On February 18, value-added tax invoice data from the State Administration of Taxation showed that during the Spring Festival holiday (first to eighth), the average daily sales revenue of the national service consumption-related industry increased by 52.3% year-on-year. Consumption of tourism, accommodation, and catering services grew rapidly, and consumption of cultural and sports services increased. Among them, the average daily sales revenue of catering services increased by 31.5% year-on-year. “The restaurant industry had a good start during the Spring Festival, and is expected to achieve significant growth compared to last year. The trend can be seen from the New Year's Eve dinner reservation situation, which is the food trend. What is behind this is also a concrete sign of the gradual recovery of China's economy, and the gradual recovery in consumer confidence, willingness to spend, and consumption capacity. We are optimistic that in 2024, China's restaurant industry will grow at a higher quality, and the overall revenue scale is expected to exceed 6 trillion yuan.” Chinese food industry analyst Zhu Danpeng told reporters. (Securities Times)