Goldman Sachs: China Consumer Connects: Online Brand Tracking — June 2026: Weakening Sentiment Drives Flat May–June Performance; Beer, IMF, and White Goods Lag
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Key Views
Brand divergence was pronounced. In beauty, Lin Qingxuan surged 101% and Mao Geping 59% in May–June, while Estée Lauder grew 35% and Biohyua fell 23%. In IMF, Bellamy's accelerated from 16% growth in May to 70% in June, offsetting broader category weakness. Domestic pet food brands grew 5%, down from 22% in Q1, with Zhongchong Leading at 23%. Athletic apparel decelerated from Q1, though Asics, Onitsuka Tiger, Salomon, Kolon, ON, adidas, Anta, Li Ning, and Fila maintained momentum. Traditional jewelry brands Chow Tai Fook, Lukfook, and Chow Sang Sang grew 61%, 73%, and 45%, while Laopu Gold fell 71%.
Outlook
Durable consumer goods showed month-on-month improvement in June, though demand remains subdued. IMF trends require monitoring to confirm sequential recovery sustainability.
Recommended Securities
Goldman Sachs maintains Buy ratings on Lin Qingxuan (2657.HK), Mao Geping (1318.HK, Conviction List), and Giant Biogene (2367.HK), citing strong 618 performance and healthy ROI. Third-party online data may not fully reflect actual growth due to multi-channel operations.
Key exhibits
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