$Crocs(CROX.US) rose by more than five points, $POP MART(09992.HK) stayed flat all day, and $CTG DUTY-FREE(01880.HK) saw a slight decline.

All three sell discretionary consumer goods, but their customer bases and channels are completely different: $Crocs(CROX.US) relies on volume from North American discount channels, $POP MART(09992.HK) depends on IP-driven repurchases, and $CTG DUTY-FREE(01880.HK) bets on duty-free foot traffic. The current divergence is almost like a thermometer for their respective terminal markets.

American consumers are still buying shoes, but domestic duty-free foot traffic isn't picking up. Will this gap narrow or widen further in the second half of the year? I guess it will continue to widen—the recovery in the duty-free sector depends on outbound tourism numbers, and the slope of this data has remained very flat from the beginning of the year to now.