China consumer: Europe marketing feedback

研报英文原文证据摘录

China consumer: Europe marketing feedback

Global Markets Research

China consumer 21 July 2026

EQUITY: CONSUMER RELATED

Europe marketing feedback Research Analysts

China Consumer Related

European investors are selectively interested in luxury, Jizhou Dong, CFA - NIHK

shopping mall and sportswear names in China jizhou.dong@nomura.com

+852 2252 1554

China consumer segments still offer structural growth despite weak beta Summer Qian - NIHK

We met c.30 institutional investors across Europe over the past two weeks to discuss key summer.qian@nomura.com

sector trends and investment ideas in the China consumer space. Europe-based +852 2252 6220

investors’ interest in China consumer sectors remains relatively strong despite the

mediocre fundamentals of general consumption in the country, which came as a slightly

positive surprise to us; investors are especially interested in segments with structural

growth opportunities such as luxury, shopping malls and sportswear.

• European investors we talked to largely agree that China’s weakening economic and

consumption trends are concerning, limiting the upside of most consumer companies’

1H26 & FY26 results. Investors are interested in the potential consumption-related

policy easing to be introduced, as the 15th Five-year Plan for consumption expansion

contains limited details on near-term support for the consumer sector.

• European investors are also interested in the implications of China’s property market

on consumption, given the sector’s early signals of stabilization (e.g., recovery in

secondary housing transaction volume in Shanghai and Shenzhen, as well as

comeback in the sales of luxury apartments in leading tier-1&2 cities); investors

wonder if the negative wealth impact from the property market’s five-year downcycle