China consumer-20260626
野村证券·2026-06-26 14:14
2Q26 sales saw sequential weakening from 1Q26 EQUITY: CONSUMER RELATED According to the expert, the shopping mall's sales performance during quarter-to-date (QTD) 2Q26 saw some sequential weakening from 1Q26 (historically the peak season with the Chinese New Year holiday). As per the expert, in 2Q26, the shopping mall's total foot traffic grew by c.10% y-y, and total sales value grew by mid-single-digit% (MSD%) y- y. Although there was a strong recovery in foot traffic in QTD 2Q26, the expert noted that con ...