Vibrant Consumption Market During National Day Holiday: VAT Invoice Data Shows Strong Activity

• VAT invoice data released by the State Administration of Taxation shows strong consumer market activity during the National Day holiday
• Basic necessities consumption increased during the holiday, with sales of food and groceries rising by 16.4%
• Specialized dining and accommodation services saw steady growth, with sales of snacks and fast food increasing by 8.1% and 9% respectively
• Sales of furniture, home appliances, and home decor items grew rapidly, with discounts and online promotions driving consumer interest
• The automotive market experienced a surge in sales during the holiday, with subsidies for trading in old vehicles and discounts on new cars driving growth
• Cultural services also saw increased consumer activity during the holiday, with sales of entertainment and digital services rising by 85.2%
• Government policies promoting consumption, such as incentives for equipment upgrades and trade-ins, have boosted consumer demand and economic growth during the holiday

Source: chinatax.gov.cn

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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