VAT Invoice Data Shows Booming Consumer Market During Mid-Autumn Festival and National Day Holiday
Beijing, October 8 – According to the State Administration of Taxation, the value-added tax invoice data has revealed that China’s consumer market experienced a significant boost during this year’s Mid-Autumn Festival and National Day holiday. Sales revenue in consumer-related industries witnessed a remarkable increase of 21.3% compared to the same period last year. Notably, service consumption and commodity consumption registered a year-on-year growth of 20.9% and 21.6% respectively.
The tourism sector played a vital role in driving the surge in sales revenue. Tourism services witnessed a substantial increase of 1.1 times in sales revenue compared to the previous year. The resumption of long-term travel and outbound travel contributed to a 1.7 times year-on-year growth in sales revenue for travel agencies and related service industries. Additionally, the sales revenue of scenic spots and leisure and sightseeing activities experienced a remarkable increase of 2 times and 43.8% respectively. Sales revenue from amusement parks also witnessed substantial growth of 81.2% year-on-year. Accommodation and catering services also saw a surge in sales revenue with a notable increase of 25.5% year-on-year. Sales revenue from tourist hotels, camping ground services, and homestay services increased by 1.3 times, 1.5 times, and 45.5% respectively.
The ongoing Hangzhou Asian Games played a significant role in stimulating residents’ demand for cultural and sports consumption. As a result, the cultural and sports service consumption market experienced rapid growth. The sales revenue of cultural and sports services surged by 45.4% year-on-year. Within this segment, the sales revenue of art performance venues and mass cultural and sports activities services increased by 68.6% and 76.9% respectively. Furthermore, sales revenue from sports-related services witnessed a growth of 27.1% year-on-year.
Analyzing these figures, the relevant person in charge of the State Administration of Taxation concluded that during the Mid-Autumn Festival and National Day holiday, Chinese residents effectively released their consumption potential. The surge in tourism consumption significantly drove the increased sales revenue in accommodation and catering services, as well as cultural and sports services. These holiday economic effects demonstrated the resilience and vitality of the Chinese economy.
[Editor: Liu Hanxu]