CNBC's The China Connection: Sam's Club Thrives Amid China's Consumption Concerns
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2025
0mins
Source: CNBC
China's Consumption Trends: Recent data indicates a significant decline in consumer spending in China, reaching its lowest point in nearly three years, yet membership warehouse clubs like Sam's Club are thriving by offering premium goods and unique shopping experiences.
Walmart's Expansion in China: Walmart is rapidly expanding its Sam's Club outlets in China, with plans to open 10 new stores this year, capitalizing on the growing demand for curated products and a shopping experience that contrasts with traditional supermarkets and online retailers.
Challenges for Traditional Retail: The hypermarket format has struggled in China due to the rise of digital retail, leading Walmart to close many of its hypermarkets while Sam's Club continues to grow, becoming one of the fastest-growing foreign retailers in the country.
Market Dynamics and Consumer Behavior: Despite a general consumer slump, warehouse clubs offering quality goods at reasonable prices are emerging as successful players, while local competitors face challenges in scaling and replicating their unique value propositions.
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Analyst Views on JD
Wall Street analysts forecast JD stock price to rise
9 Analyst Rating
7 Buy
1 Hold
1 Sell
Moderate Buy
Current: 28.270
Low
28.00
Averages
38.83
High
50.50
Current: 28.270
Low
28.00
Averages
38.83
High
50.50
About JD
JD.Com Inc is a company principally engaged in the e-commerce business, including online retail and online marketplace mainly through its retail mobile apps and www.jd.com website (collectively, JD Platform). The Company operates its businesses through four segments. JD Retail segment, including JD Health, JD Industrials, and other components, mainly engage in online retail, online marketplace and marketing services in China. JD Logistics segment includes both internal and external logistics businesses. Dada segment is a local on-demand delivery and retail platform in China. New Businesses segment mainly include JD Property, Jingxi and overseas businesses. The Company mainly conducts its businesses in the domestic market and overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Portfolio Adjustment: Following this transaction, Knuff & Co LLC no longer holds any JD.com shares, removing the company from its reportable 13F assets, which signifies a major shift in its investment strategy.
- Long-term Performance Analysis: Over the past three years, JD.com’s stock has retreated nearly 68%, resulting in a compound annual growth rate (CAGR) of -20.3%, contrasting sharply with the S&P 500's 91% growth during the same period, reflecting diminishing confidence from institutional investors.
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