China's daily consumption sales revenue surged by 25.1 percent year on year during the seven-day National Day holiday that ended on Monday, according to the data released by the State Taxation Administration on Tuesday.
The data highlighted rapid growth in the sales of home appliances and furniture. Various promotion incentives, such as discounts and online group purchase vouchers, greatly encouraged consumer spending, leading to 149.1 percent increase in sales of household appliances and audiovisual equipment, with refrigerators and TV sets seeing year-on-year increases of 160.8 percent and 100.2 percent, respectively. Sales of furniture and home renovation materials also showed a strong upward trend.
The automotive sector experienced a notable rise in demand during the holiday. The government's trade-in subsidy policy lowered the threshold for consumers looking to purchase new vehicles. Car manufacturers responded with price cuts, promotional offers, and buying incentives, leading to a 65.9 percent year-on-year increase in second-hand car sales and an 11.7 percent rise in new car sales. Notably, sales of electric vehicles soared by 45.8 percent.
Cultural services also saw vibrant consumer activity, as more people went to performances and cinemas, and visited bookstores during the holiday. Sales revenue of cultural services saw an 85.2 percent year-on-year increase during the week.
Holiday consumption up 25.1 pct year on year
