2025年劳动节假期零售免税数据点评：国补及服务消费表现突出，离岛免税销售额跌幅收窄

Investment Rating - The report maintains a "Buy" rating for the wholesale and retail trade industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5]. Core Insights - The retail and catering sales during the 2025 Labor Day holiday increased by 6.3% year-on-year, showing a recovery from the previous quarter's growth of 4.1% [1][2]. - Key categories such as national subsidies and service consumption continue to perform strongly, with significant sales growth in home appliances (15.5%), automobiles (13.7%), and communication devices (10.5%) [1]. - Service consumption also saw high growth, with restaurant revenues up 8.7% year-on-year and travel orders increasing by 30% compared to 2023 [2]. - The report highlights a narrowing decline in offshore duty-free sales, with a total of 510 million yuan spent during the holiday, a decrease of 7.3% year-on-year, and an increase in per capita spending by 1.1% [3]. Summary by Sections Retail Sales Performance - The 2025 Labor Day retail sales showed a year-on-year increase of 6.3%, with a slight decline from 6.8% in 2024 but an improvement from 4.1% in the previous quarter [1]. Key Categories - National subsidy-related categories saw significant sales growth, with home appliances, automobiles, and communication devices showing increases of 15.5%, 13.7%, and 10.5% respectively [1]. - E-commerce platforms also reported over 20% growth in smart home product sales [1]. Service Consumption - Restaurant revenues increased by 8.7% year-on-year during the holiday period, outperforming the overall market [2]. - Travel-related orders surged, with a 30% increase in orders compared to 2023, and hotel bookings reached a historical peak [2]. Offshore Duty-Free Sales - The report notes a narrowing decline in offshore duty-free sales, with total spending of 510 million yuan during the holiday, down 7.3% year-on-year, and a decrease in the number of shoppers by 8.0% [3]. Overall Consumption Trends - The report indicates steady growth in overall consumption, with specific attention to national subsidy categories, gold and jewelry retail, and emotional consumption products [4].