Festival a pointer to consumption trend
People's spending during Spring Festival may be a crucial indicator of society's consumption trend, says an article in Beijing News. Excerpts:
Many netizens post their Spring Festival bills online. A study of the bills of these netizens, most of who belong to the post-80s generation, shows a high percentage of them gave "red envelopes" (gift packets with money) to their parents and/or senior family members. This refutes the claim of many experts that the one-child policy has made the post-80s generation self-centered.
The cost of the trip from place of work to home and back remains one of the biggest heads of expense for many people. They face a lot of difficulty in securing a bus or a train ticket, not to mention one for a plane. Besides the money, they also spend a considerable time to get a ticket and travel home to enjoy the most important part of their social life with their families.
In fact, the major expenses during the festival - feasts, gifts and "red envelopes" - have created a new word, "yearlite", which means people who spend their yearly savings and year-end bonus during Spring Festival.
But the rising expenses have forced many people not to return home for that all-important family dinner, too.
(China Daily 02/25/2010 page9)
