从施华洛世奇&新秀丽财报看高端消费趋势：家用电器

Investment Rating - The industry rating is "Outperform the Market" [7][60]. Core Insights - The consumer market showed a steady recovery in January-February 2026, with total retail sales reaching 8.61 trillion yuan, a year-on-year increase of 2.8%, significantly accelerating from December 2025 [3][13]. - The rural market continues to outperform urban areas, confirming the judgment that rural consumption has a higher marginal propensity to consume and greater resilience [3][14]. - Swarovski's brand transformation is yielding results, with 2025 revenue of 1.969 billion euros, an organic growth of 6%, and EBITDA increasing by 12% [4][29]. - Samsonite's revenue for 2025 was 3.498 billion dollars, a slight decline of 2.5%, but showed signs of recovery in Q4 with positive growth in Asia, Europe, and Latin America [4][30]. Summary by Sections Consumer Market Performance - In January-February 2026, retail sales in urban areas grew by 2.7%, while rural areas saw a growth of 3.2%, indicating a 0.5 percentage point advantage for rural consumption [14]. - The share of county and rural retail sales in total retail sales reached 38.5%, up 0.1 percentage points from the previous year [14]. - Basic and optional upgrade consumption showed positive trends, with retail sales of essential goods growing significantly [23]. Company Performance - Swarovski's revenue growth was supported by a strong performance in direct sales and the North American market, with all regions and channels reporting growth [4][29]. - Samsonite's strategy to expand from traditional travel products to a broader lifestyle category is beginning to pay off, with improvements in direct retail sales [4][30]. Market Trends - The overall consumer recovery is not solely driven by subsidies but is supported by improved purchasing behavior, increased foot traffic, and festive activities [23]. - The demand for experience-oriented, upgraded, and smart green consumption continues to be a major highlight, with significant growth in service retail sales [28].