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In Today’s Data Update
China’s two-speed economy continues. In H1, goods sales rose just 1.1% while services rose 5.3%. Exports and industry have held up; the household wallet has not. July brought further pressure, as a historic run of typhoons disrupted foot traffic and an equity market in deep correction weighed on sentiment among consumers who were already cautious.
In today’s Data Update, we look at the most recent data to see how consumer brands are holding up in a softer domestic consumption environment. In particular, we examine LV’s July sales — the first full month after its trademark lawsuit against local tea brand Molly Tea won in court but lost the Chinese public.
With BigOne Lab’s proprietary offline payment data as of July 2026, we cover:
Luxury goods: which brands kept growing through a soft July and which did not — and whether the split is better explained by the overall economy or specific brands.
Gold & jewelry: Laopu’s July print, set against a choppy gold price and a thin promotional calendar outside SKP. We also read the secondhand market, where transaction volumes and premiums say something about who still believes in the price.
Tea & coffee: delivery platforms are pulling back their subsidies. We look at what that meant for third-party delivery sales in July, normally the peak summer month, and at how brands funding their own in-store discounts, such as Luckin and Guming, fared against those that are not.
Pop Mart: we update July’s year-on-year growth and what the collab-heavy 2026 slate means for Pop Mart’s IP concentration risk.
Sportswear & footwear: a traditional low season with no holiday catalyst, and typhoons disrupting outdoor demand. We look at brand-by-brand performance, particularly whether Lululemon’s completed fiscal Q2 (May–July) supports management’s mid-to-high-teens China guidance after the Great Wall drum scandal.
At BigOne Lab, we curate data highlights, analyze them, and deliver insights trusted by 100+ top institutional and corporate clients worldwide.
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