摩根士丹利-亚太区中国消费脉搏：AlphaWise2026年3月消费者调查-China Consumer PulseAsia Pacific AlphaWise Consumer Pulse Survey Mar-26-20260412

MorganstanleyRESEARCH

April12,202609:40PMGMT

ChinaConsumerPulse|AsiaPacific

AlphaWiseConsumerPulseSurveyMar-26

Oursurvey,conductedoverMarch16-19,showsmarginal

improvementinhouseholdincomeexpectationsandfinancial

marketappetite,yethousingstresspersists.Spendingintentionsedgedupintier2andlower-tiercities.AIadoptionisnow

widespreadacrossworkandlife.

alphawise

Overallconsumersentimentshowsmildimprovement,thoughcautionremains:

Consumerconfidenceedgedhigher,withalargershareexpectingeconomic

conditionstoimproveandfeweranticipatingadownturn.Theprojectedincomegrowthforthenext12monthsrebounded5.8%,drivenprimarilybylowerandlowermiddleincomecohorts.Yetanxietyaroundjobsecurityremainsthetopconcern,andnotsurprisingly,worriesovergeopoliticalconflictsjumpedsharply.

Wealtheffectsaremixed,withimprovingfinancialmarketappetitebut

persistenthousingstress:Consumersshowagreaterwillingnesstoincrease

exposuretofinancialassets,withnetintentionstoaddtobonds(+11ppts)and

stocks(+8ppts)risingsequentially.However,housingsentimentremainsdeeply

challenged–onanetbasis,47%ofprospectivebuyersexpecthomepricestofall

(5ppthigherthanintheOct-25survey),while49%ofhomeownerswanttosell

theirhomesinnextsixmonths(up8ppt),withinwhich61%arewillingtotakealoss(up9ppt).

Spendingappetitehasimprovedslightlybutremainsselective:Forthenext

quarter,24%ofconsumersexpecthigherspendingcomparedwith8%expecting

lowerspending,liftingthenetspendingoutlookto+16%(from+11%inOct-25).

ImprovementsaremorevisibleinTier2andlowertiercities,whileTier1sentimentremainsstable.Categorylevelintentionsremainlargelyflat,withlimitedpocketsofstrengthsuchascharactercollectibles,musicstreaming,shortvideodrama,andfreshlybrewedcoffee/tea(onplatform'ssubsidies).Lifestyleupgradeintentions

remainstablesequentiallywith19%planningupgradesoverthenextsixmonths(vs18%intheOct-25survey),whiletheshareexpectingunchangedspendingroseto

60%from57%inOct-25,highlightingacontinuedpreferenceforspendingdiscipline.

AIadoptionhasbecomemainstreamandincreasinglypractical:~75%useAIat

leastweeklyacrosspersonal/workcontextsand~30%daily,withpeopleaged30-39beingmostfrequentusers.Consumeruseisconcentratedinhighfrequency,

utilitydrivenapplicationssuchashealthadvice,informationsearch,andcontent

creation.Intheworkplace,35%ofemployedrespondentsadoptAI,primarilyfortextsummarization,informationgathering,anddataanalysis.

OursurveywasconductedoverMarch16-19,2026,with2,041consumersacrosstier1-4cities.

