As the traditional Chinese New Year of 2025 (commonly known as Spring Festival or Lunar New Year) approaches, the streets and malls in China are unusually quiet and deserted. The ongoing economic downturn and weak consumer spending have left many people feeling that this year’s Lunar New Year will be the quietest in history. Individuals are expressing the need for rational consumption during this festive season.
Renowned financial commentator “Red Rock” recently mentioned that with only a few days left until New Year’s Eve, the festive atmosphere seems to be fading away. The once bustling streets and lively malls are now devoid of the usual decorations and promotions, with merchandise displayed but with few shoppers around. Some individuals are voicing their exhaustion and lack of desire to celebrate the New Year. Elderly individuals find it challenging to partake in the festivities, while younger generations are seemingly losing interest in the celebrations, viewing it merely as a few extra days of rest.
A popular blogger with 1.24 million followers, “Nanshan Capital Theory,” pointed out the significant decrease in retail sales in major cities like Beijing and Shanghai. The retail sales figures in November of the previous year saw a decline of approximately 14% compared to the previous year. This year’s Lunar New Year is anticipated to be the quietest on record due to these economic challenges.
Public reports from November 2024 revealed a 14.1% and 13.5% year-on-year decrease in social consumer goods retail sales in Beijing and Shanghai, respectively.
The blogger commented on a new trend in mainland China where celebrating the New Year by returning to hometowns is gradually being replaced by celebrating locally. The high real estate prices and cost of living are leading young people to choose to stay in urban areas rather than returning to their hometowns for the holidays. The blogger highlighted the changing dynamics of New Year celebrations, pointing out that the cost and pressures associated with returning home have increased, leading many to opt for local celebrations as a form of relief.
The essence of the Lunar New Year has always been about reunion, warmth, and gratitude. However, in recent years, online greetings have become the preferred method for many young people to extend their well wishes. The personal visits and exchanging of auspicious greetings with relatives have been replaced by digital communications, red envelope transfers, and even simplified to sending emojis. This digitization of interactions has diminished the warmth and authenticity of traditional New Year celebrations, making it more of a formality than a heartfelt occasion.
Moreover, family outings have become popular alternatives for celebrating the New Year, with many choosing to spend the first day of the Lunar New Year at amusement parks. While seemingly a way to reconnect with family, these outings are often seen as a compensatory measure for the lack of quality time spent together throughout the year. However, the overcrowded parks and ensuing chaos can lead to a less than enjoyable experience, leaving individuals exhausted rather than rejuvenated.
In summary, while the festivities may appear enjoyable on the surface, they have become an escape from reality and self-indulgence. The writer raised concerns about the increasing disconnect and superficial nature of modern New Year celebrations, emphasizing the importance of genuine sentiments and meaningful interactions. The reliance on technology, efficiency over warmth, and masking old issues with new methods are prompting a reflection on whether this is the kind of New Year celebration society truly desires.
Another blogger from Shanghai, “Yanzi,” shared her decision to practice rational consumption during the Lunar New Year festivities. She cautioned against unnecessary spending on items such as excessive groceries, decorations, new clothing, and grooming services. Yanzi emphasized the importance of thoughtful and budget-conscious decisions when spending on gifts and festive preparations to avoid unnecessary financial burdens.
Similarly, a self-media personality from Jiangsu, “Taozi,” stressed the importance of rational consumption during the New Year. Providing advice on specific areas where individuals should be cautious with their spending, Taozi highlighted the considerations surrounding decorations, groceries, red envelopes, fireworks, clothing, and gift exchanges during the festive season.
As the Lunar New Year approaches, it is evident that a shift towards more mindful and practical spending habits is gaining traction among individuals, emphasizing the importance of cherishing the true essence of the holiday – reunion, warmth, and gratitude.