Jun Consumer Survey: The case for uneven consumer momentum

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Jun Consumer Survey: The case for uneven consumer momentum

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China Watch

Jun Consumer Survey: The case for uneven

consumer momentum

This is the 23rd installment of our proprietary BofA China Consumer Survey. We have 24 June 2026

conducted this survey every other month since October 2022. The survey results in this GEM Economics

report were collected from 1,054 consumers aged 18+ in China during June 9-15. Asia | China

Consumers face uneven momentum amid mixed signals

Consumer spending indicators improved in June, according to the latest BofA consumer

survey, with 52% of respondents reporting increased mobility and spending over the

past two months, up from 34% in April. This contrasts with weaker retail sales and

softer confidence in May. The divergence likely reflects both timing and mix effects.

First, the survey window (June 9–15) likely captures the pick-up in spending ahead of

“618” promotions. Second, large-ticket segments such as autos and home appliances, Economic Research Anna Zhou

where subsidy effects are fading, carry outsized weight in retail sales while contributing China & Asia Economist

less to perceived day-to-day spending. Overall, while demand remains subdued, Merrill+852 3508Lynch3909(Hong Kong)

underlying momentum may be somewhat firmer than headline retail sales suggest, as anna.zhou@bofa.com

evidenced by resilient services spending (up 5.4% YoY in Jan–May). Helen Qiao

China & Asia Economist

AI adoption: Efficiency gains without labor displacement Merrill+852 3508Lynch3961(Hong Kong)

helen.qiao@bofa.com

AI disruption is expected to be incremental and concentrated at the task level, rather

Equity Research

than driving broad-based job displacement. 38% of respondents expect AI to replace Jack Chen >>