MoRGANSTANLEyAsiALimiTED+LillianLou

MorganStanleydoesandseekstodobusinesswith

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

Research.InvestorsshouldconsiderMorganStanley

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

FouNDAtioN

EquityAnalyst

Lillian.Lou@

+8522848-6502

RobinXing

ChiefChinaEconomist

Robin.Xing@

+8522848-6511

ChetanAhya

ChiefAsiaEconomist

Chetan.Ahya@

+8522239-7812

LauraWang

EquityStrategist

Laura.Wang@

+8522848-6853

StephenCheung,CFA

EquityAnalyst

Stephen.Cheung@

+8523963-0385

JennyZheng,CFA

Economist

Jenny.L.Zheng@

+8523963-4015

ZhipengCai

Economist

Zhipeng.Cai@

+8522239-7820

HildyLing

EquityAnalyst

Hildy.Ling@

+8522239-7834

GaryYu

EquityAnalyst

Gary.Yu@

+8522848-6918

RebeccaXu

EquityAnalyst

Rebecca.Xu@

+8522848-7359

MavisNg

DataAnalyst

Mavis.Ng@

+8522239-7840

2

Morganstanley

RESEARCH

FouNDATloN

AlphaWiseChinaConsumerPulseSurveyMarch16-19,2026

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH3

SurveyHighlights

HouseholdFinancial

Outlook

•Consumerconfidenceimprovedmodestly:48%expectabettereconomy(up4pptsvs.October2025)whileexpectationsofadownturnfellto10%(down4ppts)and43%expectnochange.

•Expectedincomegrowthforthenext12monthsrecoveredto5.8%,returningtolevelslastseeninJuly2025,drivenmainlybylowerandlower-middleincomecohorts.

HouseholdInvestments

•Stocksremainedthe4thmostpopularinvestmentafterbankdeposits,wealthmanagementproducts,andgold.Consumerslooktoincreasetheirassetholdings,notablyforbondsandstocks.

MajorConcernsforSpending

•Fearofself/familyjobloss(37%)andinflation(36%)remainedthemostcitedconcerns.Concernsaboutgeopoliticalconflictssurgedto30%,thefirsttimereachingthislevelinthesurveyhistory.

Consumption&Spending

•Overallspendingoutlookslightlyimproved:Forthenextquarter,24%expecthigherspendingversus8%

expectinglowerspending,liftingthenetspendingscoreto+16%(vs.+11%inOctober2025).

•Spendingoutlookonphysicalgoodsandentertainmentwasflat,exceptcharactercollectibles,musicstreaming

andshortvideodramawhichsawmodestincreases.

•Lifestyleupgradeintentionsremainedsubdued,with~19%planningupgradesovernext6months,whilethe

shareexpectingunchangedspendingcontinuedtoexpand(60%vs.57%).

TravelPlans

•Travelintentionstickedupacrosscategories,withoverseastravelshowingthestrongestgains.Shoppingbudgetpertravelerretreatedafterincreasesseeninthepriortwoquarters.

HomePurchasePlans

•Homebuyingintentionstickedup,with17%“extremelylikely”tobuy.Sellingpressurealsoincreased–nearly

halfofhomeownersexpecttosellwithinsixmonths(49%),and61%arewillingtosellataloss,bothrising

sequentially.

AIAdoption

•75%ofrespondentsuseAIatleastweeklyacrosspersonalandworkcontexts,with~30%usingitdaily.Top

past-monthapplicationsincludemedical/healthadviceandimagegeneration(both~45%),followedby

researchingnewtopic(36%).Amongemployedusers,35%useAIatwork,primarilyfortextsummarization,

informationgathering,anddataanalysis

4

Outline

P.5JobMarketandHouseholdFinanceOutlookP.13HouseholdInvestments

P.15MajorConcernsforSpending

P.17ConsumptionandSpendingOutlookP.23TravelPlans

P.26HomePurchasePlans

P.31ArtificialIntelligence(AI)Adoption

MoRGANSTANLEyREsEARcH5

China’sEconomicOutlook

TheproportionofconsumersanticipatinganimprovementinChina’seconomytickedup4ppts,to48%;

thoseexpectingastableeconomyremainedat43%.Theshareofconsumerspredictingadeclinedropped4pptsto10%.

ViewonChinaEconomyOverNext6Months

——BetterSameWorse

68%66%

61%62%60%62%60%

55%

57%55%58%56%54%55%53%53%55%

48%

48%

49%

44%

42%

43%43%

38%39%

35%36%36%36%

32%29%31%32%30%30%33%33%33%33%33%

25%

27%27%

22%

14%14%

12%

10%

14%10%12%11%15%10%11%11%13%11%12%12%13%

6%7%6%8%

12/28-31,'22

1/29-31,'23

2/24-28,'23

3/28-4/1,'23

4/25-28,'23

5/26-29,'23

6/26-29,'23

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-03/19,'26

Source:AlphaWise,MorganStanleyResearch

6

HouseholdFinancialSituationOutlook

Overall,thenumberofconsumersexpectingtheirfinancestoimproveoverthenextsixmonthsrose6pptsto41%,whiletheshareofconsumerswithastableoutlookwasinlinewithlastsurvey.(55%vs.54%).

