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Beijing’s national trade‑in program—which incentivizes consumers to swap older goods for newer, energy‑efficient models—clearly stoked demand: Household appliance sales soared 35.1% YoY, furniture rose 18.1%, and autos climbed 5.5%. Macro momentum looked solid as well: Q1 GDP grew 5.4% YoY (vs. 5.2% expected) and Q1 retail sales advanced 4.6%.

The ability to sell to consumers directly via TikTok Shop and Amazon is contributing to healthy sales growth: US K-beauty sales on Amazon shot up by 122% YoY in Q3 2024, more than four times the growth rate for total skincare sales on the marketplace, per a Samsung Securities report.

China’s expected $3.209 trillion in digital sales will also account for 51.5% of its domestic retail sales, which no other country will come close to matching. Only five of the 67 countries we track will conduct more than 20% of their retail sales digitally. The UK (30.7%), Indonesia (28.9%), South Korea (28.3%), and Norway (21.4%) are the standouts besides China.

The grocer expects same-store sales growth of 1.5% to 2.5% this fiscal year, roughly in line with FactSet’s expectation for a 1.8% rise. But it guided to adjusted per-share earnings of $2.03 to $2.16, considerably short of the $2.28 consensus estimate.

The impact: For the most part, it’s too early to tell if these boycotts are having any effect on companies’ performances—with the exception of Tesla, which reported a steep drop in Q1 sales as founder Elon Musk’s close ties to the president have turned the brand into a lightning rod for anti-Trump and anti-US sentiment.