China Consumer Pulse 2Q26: Premium resilience against a persistent weak consumer backdrop

研报英文原文证据摘录

China Consumer Pulse 2Q26: Premium resilience against a persistent weak consumer backdrop

30 July 2026

China Consumer

China Consumer Pulse 2Q26: Premium resilience against a

persistent weak consumer backdrop

Overall consumption remained under pressure in Q2 despite some improvement in confidence Euan McLeish

+81 3 5962 9611 and inflation indicators, and we continued to see relative outperformance in premium across

euan.mcleish@bernsteinsg.com sectors. In this comprehensive quarterly tracker, we analyze key metrics across consumer

sectors including Apparel, Sportswear, Alcohol, Beauty, Travel, Luxury and Autos, spanning

Aneesha Sherman both mass and premium categories. We also cover the implications for Japanese Consumer

+1 917 344 8457

aneesha.sherman@bernsteinsg.com companies.

GDP growth moderated to 4.3% YoY in Q2 from 5.0% in Q1, with retail sales slowing Richard J. Clarke, FCA

+44 20 7676 6850 to +0.2% YoY despite Consumer confidence indicators gradually improving vs late 2025

richard.clarke@bernsteinsg.com levels, and positive CPI (c.1%) helping to ease concerns around outright deflation. Premium

and Luxury segments were a relative bright spot, with Premium Beverages recovering,

Luca Solca Apparel, Sportswear and Beauty brands outperforming mass-market peers, and Luxury +41 582 723 126

luca.solca@bernsteinsg.com Hotels continuing to outperform. Meanwhile, big ticket goods and autos remained weak, and

we remain cautious for the H2 outlook.

Maria Meita

+44 20 7170 0540 Beverages: Moutai’s Fetien wholesale pricing continued to rise in Q2, with a second ex-

maria.meita@bernsteinsg.com factory price increase this year indicating that demand remains solid. Fetien pricing is now

+13% from the trough, and other high-end variants are now +17-30%. In Beer, overall sell-