China’s economy continues to decline, with the CCP’s stimulus policies failing and the people losing confidence in the future. As the Chinese New Year of 2025 approaches, a large number of netizens have expressed in videos that with the current market slump and business difficulties, they may be facing the quietest New Year in history.
Mr. Wu, a resident of Shanghai, mentioned in an interview with Radio Free Asia on Wednesday (15th) that the economic downturn has led to a lack of festive atmosphere this year.
He said, “There is no Lunar New Year atmosphere. I went shopping a few days ago and found that many supermarkets were closed as they couldn’t sustain. In the past, at this time, there used to be long checkout lines at supermarkets, with a wait of half an hour before paying. Now, you can quickly check out after shopping as the purchasing power has weakened.”
This sentiment is not just limited to cities but is also prevalent in rural areas. Blogger “Riding Uncle Across the Horizon” expressed, “In the past, there used to be a unique New Year’s vibe in (Guangdong), but now you can’t really sense it. In the past, entering the Twelfth Month, there would be sporadic sounds of firecrackers in the village, reminding you constantly that the New Year was approaching. But now, the streets are empty, and everything has changed!”
China’s unemployment rate remains high. In August 2024, authorities disclosed that the youth unemployment rate in China soared to 18.8%, marking a new high since the official change in statistical methods.
Blogger “Fish Emotion” posted suggesting that 2025 might witness the quietest New Year in history due to two main factors.
First, the financial difficulties dampen the festivities. Many people who have toiled hard throughout the year find themselves not only devoid of earnings but potentially mired in debt. The basic expenses for the Lunar New Year, such as buying New Year goods and giving red envelopes to juniors, become a heavy burden for those under financial strain, significantly diminishing the festive spirit.
Secondly, the employment situation is grim. Many migrant workers who cannot find jobs elsewhere have already returned to their hometowns. Even those still wandering for work are deterred from returning home for the New Year by the exorbitant prices of plane and high-speed train tickets.
Recently, many netizens have posted videos online stating that despite the impending New Year, the market is sluggish with no business activities.
“In Guangzhou, Wanda Plaza is struggling, with most stores up for lease or transfer. The bustling shops have turned into desolate ones, with foot traffic not exceeding 10 people, making this place completely desolate. Some landlords mentioned that stores previously rented for 13,000 to 14,000 yuan now remain unrented even at 4,000 yuan.”
“On a Sunday, 15 days before the Lunar New Year, the second floor of Wulove Small Commodity City in Shenyang is empty, with only a few scattered individuals present.”
“In Huizhou, Guangdong, all markets have closed down, with no customers in sight and goods not moving.”
“10 years ago, the most flourishing mall in Jilin city has completely shut down its upper floors, with just a few international big brands remaining. It’s so shocking!”
“Over 20 days left for the Lunar New Year, and today being a Sunday, where are the people in the market? Today’s sales are at 60. This isn’t just a downgrade in consumption but rather a complete absence of it!”
“Less than two weeks until the Lunar New Year, traditionally the peak season, has unexpectedly turned into the most dismal month ever. Stores are empty, streets are deserted, and those shop owners with hundreds of thousands worth of goods must be in despair!”
“How did the business this year manage to be uniformly dormant nationwide? There are more shop owners on the streets than shoppers; even supermarkets, restaurants, and clothing stores, every industry’s owners are saying, in the last few decades, business has never been this slow.”
Furthermore, netizens have reported that high-priced fruits, seafood, and other items are experiencing a significant drop in demand, leading to plummeting prices.
“For ordinary people, this Lunar New Year is like a tribulation. Physical stores are eerily quiet, items like cherries and seafood, which used to sell well in previous years, aren’t moving. Many companies have canceled their annual meetings, and year-end bonuses have also been greatly reduced.”
According to the “Qianjiang Evening News,” the price of cherries has dropped dramatically since their introduction, with prices falling from around 1200-1500 yuan to about 220-230 yuan per 5 kilograms, marking an 80% decrease.
Mr. Gao, a resident of Wuhan, mentioned to Radio Free Asia that residents’ spending power is not as strong as before, with some last-minute rented stalls for the New Year goods exhibition suddenly being withdrawn. He said, “In Wuhan’s exhibition, many people have withdrawn their stalls. After selling goods for a day or two but seeing poor sales, they decided to withdraw.”
Mr. Lu, a microbusiness owner in Jiangsu, told Radio Free Asia that Baijiu (Chinese white liquor) sales this year were noticeably lower than in the past. He stated, “The consumption situation is very bad this year. Although it’s close to the end of the year, everyone needs to prepare for the New Year, but they are trying to spend less money. Baijiu sales are very poor this year, likely down by more than half. Baijiu is a must-have for the New Year; if even Baijiu is difficult to sell, the real economy must have collapsed.”
On January 5, 2025, Moutai, a popular Baijiu brand, launched the final product of their “Zodiac” series creative products – Moutai Liquor (Year of the Snake), known as Snake Moutai. However, the price of Snake Moutai, following its release, has plummeted from an initial e-commerce price of around 4000 yuan to over 2700 yuan.
The WeChat public account of Nongji Cultural Transmission Co., Ltd., stated in a post that in 2025, the hardships of liquor sellers are far from over. Since 2024, those who used to feature Moutai liquor prominently in high-end gatherings have also started pondering their finances; scenes of people drinking Moutai are decreasing, while the consumption scenes featuring cheaper alternatives like Zhen30 and Guojiao 1573 have seen an increase.
Guo Jun, a resident of Tengzhou, Shandong, told Radio Free Asia journalists that there are significantly fewer migrant workers returning home for the Lunar New Year this year.
He mentioned, “The number of ordinary trains has been drastically reduced, with authorities aiming to push passengers onto high-speed trains. Even the Beijing-Shanghai high-speed trains aren’t fully occupied; due to the reduction in slow trains, there are more poor people without money who are crowding to buy tickets for regular trains.”
Tengzhou, a county-level city in Shandong, served as a midway station on the Shanghai-Beijing route with over ten stopping trains daily in the past. Presently, only one slow train remains. Guo Jun added, “Now there’s only one slow train from Tengzhou to Beijing, without any return trips from Beijing to Tengzhou, forcing passengers to take high-speed trains. With the economic downturn, many people can’t afford it.”
A check on Ctrip’s website by reporters revealed that regular trains have been widely replaced by high-speed EMU trains since there is a shortage of regular train tickets and plenty of high-speed train tickets still available.
On January 18th, there are 13 trains from Beijing to Tengzhou, including 11 high-speed trains and 2 express trains, with no regular trains. Conversely, for Tengzhou to Beijing, there are 8 trains comprising 7 high-speed trains and only 1 regular train (Train 1462 from Beijing to Shanghai, a 22-hour journey).
For Train 3215, the hard seat, hard sleeper, and soft sleeper prices from Beijing to Tengzhou are 98 yuan, 171 yuan, and 263 yuan respectively. Meanwhile, for Train 1462 from Tengzhou to Beijing, the prices for hard seat, hard sleeper, and soft sleeper are 86 yuan, 159 yuan, and 251 yuan respectively. For the G109 high-speed train from Beijing South to Tengzhou East, the prices for second class, first class, and business class seats are 267 yuan, 449 yuan, and 905 yuan respectively. It is evident that the high-speed train prices are about three times higher than other trains.
Looking at the ticket availability on January 18th, almost every high-speed train arriving in Tengzhou has seats remaining in first class, second class, and business class, while Train 3215 from Fengtai in Beijing has sold out, and Train 1462 from Tengzhou to Beijing is also fully booked.