In June 2026, the national textile and apparel professional market sentiment index showed subtle changes. Data from the China National Textile and Apparel Council's Circulation Branch revealed that the manager sentiment index edged up to 49.78, while the merchant sentiment index stood at 50.07, just above the boom-bust line. These figures depict a market in a state of 'uneven recovery': operational aspects are slowly warming, but profit pressures on merchants remain unresolved.
Market Operations: Foot Traffic and Store Openings Improve, but Total Sales Flat
From the manager's perspective, June saw positive signals in overall market operations. The logistics shipment volume index and foot traffic index both rose by 0.64 percentage points month-on-month, and the store opening rate index increased by 0.32 percentage points. This data suggests that actual visitor numbers and cargo turnover efficiency at professional markets are improving, indicating a recovery in market activity. However, the total business volume index remained flat from the previous month, failing to grow in tandem. This implies that the recovery in foot traffic and logistics has not yet effectively translated into higher sales, with the market still in a transitional phase of 'busy but not profitable'. The rental index remained in expansion territory at 50.65, suggesting that property managers maintain a stable outlook for subsequent operations, with no widespread rent reductions observed.
Merchant Side: Sales Slightly Up but Profits Under Pressure, Costs and Inventory Diverge
Data at the merchant level presents a more complex picture. The June merchant sentiment index rose 0.34 percentage points to 50.07, barely crossing the boom-bust line. Within this, the sales volume index increased by 1.03 percentage points to 50.14, indicating a pickup in terminal shipments. However, the average selling price index fell by 0.22 percentage points to 49.30, and the profit index only recovered to 49.86, both remaining below the 50 threshold. This means that while merchants sold more products, unit prices declined, further squeezing profit margins. More notably, the comprehensive cost index fell by 0.19 percentage points to 50.63, still above the boom-bust line but trending downward, signaling rising cost pressures. Meanwhile, the inventory index rose by 0.21 percentage points to 50.00, indicating some relief in inventory pressure. This combination of 'rising costs, falling inventory' suggests merchants may be resorting to price promotions to clear stock, thereby sacrificing profits.
E-commerce Sales Shine, Offline Merchant Divergence Intensifies
The highlight of the June data came from e-commerce sales. Both the manager and merchant e-commerce sales indices were above the boom-bust line, at 51.61 and 50.49 respectively. 22.58% of professional market managers reported an increase in e-commerce sales, up 6.45 percentage points from the previous month; 9.79% of merchants reported an increase, up 8.42 percentage points. This indicates that online channels are becoming a key growth driver for professional market merchants. However, divergence among offline merchants is also intensifying: 18.18% of merchants reported a decrease in total sales volume, 19.58% reported a decrease in profits, and 18.88% reported a decrease in average selling prices. All these proportions have increased significantly from the previous month, suggesting that the offline business environment is worsening for some merchants.
Outlook: Managers Cautious, Merchants Optimistic
Looking ahead to July, managers and merchants show a clear divergence in expectations. The manager sentiment index for the next period stood at 50.32, down 2.91 percentage points from the previous month, reflecting a cautious stance on the near-term market. In contrast, the merchant sentiment index for the next period rose by 0.70 percentage points to 50.84, and the business environment index rose by 0.77 percentage points to 50.84, indicating that merchants are more optimistic, likely driven by expectations of the peak season. This divergence may stem from managers' broader concerns about the macroeconomic environment, while merchants are more focused on their own inventory clearance and online channel performance.