ab Global Research owered by UBS Evidence Lab YES P 10 January 2026 China Consumer Sector 2026 Outlook: are we at the beginning of consumer confidence recovery? Green shoots, but bumpy road: multi-year consumption recovery underway With MSCI China Consumer Discretionary/Staples trading at 17x/15x 12-month forward PE, c1SD below the 10-year averages, we believe the depressed valuations do not price in a consumption recovery. With consumer confidence trending up since Q324, we turned positive on the consumer ...