China's tax data show National Day holiday sales up; phones and wearables up 119.8%
In short
China's State Taxation Administration said VAT invoice data showed strong services spending and good growth in goods sales over the National Day holiday. Sales revenue from communication equipment such as phones and wristbands rose 119.8% year on year, home appliances and audio-visual equipment 40.1%, and tourism and entertainment services 23.6%. CLS reported that daily average sales revenue in service-related industries rose 19.5%.
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China's State Taxation Administration said value-added tax invoice data showed strong demand for services and good growth in goods sales nationwide over the National Day holiday, with home appliances, digital electronics and kitchen and bathroom goods showing higher growth. CLS reported, citing the tax administration, that daily average sales revenue in service-related industries rose 19.5% year on year. 36Kr and Jiemian credited the figures to CCTV News. [ 3 , 4 , 5 ]
Tourism and entertainment services revenue rose 23.6% year on year, with travel agencies up 26.2% and amusement parks up 41.2%. Budget chain hotels and homestays rose 6.3% and 12.8%. Catering revenue rose 9%, driven by family meals and wedding banquets. Jiemian's report added that snack services rose 15.5%, fast food 30.6%, and beverages and cold drinks more than doubled on the growth of new-style tea drinks. [ 3 , 4 , 5 ]
Cultural and arts services revenue rose 20.9% and sports services 29.4%. According to Jiemian, creative and performance services rose 21% and community cultural and sports activities 28.3%, while pet services, fitness and leisure, and hairdressing and beauty services rose 80.8%, 16.7% and 37.1%. [ 4 , 5 ]
Among goods, home appliances and audio-visual equipment revenue rose 40.1%, including 40.6% for refrigerators, washing machines and similar appliances and 36.6% for televisions and other home audio-visual equipment. Communication equipment such as phones and wristbands rose 119.8%, and kitchen and bathroom goods 52.3%. Jiemian attributed the appliance growth partly to trade-in subsidy funds released before the holiday, new digital products launched at the same time and household replacement demand concentrated in the long break. [ 3 , 4 , 5 ]
In a separate report, Jiemian carried other official figures. The Ministry of Transport estimated 2.144 billion cross-regional trips from Oct. 1 to 7, a daily average of 306 million, up 0.7% year on year, and railways carried 25.204 million passengers on Oct. 1, a single-day record. The Ministry of Commerce said that from Oct. 1 to 6 sales of embodied intelligent robots rose 1.3 times, smart glasses sales volume doubled, and the trade-in programme covered 6.392 million person-times and drove sales of 33.48 billion yuan. Holiday box office including presales passed 1.1 billion yuan by the afternoon of Oct. 7. The article, which promoted Nanfang Fund's Sinan advisory service (南方基金司南投顾), said services and goods consumption were uneven and that a sustained rise in consumer confidence still needs policy support and better income expectations. [ 1 ]
Why it matters
The figures are official tax data on holiday spending, and business outlets carried them alongside other government figures on travel and the consumer goods trade-in programme. Jiemian linked part of the appliance growth to trade-in subsidy funds released before the holiday. Commentary carried by Jiemian said the recovery in domestic demand is uneven between services and goods.
Key facts
- The State Taxation Administration analysed VAT invoice data on holiday consumption and said services demand was strong and goods consumption grew well. [ 3 , 4 , 5 ]
- Daily average sales revenue in service-related industries rose 19.5% year on year, CLS reported. [ 5 ]
- Tourism and entertainment services revenue rose 23.6%, with travel agencies up 26.2% and amusement parks up 41.2%. [ 3 , 4 ]
- Catering services revenue rose 9%; cultural and arts services rose 20.9% and sports services 29.4%. [ 4 , 5 ]
- Revenue from home appliances and audio-visual equipment rose 40.1%, and from communication equipment such as phones and wristbands 119.8%. [ 3 , 4 , 5 ]
- Kitchen and bathroom goods retail rose 52.3%. [ 3 , 4 , 5 ]
- The Ministry of Commerce said the consumer goods trade-in programme covered 6.392 million person-times from Oct. 1 to 6 and drove sales of 33.48 billion yuan. [ 1 ]
- The Ministry of Transport estimated 2.144 billion cross-regional trips from Oct. 1 to 7, a daily average of 306 million, up 0.7% year on year. [ 1 ]
Confirmed by several sources
- Tax invoice data showed tourism and entertainment services revenue up 23.6% year on year during the holiday. [ 3 , 4 , 5 ]
- Catering services revenue rose 9% year on year. [ 3 , 4 , 5 ]
- Home appliances and audio-visual equipment revenue rose 40.1%, and communication equipment such as phones and wristbands rose 119.8%. [ 3 , 4 , 5 ]
- Kitchen and bathroom goods retail rose 52.3%. [ 3 , 4 , 5 ]
- Cultural and arts services revenue rose 20.9%, and sports services revenue rose 29.4%. [ 4 , 5 ]
Still unclear
- The 19.5% daily average growth in service-related industries' sales revenue. Only CLS reports this overall figure.
- The exact dates covered by the tax data and the absolute sales amounts. The tax administration figures are reported only as year-on-year growth rates for 'the National Day holiday', without dates or totals.
- The causes of the appliance and electronics growth. Only Jiemian's report gives the reasons: trade-in subsidy funds released before the holiday, new digital product launches and household replacement demand.
- Retail of refrigerators, washing machines and other household appliances rose 40.6%, and of televisions and other home audio-visual equipment 36.6%. Reported by a single source so far
What local media are saying
Timeline, local time
- Jiemian publishes transport and commerce ministry holiday travel and consumption figures. [ 1 ]
- 36Kr carries the tax administration's holiday consumption data via CCTV News. [ 3 ]
- Jiemian publishes the fuller tax data release, including causes and service categories. [ 4 ]
- CLS reports the 19.5% daily average growth in service-related industries' sales revenue. [ 5 ]