HouseholdFinancialSituationOverNearFuture

BetterSameWorse

54%

41%

6%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Mar-Apr2019*

Aug2020*

Apr-May2021*

3/23-26,'22

3/29-4/1,'22

4/12-15,'22

5/25-29,'22

6/24-28,'22

7/25-28,'22

12/28-31,'22

1/29-31,'23

2/24-28,'23

3/28-4/1,'23

4/25-28,'23

5/26-29,'23

6/26-29,'23

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-03/19,'26

Source:AlphaWise,MorganStanleyResearch.

Timehorizonwasasked“overnext12months”insurveysmarkedasterisk*but“overnext6months”inWave10(3/23-26,’22).Sampledetailsbysurvey-Mar-Apr2019:n=2,561consumersaged16-49livinginTier1-3cities;Aug2020:n=2,542aged16-49consumersinTier1-3cities;Apr-May2021:n=2,551aged16+consumersinTier1-3cities.

MoRGANSTANLEyREsEARcH7

HouseholdFinancialSituationOutlook(continued)

Whatledtopositiveviewsonthehouseholdfinanceoutlook?Expectationsofpayraisesnextyear(43%;

down4pptssequentially)werethebiggestreasonbehindthepositiveoutlook,followedbyactualpayraisesobtainedinthepastyear(37%;down5ppts).

ReasonsforExpectinganImprovingFinancialSituationinN6M

Hadless/nobonuspay/salarycut

Expectaworsebonuspayorpaycutnextyear

Myapartmentisfallinginvalue

Lostmoneyfrommyinvestments

Lostajoborworriedoverjobsecurity

42%

36%

28%

25%

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-03/19,'26

ReasonsforExpectingaWorseningFinancialSituationinN6M

0%5%10%15%20%25%30%35%40%45%50%

Amongthosewhoheldpessimisticviews,topreasonsremainedsalarycutsexperiencedearlierthisyear(42%;up2ppts)andexpectationsofpaycuts(36%;flat)andworriesoverfallingapartmentvalues(28%;down3ppts).

Expectabetterbonuspayorpayrisenextyear

Gotabonuspay/payrise

Earnedmoneyfrommyinvestments

Gotanewjob/expectinganewjob

Myapartmentisrisinginvalue

0%10%20%30%40%50%60%

18

22%

%

37

33%

%

43%

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'2311/28-12/1,'2312/27-29,'231/24-26,'24

3/25-29,'246/25-28,'249/27-30,'2412/27-31,'244/8-11,'25

7/14-16,'2510/24-28,'25

20%

03/16-03/19,'26

Source:AlphaWise,MorganStanleyResearch

8

JobMarketOutlook

Thenumberofconsumersactivelylookingforanewjobwasinlinewiththelastsurvey.

CurrentJobSearchStatus

Activelylooking,urgentlyActivelylooking,butnoturgentlyPassivelylookingNotlooking/notinterestedatall

100%

90%20%16%11%18%18%18%17%17%12%15%17%13%13%14%10%12%11%13%11%11%10%13%10%

25%

22%22%21%20%25%27%25%

41%40%38%41%

17%19%17%20%19%17%18%17%

27%25%26%

47%43%45%

15%20%18%

27%26%

49%50%

14%14%

28%32%

47%44%

12%14%

24%26%

44%44%

19%18%

26%24%

41%41%

18%18%

80%

70%

60%

50%

40%

30%

20%

10%

0%

25%

47%

18%

27%

46%

14%

21%

44%

22%

28%

43%

15%

43%47%41%44%

Source:AlphaWise,MorganStanleyResearch

MoRGANSTANLEyREsEARcH9

JobMarketOutlook(continued)

Confidenceinlandinganewjobtickedup3ppts,to78%.

