestic demand yet base will ease into June, 618 in focus; exports sequentially improved

Equity Research

22 June 2026 | 7:58AM CST

CHINA CONSUMER DURABLES: APPLIANCE TRACKER

May 2026: Still weak domestic demand yet base will ease into June, 618

in focus; exports sequentially improved

Domestic appliances data continued to demonstrate weakness on a high base Nicolas Yi

+86(21)2401-8922 |

for both retail and ex-factory shipment in May: 1) NBS home appliances and nicolas.yi@goldmansachs.cn

Goldman Sachs (China) Securities

electronics retail sales fell by 16% yoy, a similar pace to Apr despite a more Company Limited

challenging base; 2) AC domestic ex-factory shipment came in below expectations at Cecilia Tang

-15% yoy (vs -9% in the previous production plan as compiled by IOL), presumably +86(21)2401-8738cecilia.tang@goldmansachs.cn|

impacted by front-loaded demand in the previous year and price hikes. Going GoldmanCompany SachsLimited(China) Securities

forward, we view it as likely that domestic demand growth will remain under

pressure in early June due to a high base. However, base pressure may sequentially

ease into late June/July as the trade-in boost started to fade from June last year.

Specifically for 618, initial sales data does not look encouraging, against low market

expectations. Moreover, we noted lower prices vs Singles’ Day for select brands,

which may indicate that brands resorted to promotion to boost demand despite

rising input costs.

Appliances exports growth sequentially improved and beat IOL and market

expectations in May. Overall appliances exports growth accelerated to HSD%

growth in May with a lower base per customs data. The AC exports decline also