中国消费2026 展望-两类消费者的不同图景-2026 Outlook - A Tale of Two Consumers

China (PRC) | China Consumer Equity Research 2026 Outlook - A Tale of Two Consumers Policy mixed bag. The gov't's stimulus support through its trade-in policy has boosted sales of a few categories, while anti-extravagance measures and e-commerce subsidies have distorted retail pricing and channel dynamics, in our view. The 15th Five-Year Plan commits to a substantial increase in the household consumption rate, with the final version due to be released in March 2026. Rebuilding confidence from the top down. ...