ConfidenceAtLandingAJobOverNext6MonthsByAge

(%saying'very/somewhatconfident')

----

ConfidenceAtLandingAJobOverNext6Months

0%

Veryconfident

%3%%

22%19%20%

49%52%52%

25%23%23%

3%3%3%

23%21%20%

49%51%49%

23%23%25%

Don’tknow

Notatallconfident

Notveryconfident

Somewhatconfident

5%3%

21%

26%

47%

43%

24%26%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

24%

50%

46%

4%

25%

47%

22%

3%

4%

19%

46%

28%

2%

19%

50%

27%

4%

21%

51%

21%

%

17%

50%

29%

3%

20%

48%

27%

2%

20%

50%

24%

3%

17%

50%

28%

3%

16%

51%

27%

2%

15%

50%

29%

3%

18%

45%

31%

30%23%25%

3%2%2%

3%

20%

2%

14%

3%3%

4%

4%

50%

4%

4%

4%

3%

3%

3%

2%

2%

3%

3%

Total1824253435495059

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

86%

80%

78%

73%

69%

ConfidenceAtLandingAJobOverNext6MonthsByCityTier

(%saying'very/somewhatconfident')

TotalT1T2LT

83%77%

70%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source:AlphaWise,MorganStanleyResearch

10

JobMarketOutlook(continued)

Amongthosewhowerenotasconfidentaboutlandinganewjobinthenextsixmonths,acompetitivejobmarketremainedthetopreasonfortheirview(77%;up3pptsvs.thelastsurvey).Thenumberof

respondentsciting“morelayoffsthanjobopenings”slippedinthissurvey(43%;down11ppts).

4%

Toocompetitivewithmanyjobapplicantsinthemarket

Companiesarelayingoffemployeesratherthanhiring

Companiesareonlyhiringjobapplicantswithmoreadvancedskillsets

37%

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

Reasonsfor"NotFeelingConfident"atLandingNewJobN6M

0%20%40%60%80%

Companiesarefreezingheadcounts

Otherreason

74%

54%

18%

Source:AlphaWise,MorganStanleyResearch

MoRGANSTANLEyREsEARcH11

HouseholdIncomeExpectations

Theprojectedincomegrowthforthenext12monthshasbouncedbackto5.8%,thelevellastseeninJuly2025.Thispickupinincomeexpectationswasprimarilydrivenbythelowerincome(<Rmb6k/month)andlower-middleincomecohorts(Rmb6-15k/month).

HouseholdIncomeGrowthOutlookbyIncomeSegment

Total<RMB6kRMB6-15kRMB15-29k≥RMB30k

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

9.2%

6.5%

6.4%

5.8%

4.8%

HouseholdIncomeGrowthOutlookbyCityTier

TotalT1T2LT

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

6.1%

5.8%

5.3%

8.0%8.2%

6.5%6.8%

5.3%

2.0%0.3%

-1.4%-1.5%-1.7%

-2.7%

HouseholdIncomeGrowth

Past12MonthsNext12Months

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

1.4%

-0.2%-0.1%

-0.9%

4.6%4.7%4.3%4.3%3.5%

7.0%

5.7%

4.7%

6.7%

5.7%

5.0%

3.1%

6.4%

0.5%

7.2%7.1%5.1%

6.0%

4.9%

5.3%

2.7%

5.8%

4.2%

6.2%5.7%

5.8%

4.8%

7.3%

1.0%

Source:AlphaWise,MorganStanleyResearch

12

Outline

P.5JobMarketandHouseholdFinanceOutlookP.13HouseholdInvestments

P.15MajorConcernsforSpending

P.17ConsumptionandSpendingOutlookP.23TravelPlans

P.26HomePurchasePlans

P.31ArtificialIntelligence(AI)Adoption

MoRGANSTANLEyREsEARcH13

HouseholdInvestments

Thissurvey,wecontinuedtoaskaboutconsumerparticipationininvestments.Stocksremainedthefourthmostpopularinvestment,heldby85%ofconsumers(up7pptsvs.lastsurvey)afterbankdeposits,wealthmanagementproducts,andgold.

