China consumer: Read-across from Hermès' 3Q26 results

Nomura's China consumer report draws read-across for the sector from Hermès' 3Q26 results. Hermès reported 3Q26 revenue growth of 4.3% y-y at constant exchange rates, slightly below the Bloomberg consensus, mainly dragged by the Ready-to-wear & Accessories segment, which declined y-y and missed expectations. By region, Asia Pacific (ex-Japan) delivered lukewarm, roughly flat revenue growth, decelerating from 2Q26, while Japan and the Americas grew solidly; management maintained its guidance of positive constant-currency revenue growth for FY26E. In China, management observed that consumer confidence remains weak and that the offshore trust taxation policy introduced in July has added pressure on demand, with volume-driven categories such as fashion & accessories, watches and shoes most affected;