To celebrate Chinese New Year, the Chinese spend a lot of money. Chinese New Year seems like a tool for commercial as price increased is common during the period of this festival. However, price increased did not bring major effects to consumers.
Price increased is commonly seen during Chinese New Year whereby many merchants take this opportunity to increase prices. During this period, people have to pay more, especially on hair cut and foods. Interviewees grumbled that the year was very expensive.
“To purchase New Year things and prepare angpau, it requires at least thousands ringgit. Celebrate Chinese New Year is such a critical problem to someone has financial problem. People will become poorer after the celebration,” Simon (55) said.
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| Many families went shopping and buy new things for the celebration before Chinese New Year. |
To have a new look and a good start, people usually have their hair cut in the barbers but the heavy demand send the price up. “Price increase is common, everyone raises their price so I do so,” barber Ivy Lai (45) said. The number of customers did not decrease despite price increased. She added, she increased 10% to 20% only while the increasing rate of other barber may up to 50%.
Besides, vegetables, fish, meat and seafood increase their prices also. According to fisheries association of Kinta, poor fish harvest led to the prices increased 20% to 30% this year. This condition brought people store up the foods before the festival in order to avoid price increases.
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| In traditional, fish featuring prosperity, so people still chose to buy it despite prices increased highly. |
“In normal time, I buy a chicken for RM18 but RM30 during Chinese New Year,” Teo Sew Fung (47) said. According to traditional custom, a whole chicken is needed for reunion dinner as it symbolizes prosperity, togetherness of the family and joy. Therefore, people still buy it without any alternative choices.
Although dining out during this period of time would be more expensive, many people are willing to pay more for dining. “Both of us does not wish to cook during this festival,” Chan Kai Loong (21) said.
In spite of general price increased during the festival, promotion campaign still be held at markets. Things that are in promotion include beverage and clothing. “I spend two or three hundred ringgits every year for buying new clothes while the prices normally are cheaper as many shops held promotion before Chinese New Year,” Chan said.
To be a wise consumer, check the price and shop around are needed before making the final decision. Do not let financial matter become a trouble for you.
Clear report on the expenses used and the inflation on the items. Good~~
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