Netintentionstoincreaseassetholdingsroseacrossallcategories,withbonds(+11ppts)andstocks(+8ppts)showingthestrongestsequentialgains.

99%100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Bankdeposits/cashWealthmanagementproducts

%ConsumersInvestinginVariousAssetsThisYear

85%81%

74%

93%

85%

99%

92%

10/24-28,'2503/16-03/19,'26

StocksBonds

Gold

78%

88%

NetScore:

100%90%80%70%60%50%40%30%20%10%0%

ChangesinInvestmentsThisYear

(AmongConsumersInvestingintheCategory)

38%42%5%13%6%17%28%33%31%35%

11%9%13%13%11%10%10%

40%43%37%38%36%37%

26%27%23%26%

11%10%5%7%4%8%7%8%9%10%

19%16%16%

35%35%40%41%41%40%

2%2%8%5%6%3%3%3%3%3%

45%50%

43%51%

10/24-28,

'25

03/16-19,

'26

10/24-28,

'25

03/16-19,

'26

10/24-28,

'25

03/16-19,

'26

10/24-28,

'25

03/16-19,

'26

10/24-28,

'25

03/16-19,

'26

Bankdeposits/cash

Stocks

Bonds

Wealthmgmtproducts

Gold

Decreasedalot

Decreasedalittle

Unchanged

Increasealittle

Increasedalot

Source:AlphaWise,MorganStanleyResearch

14

Outline

P.5JobMarketandHouseholdFinanceOutlookP.13HouseholdInvestments

P.15MajorConcernsforSpending

P.17ConsumptionandSpendingOutlookP.23TravelPlans

P.26HomePurchasePlans

P.31ArtificialIntelligence(AI)Adoption

MoRGANSTANLEyREsEARcH15

MajorConcernsforSpending

Thismonth,concernsoverself/familymemberlosingajobremainedtop-of-mindconcernsamong37%ofconsumers,followedbyinflation(36%;unchangedsequentially).Worriesovergeopoliticalconflictssurgedamong30%,thefirsttimeenteringthe30%territory.

TopConcernsForCurrentYear(2026)

——Selforfamilymemberslosingjobs

——Copingwithinflation

——Potentialsalarycut

——Potentiallossesoninvestment

Geopoliticalconflicts(e.g.RussiaandUkraine,MiddleEast)

——Notabletopayrentordebt

——Notabletogetqualitymedicalcare/treatment

——Notworriedaboutanyoftheabove

50%

45%

40%

35%

30%

25%

20%

15%

10%

3/11-14,'20

3/18-21,'20

3/25-28,'20

4/01-03,'20

4/08-11,'20

4/15-18,'20

4/28-30,'20

5/12-14,'20

5/26-28,'20

3/23-26,'22

3/29-4/1,'22

4/12-15,'22

5/25-29,'22

6/24-28,'22

7/25-28,'22

12/28-31,'22

1/29-31,'23

2/24-28,'23

3/28-4/1,'23

4/25-28,'23

5/26-29,'23

6/26-29,'23

7/27-31,'23

8/28-31,'23

9/25-28,'23

5%

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-19,'26

37%

36%

34%

32%

30%

29%

20%

18%

0%

Source:AlphaWise,MorganStanleyResearch

16

Outline

P.5JobMarketandHouseholdFinanceOutlookP.13HouseholdInvestments

P.15MajorConcernsforSpending

P.17ConsumptionandSpendingOutlookP.23TravelPlans

P.26HomePurchasePlans

P.31ArtificialIntelligence(AI)Adoption

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH17

OverallSpendingNextQuarter

OverallHouseholdSpendingOverNext3Months

NETOverallHouseholdSpendingOverNext3MonthsbyCityTier

(%Increaseminus%Decrease)

