$MNSO(09896.HK) rose slightly by two points, with value-for-money retail showing relative resilience in this wave; $Chagee(CHA.US) fell by over two points, as the new tea beverage sector is giving back earlier gains; $MGM Resorts(MGM.US) and $CTG DUTY-FREE(01880.HK) were basically flat, with gaming and duty-free staying quiet.
When wallets are tight, essential value-for-money items hold up better than discretionary indulgences. The trend of consumption stratification is highly likely to continue in the short term. Have you seen any signs of a recovery in discretionary consumption?
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