China consumer: High-end shopping malls saw recovering momentum in Sep

Nomura hosted a channel check call (9 October) with an expert on China's high-end consumption trends. In Sep 2026, China's leading high-end malls saw recovering momentum, with both same-store sales (SSS) and foot traffic up low-teens % y-y (vs mid- to high-single-digit % y-y growth in Jul-Aug), driven by the Mid-Autumn Festival falling in Sep this year (vs coinciding with the Oct National Day holiday last year) and multiple marketing campaigns targeting luxury, gold & jewelry and cosmetics. Luxury malls outperformed non-luxury malls with mid-teens % y-y SSSG. However, foot traffic decelerated during the National Day holiday (Oct 1-7), up mid-single-digit % y-y, below expectations, with SSS expected to grow high-single-digit % y-y. For 4Q26 the expert remains optimistic on reduced outbound diversion, peak season and higher average order value, and younger, higher-spending members. By segment: luxury brands' SSSG accelerated to low-teens % y-y in Sep;