Chinese New Year is a time which many associate with spending and shopping. Due to this, prices of day-to-day goods and groceries will usually increase as sellers try to take advantage of the timing. In light of the rising cost of living, those who are celebrating the occasion are advised to be thrifty and not spend unnecessarily.
The Federation of Malaysian Consumers Associations (Fomca) CEO Datuk Paul Selvaraj stated that the prices would usually increase during festive periods like this. He cautions for Malaysians to be savvy consumers and to spend wisely.
“The public should therefore maintain their consumption during this festive season. Just stay within your means, that’s all I can say,” he stated, according to The Sun.
Additionally, economist Prof Dr Barjoyai Bardai stated that it was unlikely for those celebrating Chinese New Year to cut down their expenditure. He notes that the Chinese have a culture of saving up from the beginning of the year, all in anticipation of the big day.
However, Barjoyai does have a word of advice for those travelling back to their hometown. He noted that Malaysians should try to minimise their travelling cost. He suggests cutting down on spending at R&R stops. Next, he also suggests planning the journey ahead of time to avoid heavy traffic, as it can be fuel-consuming.
Parents, this Chinese New Year, keep an eye on your spending. Be sure to be a smart shopper, and have a fun and joyous celebration.
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