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  • Lunar New Year, it's one of Asia's most important festivals.

  • Think of it as the Asian Thanksgiving and Christmas all in one.

  • You probably also know it as Chinese New Year,

  • but it's not just China that celebrates it.

  • Many Asian countries like Singapore, Vietnam and Malaysia

  • celebrate the Lunar New Year as a national holiday.

  • And with that many people celebrating,

  • you can bet their wallets are getting a great workout.

  • Lunar New Year is about hanging out with your family, but it's also all about the food.

  • Chinese New Year snacks don't come cheap.

  • A box of pineapple tarts easily costs about U.S. $15,

  • while shrimp rolls can cost about $13.

  • The most expensive and popular Chinese New Year snack though

  • is likely to be this sweet pork jerky, also known as bak kwa.

  • Bak kwa prices start from about $38 a kilogram.

  • Food prices go up before Lunar New Year all over Asia,

  • and contribute to hefty spending over the season.

  • In Singapore, the average expected expenditure

  • per person is $1,890 for the festive season.

  • About one-fifth of that goes to food.

  • In Indonesia and Malaysia, the intended spend per person last year was $800,

  • while the average Malaysian respondent expects to spend about $1,000.

  • For a bit of context, Americans said they planned to spend an average

  • of about $900 on Christmas presents last December.

  • In all three Southeast Asian countries, consumers expect to spend money

  • mostly on food, travel and red packets.

  • Wait, what's a red packet?

  • Called hongbao in Chinese, they're one of Chinese New Year's best-known traditions.

  • Red packets are gifts of money given by married people to unmarried people.

  • So if you have a large family. you have to give money

  • to all your younger and unmarried relatives.

  • In Singapore, the going rate is between $6 and $10.

  • So you may get asked by relatives when you're getting married,

  • but think of it this way,

  • you're getting paid!

  • In China, many people are starting to give digital red packets

  • through the Chinese mobile social platform, WeChat.

  • WeChat only introduced electronic red packets in 2014,

  • but the growth has been phenomenal.

  • At midnight on Chinese New Year Eve,

  • WeChat recorded 760,000 transactions in one second.

  • WeChat rival, Alipay, reported that 250 million red packets

  • were sent on its platform on New Year's Eve,

  • with an average of $28 in each red packet.

  • The Chinese tech giants are using these digital red packets

  • to grow their mobile payment users,

  • and it's these red packets that have helped to propel WeChat Pay into dominance.

  • Jack Ma even called WeChat's red packet strategy, “A Pearl Harbor attack

  • on his platform, AliPay.

  • In China, factories and businesses shut down for the one week public holiday,

  • resulting in the biggest mass migration of people on Earth.

  • More than 414 million Chinese people will be taking planes and trains.

  • That's almost the entire population of the European Union on the move.

  • Many are migrant workers heading home, but many choose to go on vacation as well.

  • Domestic travel spending was up 15.9% last year to $61.5 billion,

  • with top destinations being Beijing, Shanghai and Guangzhou.

  • But many affluent Chinese travelers are also looking to travel abroad.

  • Outbound tourism increased 7% last year,

  • with spending amounting to $14.5 billion.

  • Top destination cities are Hong Kong, Bangkok and Tokyo,

  • with travelers expected to spend an average of nine days abroad.

  • Chinese New Year is a major spending season in China.

  • Last year, Chinese consumers spent $140 billion

  • in retail and catering services in one week.

  • While Chinese New Year had little impact outside of China a decade ago,

  • the size of the Chinese economy now means that it has a huge impact globally.

  • Stock market trading slows in many Asian countries,

  • while countries and businesses will be rolling out the red carpet

  • for the six million Chinese travelers expected this year.

  • The Chinese New Year is such a big deal, it even impacts trade.

  • Usually, China has a trade surplus with the U.S.,

  • but during Lunar New Year, China buys a lot and exports less.

  • Last year, the celebrations contributed to China posting

  • its first monthly trade deficit since 2014.

  • For the rest of us, it's time to kick back and enjoy the festive season.

  • Happy Lunar New Year!

  • Hi everyone, thanks for watching!

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Lunar New Year, it's one of Asia's most important festivals.


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旧正月の費用は?| 旧正月の費用は? (How much does Lunar New Year cost? | CNBC International)

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    PENG に公開 2021 年 01 月 14 日