{"id":12686,"date":"2023-08-18T03:42:03","date_gmt":"2023-08-18T03:42:03","guid":{"rendered":"https:\/\/isafespend.com\/news\/what-chinas-big-earnings-say-about-the-consumer\/"},"modified":"2023-08-18T03:42:04","modified_gmt":"2023-08-18T03:42:04","slug":"what-chinas-big-earnings-say-about-the-consumer","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12686","title":{"rendered":"What China&#8217;s big earnings say about the consumer"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>BEIJING \u2014 Corporate earnings releases are picking up on a few bright spots for China&#8217;s consumer in a competitive market where people are less willing to open their wallets.<\/p>\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">JD.com<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>, <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Tencent<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\">Alibaba<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> this month reported results for the three months ended June that pointed to a steady pick-up in consumer spending that quarter, but with less clarity on whether that growth has continued.<\/p>\n<p>Here&#8217;s where companies said they saw consumer-related growth, according to public disclosures and FactSet transcripts of earnings calls:<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">JD.com<\/h2>\n<div class=\"group\">\n<p>Electronics and home appliance revenues rose by 11.3% to 152.13 billion yuan ($20.98 billion) in the three months ended June.<\/p>\n<p>But general merchandise revenue fell by 8.6% from a year ago to 81.72 billion yuan.<\/p>\n<p>Marketing revenue rose by 8.5% to 22.51 billion yuan.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Tencent<\/h2>\n<div class=\"group\">\n<p>Livestreaming e-commerce saw 150% year-on-year growth in gross merchandise value in the second quarter to an unspecified number. GMV measures total sales value over a certain period of time.<\/p>\n<p>On an annualized basis, that livestreaming GMV &#8220;is in the tens of billions&#8221; yuan.<\/p>\n<p>WeChat Mini program e-commerce has GMV &#8220;in the trillions&#8221; of yuan on an annualized basis. GMV for physical products has exceeded 1 trillion yuan on an annualized basis.<\/p>\n<p>Advertising revenue across all categories \u2014 except automotive \u2014 is up double-digits from a year ago in recent weeks. Ad sales rose by 34% to 25 billion yuan in the quarter ended June.<\/p>\n<p>Overall, Tencent reported earnings for the quarter that missed expectations, but showed a third-straight quarter of revenue growth.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Alibaba<\/h2>\n<div class=\"group\">\n<p>Direct China commerce sales, primarily from Tmall Supermarket and Tmall Global, grew by 21% year-on-year to 30.17 billion yuan.<\/p>\n<p>The overall Taobao and Tmall Group saw revenue grow by 12% to 114.95 billion yuan.<\/p>\n<p>A recovery in offline shows and the movie theater box office boosted Alibaba&#8217;s ticketing and movie studio units. Video platform Youku also saw subscription revenue rise. In all, digital media and entertainment revenue surged by 36% year-on-year to 5.38 billion yuan \u2014 and its first profitable quarter.<\/p>\n<p>Local services revenue rose by 30% to 14.5 billion yuan. That was driven by orders on food delivery app Ele.me and growth in Alibaba&#8217;s map app Amap, which sells services such as ride-hailing and hotel booking.<\/p>\n<p>Alibaba management did not provide much detail on the state of the consumer since the end of June.<\/p>\n<p>Overall, Alibaba&#8217;s earnings soundly beat expectations for the quarter.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">China consumption amid sluggish growth<\/h2>\n<div class=\"group\">\n<p>Data for July have pointed to a slowdown in China&#8217;s economy, including a modest 2.5% year-on-year increase in retail sales.<\/p>\n<p>Theme parks, however, have done well as tourism has picked up domestically.<\/p>\n<p>Shanghai <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\">Disney<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> saw record high revenue, operating income and margin during the latest quarter, the company said.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"RegularArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Read more about China from CNBC Pro<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Universal Studios Beijing &#8220;enjoyed its most profitable quarter,&#8221; Comcast said. The park opened in September 2021, during the pandemic.<\/p>\n<p>Listed companies don&#8217;t capture all major channels for online spending in China. ByteDance, which is not publicly listed, has become another e-commerce platform through its Douyin app, the local version of TikTok.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107287867\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107287867\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000312227\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><span class=\"InlineVideo-videoButton\"><\/span><span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Consumers in China spent 1.41 trillion yuan in purchases from merchants on Douyin, up 76% from the previous year, according to The Information. ByteDance did not immediately respond to a request for comment.<\/p>\n<p>ByteDance&#8217;s smaller rival Kuaishou is set to release earnings Tuesday, as are Chinese tech giant Baidu and video content platform iQiyi. E-commerce giant Pinduoduo has yet to announce when it&#8217;s scheduled to release earnings.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Other companies in China, or those with exposure to China, have showed some pockets of growth, albeit compared to a low base in 2022 when the metropolis of Shanghai was locked down for two of the three months in the second quarter.<\/p>\n<p>Here&#8217;s what some have said so far:<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Adidas<\/h2>\n<div class=\"group\">\n<p>Revenues in\u00a0Greater China\u00a0grew 16% in the second quarter, reflecting double-digit sell-out growth in both wholesale and its own retail outlets.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Anta<\/h2>\n<div class=\"group\">\n<p>The Chinese sportswear company said its Anta brand retail sales value rose by high single digits in the second quarter from a year ago. Its Fila brand saw high teens growth year-over-year. The company&#8217;s Descente, Kolon Sport and other brands saw growth of 70% to 75% year-on-year.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Apple<\/h2>\n<div class=\"group\">\n<p>Apple CEO Tim Cook said the iPhone maker saw &#8220;an acceleration\u2018\u2019 in China, with 8% year-on-year quarterly sales growth to $15.76 billion. That&#8217;s a reversal of a 3% year-on-year drop in the prior quarter.<\/p>\n<p>The company said it saw &#8220;a June quarter record in Greater China&#8221; in the wearables, home and accessories category, as overall product group saw sales increase by 2% year-on-year to $8.3 billion.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Li Ning<\/h2>\n<h2 class=\"ArticleBody-subtitle\">Starbucks<\/h2>\n<div class=\"group\">\n<p>China comparable store sales increased 46%, but the average ticket size was slightly smaller, down 1%.<\/p>\n<p><em>\u2014 CNBC&#8217;s Arjun Kharpal contributed to this report.<\/em><\/p>\n<p><em>Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/18\/what-chinas-big-earnings-say-about-the-consumer.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING \u2014 Corporate earnings releases are picking up on a few bright spots for China&#8217;s consumer in a competitive market where people are less willing to open their wallets. JD.com, Tencent and Alibaba this month reported results for the three months ended June that pointed to a steady pick-up in consumer spending that quarter, but<\/p>\n","protected":false},"author":1,"featured_media":12687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-12686","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What China&#039;s big earnings say about the consumer | iSafeSpend<\/title>\n<meta name=\"description\" content=\"BEIJING \u2014 Corporate earnings releases are picking up on a few bright spots for China&#039;s consumer in a competitive market where people are less willing to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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