Goldman Sachs
June 15, 2026
China Consumer Connection Online Brand Tracker
Monthly UpdateEquitiesConsumer StaplesConsumer Discretionary
The report highlights weak consumer performance in May 2026 across most categories, with divergent trends in the Cosmetics and Sportswear sectors driven by 618 shopping festival promotions.
Key Takeaways
- 1.May performance for consumer categories was largely weak, with the majority of categories recording year-over-year declines in online sales.
- 2.Cosmetics showed divergent results; while some categories faced pressure, beauty GMV on Douyin and Tmall/Taobao/JD showed resilience or acceleration.
Table of Contents
- Category performance
- Category trends (JD/Tmall/Taobao)
- Category performance (Tmall/Taobao)
- Brand performance (Tmall, Taobao, JD)
- Baby, Health and Beauty products
- Cosmetics
- May performance by brand
- More deep dives
- Jewelry
- Pet Food
- Sporting Goods
- Consumer Durables
- May trending brands (yoy, incl. Taobao, Tmall, JD and Douyin)
- May online sales breakdown by platform
- Appendix: Tracker details and data source
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Authors
Valerie ZhouMichelle Cheng
Securities
Feihe603605.SS
Themes
Online retail trends618 shopping festival impactConsumer demand weakness
Regions
Asia PacificChina
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