China's VAT invoice data reflects robust May Day holiday consumption

Tourists from Australia pose for photos at the Tiantan (Temple of Heaven) Park in Beijing, capital of China, May 1, 2025. [Photo/Xinhua]

BEIJING - China's State Taxation Administration released value-added tax (VAT) invoice data on Tuesday, revealing robust consumer spending in the world's second-largest economy during the just-concluded May Day holiday.

The five-day holiday, which ended on Monday, saw the sales revenues of consumer-related industries increase 15.2 percent compared to the corresponding period last year, the data showed.

The taxation authority said the nation's consumer goods trade-in programs have boosted the sales of home appliances and communication devices. Spending on household goods and jewelry also increased significantly while custom-made travel services attracted a growing number of customers.

Specifically, retail sales of household appliances including refrigerators and washing machines surged 169.8 percent from last year's holiday figure, sales of audiovisual products such as TVs grew 153.1 percent, and sales of communication devices such as smartphones jumped 118 percent.

Boosted by rising gold prices, sales of jewelry products grew 14.4 percent year-on-year during the holiday, the data showed.

The holiday also saw a tourism market boom, with the nation's famous scenic areas seeing a 42.7 percent increase in sales revenues year-on-year.

Homestay businesses flourished during the period, with their sales revenues increasing 17.9 percent year-on-year.

The May Day holiday is typically one of the busiest travel periods of the year. During this time, the travel boom boosts revenues in tourism and retail sectors.