Retail and restaurant sales up 6.3% year-on-year during Labor Day holiday: Chinese report

During the Labor Day holiday in China (May 1st to May 5th), consumer markets across the country were thriving. According to the Ministry of Commerce, sales at key retailers and restaurants nationwide during the holiday increased by 6.3% compared to the same period last year.
The effect of consumer goods replacement policies has increased. As of May 5, the number of applications for automobile replacement subsidies has exceeded 3 million since the beginning of this year. In addition, the number of applications for automobile replacement subsidies for 12 types of home appliances has increased.
The number of replacement purchases reached 55.16 million, while the number of purchases of digital devices such as mobile phones reached 41.67 million. During the four-day Labor Day holiday (May 1st to May 4th), the number of applications for car replacement subsidies increased 1.4%.
The number of new car sales exceeded 60,000, and the sales amount of new cars reached 8.8 billion former (approximately 173 billion yen). The number of replacement purchases of 12 types of home appliances was 3.56 million, with the sales amount of 11.9 billion former (approximately 234 billion yen), and the number of mobile phones was 1.2 billion.
The number of purchases of digital devices such as smartphones was 2.42 million, and the sales amounted to 6.4 billion yen (about 126 billion yen). During the Labor Day holiday, the sales amount of home appliances sold by retail companies that the Ministry of Commerce is focusing on
Compared to the same period last year, sales increased by 15.5%, followed by automobiles, which increased by 13.7%, communication equipment, which increased by 10.5%, and sports and entertainment goods, which increased by 14.8%. In addition, sales of electronic commerce (EC) platforms increased by 14.8%.
Sales of smart home products increased by more than 20% year-on-year. Service consumption also increased steadily, and the food, culture and travel markets became lively. During the holiday, sales of restaurants under key monitoring nationwide increased by 10.4%.
Sales increased by 8.7%.