diff --git a/src/loader.js b/src/loader.js
index b6f4c744..c1f24ec1 100644
--- a/src/loader.js
+++ b/src/loader.js
@@ -271,9 +271,9 @@ function pitch(request) {
           const exportsString = `export { ${identifiers
             .map(([id, key]) => `${id} as ${JSON.stringify(key)}`)
             .join(", ")} }`;
-          const exportDefaultString = `export default ${JSON.stringify(
-            locals
-          )}`;
+          const exportDefaultString = `export default { ${identifiers
+            .map(([id, key]) => `${JSON.stringify(key)}: ${id}`)
+            .join(", ")} }`;
           return `${localsString}\n${exportsString}\n${exportDefaultString}\n`;
         }
 
diff --git a/test/cases/custom-loader-with-functional-exports/expected/main.js b/test/cases/custom-loader-with-functional-exports/expected/main.js
index 0e7d18db..8648479e 100644
--- a/test/cases/custom-loader-with-functional-exports/expected/main.js
+++ b/test/cases/custom-loader-with-functional-exports/expected/main.js
@@ -15,7 +15,7 @@ __webpack_require__.r(__webpack_exports__);
 var _1 = () => "class-name-a";
 var _2 = () => "class-name-b";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "cnA": _1, "cnB": _2 });
 
 
 /***/ })
diff --git a/test/cases/es-module-concatenation-modules/expected/main.js b/test/cases/es-module-concatenation-modules/expected/main.js
index 14034b62..279943a9 100644
--- a/test/cases/es-module-concatenation-modules/expected/main.js
+++ b/test/cases/es-module-concatenation-modules/expected/main.js
@@ -73,19 +73,19 @@ __webpack_require__.d(index_namespaceObject, {
 // extracted by mini-css-extract-plugin
 var _1 = "foo__a";
 
-/* harmony default export */ const a = ({"a":"foo__a"});
+/* harmony default export */ const a = ({ "a": _1 });
 
 ;// CONCATENATED MODULE: ./b.css
 // extracted by mini-css-extract-plugin
 var b_1 = "foo__b";
 
-/* harmony default export */ const b = ({"b":"foo__b"});
+/* harmony default export */ const b = ({ "b": b_1 });
 
 ;// CONCATENATED MODULE: ./c.css
 // extracted by mini-css-extract-plugin
 var c_1 = "foo__c";
 
-/* harmony default export */ const c = ({"c":"foo__c"});
+/* harmony default export */ const c = ({ "c": c_1 });
 
 ;// CONCATENATED MODULE: ./index.js
 /* eslint-disable import/no-namespace */
diff --git a/test/cases/es-named-export-as-is-output-module/expected/main.mjs b/test/cases/es-named-export-as-is-output-module/expected/main.mjs
index 3a6c09be..b1a9cd9c 100644
--- a/test/cases/es-named-export-as-is-output-module/expected/main.mjs
+++ b/test/cases/es-named-export-as-is-output-module/expected/main.mjs
@@ -15,7 +15,7 @@ var _1 = "Xh041yLR4iCP4RGjge50";
 var _2 = "NMuRsxoDwvW8BhSXhFAY";
 var _3 = "ayWIv09rPsAqE2JznIsI";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({"a-class":"Xh041yLR4iCP4RGjge50","b__class":"NMuRsxoDwvW8BhSXhFAY","cClass":"ayWIv09rPsAqE2JznIsI"});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "a-class": _1, "b__class": _2, "cClass": _3 });
 
 
 /***/ })
diff --git a/test/cases/es-named-export-as-is/expected/main.js b/test/cases/es-named-export-as-is/expected/main.js
index a8b1d5fa..260d0610 100644
--- a/test/cases/es-named-export-as-is/expected/main.js
+++ b/test/cases/es-named-export-as-is/expected/main.js
@@ -17,7 +17,7 @@ var _1 = "Xh041yLR4iCP4RGjge50";
 var _2 = "NMuRsxoDwvW8BhSXhFAY";
 var _3 = "ayWIv09rPsAqE2JznIsI";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({"a-class":"Xh041yLR4iCP4RGjge50","b__class":"NMuRsxoDwvW8BhSXhFAY","cClass":"ayWIv09rPsAqE2JznIsI"});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "a-class": _1, "b__class": _2, "cClass": _3 });
 
 
 /***/ })
diff --git a/test/cases/es-named-export-output-module/expected/main.mjs b/test/cases/es-named-export-output-module/expected/main.mjs
index 74d00fae..ef9a39c9 100644
--- a/test/cases/es-named-export-output-module/expected/main.mjs
+++ b/test/cases/es-named-export-output-module/expected/main.mjs
@@ -15,7 +15,7 @@ var _1 = "foo__style__a-class";
 var _2 = "foo__style__b__class";
 var _3 = "foo__style__cClass";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({"aClass":"foo__style__a-class","bClass":"foo__style__b__class","cClass":"foo__style__cClass"});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "aClass": _1, "bClass": _2, "cClass": _3 });
 
 
 /***/ })
diff --git a/test/cases/es-named-export/expected/main.js b/test/cases/es-named-export/expected/main.js
index 6ddc762a..4e92f660 100644
--- a/test/cases/es-named-export/expected/main.js
+++ b/test/cases/es-named-export/expected/main.js
@@ -17,7 +17,7 @@ var _1 = "foo__style__a-class";
 var _2 = "foo__style__b__class";
 var _3 = "foo__style__cClass";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({"a-class":"foo__style__a-class","b__class":"foo__style__b__class","cClass":"foo__style__cClass"});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "a-class": _1, "b__class": _2, "cClass": _3 });
 
 
 /***/ })
diff --git a/test/cases/export-only-locals-and-es-named-export/expected/main.js b/test/cases/export-only-locals-and-es-named-export/expected/main.js
index aa67251d..ba7befb1 100644
--- a/test/cases/export-only-locals-and-es-named-export/expected/main.js
+++ b/test/cases/export-only-locals-and-es-named-export/expected/main.js
@@ -17,7 +17,7 @@ var _1 = "foo__style__a-class";
 var _2 = "foo__style__b__class";
 var _3 = "foo__style__cClass";
 
-/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({"aClass":"foo__style__a-class","bClass":"foo__style__b__class","cClass":"foo__style__cClass"});
+/* harmony default export */ const __WEBPACK_DEFAULT_EXPORT__ = ({ "aClass": _1, "bClass": _2, "cClass": _3 });
 
 
 /***/ })