Data Update — June 2026
Sportswear, Gold & Jewelry, Luxury, E-commerce & 618, Pop Mart, and Tea & Coffee
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In Today’s Data Update
Chinese consumer names have spent all of 2026 being marked down. It is a two-speed market: AI and semis melt up while almost anything tied to the household wallet de-rates. With the whole complex this depressed, the more useful question than “is the consumer weak” (it is) is whether any names are now mispriced against their own idiosyncratic drivers.
We are updating the sectors we’ve most recently covered in the newsletter and flagged in Baiguan Pro, with BigOne Lab’s proprietary data as of June 2026:
Sportswear & footwear: We ask how much June’s promotions (618 festival sales) pulled demand online and away from stores, and which brands held the line. Most of all, after our piece on Lululemon’s Great Wall drum scandal — which forced an apology and a campaign pull right into the 618 window, on top of April’s “forever chemicals” probe — we examine whether the controversies surrounding Lululemon are finally visible in the sales data.
Gold & jewelry: Laopu has de-rated hard as gold prices correct from record highs. The question is whether June’s data shows its monthly sales trend beginning to trough, and why fixed-price heritage gold and floating-price mass jewelers may be pulling apart.
Luxury goods: Q1 was about dispersion, not recovery. We look at whether Q2 sustained the split — which brands kept siphoning high-net-worth spend, and which megabrands lost more ground.
E-commerce & 618: we refresh monthly GMV across Tmall, JD, Douyin and Kuaishou and read the full 618 cycle as a temperature check on overall consumption. Did 618 signal any pickup, or more of the same?
Pop Mart: the stock’s drawdown is a verdict on LABUBU concentration. We examine whether June’s new-product slate and a broadening IP base support or undercut that worry.
Tea & coffee: following Is the delivery war drawing to an end?, we ask whether lighter platform subsidies are finally delivering the margin relief bulls expected — or whether the fight has simply moved to the storefront.
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