This article only represents the author's own views.

Makers of discretionary products like luxury goods and cosmetics are singing the blues in China these days, as increasingly cautious consumers rein in their spending on such items that are nice to have but easy to ditch in lean times. But more basic daily goods like groceries and laundry soap may be holding up better, and even be outperforming the market, as consumers spend more time at home to save money.

That growing gap comes shining through in an announcement this week previewing Blue Moon Group Holdings Ltd.’s (6993.HK) performance in the first half of this year. Somewhat ironically, the announcement’s labeling as a “profit warning” creates a misleading impression that things weren’t too smooth at China’s leading detergent and liquid soap maker in the six months through June.