China consumer

研报英文原文证据摘录

China consumer

Global Markets Research

15 July 2026China consumer

EQUITY: CONSUMER RELATED

Retail sales sentiment marginally recovered in June Research Analysts

China Consumer Related

China’s total social retail sales increased by 1.0% y-y in Jizhou Dong, CFA - NIHK

jizhou.dong@nomura.comJune, slightly better than in May

+852 2252 1554

Total social retail sales marginally improved in June Summer Qian - NIHK

China’s total social retail sales grew 1.0% y-y to CNY4.27tn in June, according to data summer.qian@nomura.com

from the National Bureau of Statistics (15 July), recovering from the 0.6% y-y decline in +852 2252 6220

May and also better than the Wind consensus of a 0.1% y-y decline. Excluding auto sales,

retail sales increased by 3.0% y-y in June 2026, also improving from 1.1% y-y growth in

May. Retail sales of merchandise by enterprises above designated size declined 2.2% y-y

in June, still a drag on total social retail sales. Despite the marginal recovery in retail sales

sentiment in June, overall consumption momentum remained subdued, in our view,

partially impacted by unfavorable weather conditions and fierce competition across most

consumer subsectors. The latest 15th Five-Year Plan for expanding consumption (link) is

also targeted for the long term with limited short-term policy support implications, in our

view.

A breakdown of major consumption categories:

• Catering services sales grew 1.2% y-y in June, accelerating from 0.6% y-y growth in

May; merchandise retail sales also saw a better performance in June, up 0.9% y-y

compared with a 0.7% y-y decline in May (Fig.1).

• Some merchandise categories showed an improvement in June (Fig.2), including

grain, oil, food (sales up by 7.9% y-y in June from 1.9% growth in May), cosmetics