Goldman Sachs China Consumer Wire: Online Brand Tracker, August 2026 — Demand Remains Soft Across Categories; Cosmetics Outperform
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Goldman Sachs' August 2026 online brand tracker (Moojing data across Tmall/Taobao, JD and Douyin) shows demand remained weak across covered categories. On a combined Tmall/Taobao and JD basis, sports apparel was the only positive category, up 2% yoy, while white goods fell 24%, dairy 16%, infant formula 12%, womenswear 5%, beer 4% and small kitchen appliances 2%. Cosmetics were the relative outperformer, rising 8% yoy including Douyin. Local beauty leaders beat international groups: Shanghai Jahwa, Lin Qingxuan, Mao Geping, Botanee and Giant Biogene grew 38%, 37%, 28%, 27% and 22% respectively, versus Kose +15%, L'Oreal +14%, Estee Lauder +4%, Shiseido +3%, LG H&H -34% and Amorepacific -13%. Sports brands diverged: Bosideng surged 61% (Douyin +77%, possibly aided by 50th-anniversary promotions), Li Ning +13%, Adidas +11% and Anta +4%, while Nike fell 9% and FILA 10%; premium/niche names still outpaced mass-market brands. Infant formula declined 12% (July: -18%), with Bellamy's up 102%. Laopu Gold's online sales fell 90% on high bases. August outperformers: Bosideng, Dr. Yu, Lin Qingxuan, Mao Geping, Puma; underperformers: Ecovacs, Gree, Wyeth, Pop Mart. The report is data tracking only, with no ratings or target prices, and notes platform data may not fully reflect omnichannel growth.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
Exhibit 7
