InfoAnda - Economic crisis tames Year of the Ox celebrations in Asia

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Economic crisis tames Year of the Ox celebrations in Asia AFP - Sunday, January 18 SINGAPORE (AFP) - - Chinese families across Asia are planning cheaper reunion feasts and gifts to mark the Year of the Ox as the global economic slump forces a toning-down of celebrations. From China to Singapore, businesses that traditionally see roaring sales ahead of the Chinese New Year are grappling with sharply lower demand from budget-conscious consumers. Expensive restaurants are reporting a drop in bookings, while eateries that are fully booked say patrons are opting for cheaper meals. Businesses have also slashed prices in order to draw more customers. "My sales have dropped 20-25 percent.... The economy is bad, people are buying less," said Yip Wai Keong, who owns Guangzhou Waxed Meats in Singapore's Chinatown. Waxed meat is a popular delicacy for families during the New Year. Shoppers told AFP they planned to spend less on festivities, mirroring the increasing gloom since Singapore became the first Asian economy to slip into recession last year. Singapore's economy is projected to contract by as much as 2.0 percent this year and there is speculation that job cuts will increase after the Chinese New Year, which falls on January 26. "This year, our celebrations will definitely be simpler. Economic crisis ma!" said Ah Hua, 62, a dish-collector, using local Chinese slang. "Times are bad so we should put away some money whenever we can." Larger businesses in Singapore are also affected, with well-known restaurants, gift shops and supermarkets offering lower-priced packages. Fairprice, a supermarket chain owned by the government-affiliated trade union, said it expects more families to prepare home-cooked food instead of eating in restaurants. Sebastian Chia, general manager of Tung Lok East Coast restaurant, said reservations for the traditional New Year's eve dinner were robust, but he expects business to dip after the first few days of festivities. At the Golden China Hotel in Taipei, bookings for their restaurants during the Lunar New Year period have fallen by around 20 percent compared with last year. "Obviously consumers feel that they have to tighten their belts in the face of the economic uncertainty sparked by the global downturn," a manager of the hotel said. But the Grand Hyatt Taipei said it has seen little impact on bookings for New Year dinners. From January 18, the Taiwanese government is issuing shopping vouchers to 23 million people to encourage them to spend. In Hong Kong, people are cutting budgets on family feasts, new clothes and cash gifts put inside red packets. The Hong Kong Federation of Restaurants and Related Trades said it would distribute food coupons worth 100 million Hong Kong dollars (12.8 million US) in the first three days of the New Year, the city's media reported. Superstar Seafood chain, which has 12 branches in the city, told AFP they were almost fully booked for the New Year because they are offering a menu that "is cheaper than homemade dinner." In China, a survey carried out by restaurant review website dianping.com of 1,800 urbanites aged 22 to 35, the country's most avid spenders, suggested a sober mood. According to the survey, 69 percent said they would dine at restaurants charging less than 120 yuan (18 dollars) per person. Restaurant bookings in Beijing for dinners priced at 400 to 500 yuan per person have dropped 30 percent from a year ago, the China Hotel Association said. DDMA Market Research and Consulting estimated that Lunar New Year consumption would decline five percent from 2008. "At this point in time 60 percent of consumers have already (planned) or are planning to reduce their personal spending," said Sam Mulligan, Shanghai-based director of DDMA. "Branded fashion goods and clothes, digital products and entertainment are among the top categories which they will reduce spending on. These are often the top sales categories at Chinese New Year," he said. In Malaysia, which has a substantial ethnic Chinese population, Lunar New Year celebrations were muted, with consumers spending less and decorations in the major shopping malls not as elaborate as before, reported the New Straits Times. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Europe had "catastrophic" 4th quarter: EU VerheugenReuters - 27 minutes ago Detroit auto show opensAFP - 1 hour 26 minutes ago China's toy exports hit by global crisis: state mediaAFP - 2 hours 19 minutes ago Taiwan hands out $2.5 billion in spending vouchersAP - Sunday, January 18 Related Articles: Business US-BUSINESS SummaryReuters - 27 minutes ago Europe had "catastrophic" 4th quarter: EU VerheugenReuters - 27 minutes ago India PM sees econ growth under pressure in 2009/10-paperReuters - 50 minutes ago Detroit auto show opensAFP - 1 hour 26 minutes ago Malaysia government stumbles to another poll defeatReuters - 2 hours 12 minutes ago Enlarge Photo Economic crisis tames Year of the Ox celebrations in Asia Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson Boy George jailed for 15 months for imprisoning escort Israel prepares for ceasefire vote amid Hamas warning Hormone drives sexy women to infidelity, says study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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