TotalT1T2LT

18%16%

16%11%

35%

30%

25%

20%

15%

10%

5%

0%

-5%

-10%

Outlookforhouseholdspendingoverthenextthreemonthsimprovedslightly.24%ofconsumersanticipatehigherspendingvs.8%predictlowerspending,resultinginanetscoreof16%vs.11%inOctober2025.NetspendingoutlookforTier2andlower-tieredcitiesimprovedwhileTier1citieswasstable.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

18%18%18%14%12%13%9%12%6%8%7%7%9%8%11%8%8%9%7%6%8%8%10%10%16%11%11%8%

61%64%58%68%

65%65%56%61%65%67%64%65%64%64%65%66%64%69%62%59%67%64%65%60%62%67%67%69%

3/23-26,'22

3/29-4/1,'22

4/12-15,'22

5/25-29,'22

6/24-28,'22

7/25-28,'22

12/28-31,'22

1/29-31,'23

2/24-28,'23

3/28-4/1,'23

4/25-28,'23

5/26-29,'23

6/26-29,'23

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-19,'26

35%34%

21%19%24%18%22%22%27%28%25%29%28%26%27%24%26%28%22%31%25%28%25%31%23%22%22%24%

Expecttospendlesscomparedtolast3months

Expecttospend

aboutthesameaslast3months

Expecttospend

3/23-26,'22

3/29-4/1,'22

4/12-15,'22

5/25-29,'22

6/24-28,'22

7/25-28,'22

12/28-31,'22

1/29-31,'23

2/24-28,'23

3/28-4/1,'23

4/25-28,'23

5/26-29,'23

6/26-29,'23

7/27-31,'23

8/28-31,'23

9/25-28,'23

10/30-11/1,'23

11/28-12/1,'23

12/27-29,'23

1/24-26,'24

3/25-29,'24

6/25-28,'24

9/27-30,'24

12/27-31,'24

4/8-11,'25

7/14-16,'25

10/24-28,'25

03/16-19,'26

morecomapredtolast3months

Source:AlphaWise,MorganStanleyResearch.Duetothechangeinsurveyfrequency(i.e.frommonthlytoquarterly),thequestionwaschangedwithrespecttoínext3months’fromínextmonth’andhence,weightedaverageofhistoricaldatawascalculatedforcomparisongoingforward.

Morganstanley

RESEARCH

FouNDATloN

18

CategorySpendingNextQuartervs.LastQuarter

Categoryspendingoutlookfornextquarterwasstableacrosscategories,exceptcharactercollectibles,whichshowedsomehigherspendingintentsequentially.

IncreaseinCategorySpendNext3Monthsvs.Last3Months

(%Consumerslookingtoincreasespend)

45%

——GroceriesBeauty

——SportsFashion*OtherApparel*

——LargeHomeAppliance*SmallHomeAppliance*

Charactercollectibles/merchandise^Onlinefooddelivery^

EatingOut

LuxuryProductsCasualwatches#

AlcoholicBeverages*

ConsumerElectronics

——Freshlybrewedcoffee/milktea+

40%

35%

30%

25%

22%

19%

20%

18%

15%

13%

10%

10%

8%

5%

9%

4%

5%

0%

2Q201Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q251Q26

Source:AlphaWise,MorganStanleyResearch.InWave16(12/28-31,‘22),questionwordingchangedbyaddingananswerchoice“noplantospend”whichmayaffectcomparabilitywith

previoussurveys.Categorieswith*,#,+and^signarenewlyaddedinWave16(12/28-31,‘22),Wave19(3/28-4/1,’23),Wave26(10/30-11/1,’23)andWave35(7/14-16,’25)respectively.

MoRGANSTANLEyREsEARcH19

EntertainmentSpendingNextQuartervs.LastQuarter

Next-quarterspendingplansformostentertainmentformatswerelargelyflat,withtheexceptionofmusicstreamingandshortvideodramawithupticksinspendingintentions.

IncreaseinCategorySpendNext3MonthsvsLast3Months

8%

8%

6%

5%

5%

3%

3%

2Q223Q224Q221Q232Q233Q234Q231Q242Q24