Chinese New Year market hit hard by price hikes

Prudent spending is unavoidable when a series of price hikes strike the consumers badly, and what's worse is its direct impact on the Chinese New Year merchandise market which is in shrinking pattern this year.

With less than two weeks to go before the Lunar New Year, the recent devaluation of the Ringgit also meant costlier China-imported new year items, forcing some retailers to curtail their purchasing volume.

A check by Malaysiakini of the Chinese-dominated SS2 market in Petaling Jaya recently showed that imports have plunged by as much as 60 percent.

Decorations seller Leng Chin Huat said he offered fewer items this year as Ringgit devaluation has pushed up the cost of China-imported products by 30 percent.

Recalling the years when 5 tables were needed for displaying the festive decorations for sale, Leng said he is only using a2 tables this year after having to cut down on the number of for sale items.

"Fortunately, I don't import a lot as the decorations sales are very slow this year...in those days, the customers would buy by the bunch for the merriment, but now, people just buy decorative items featuring the horse," he said.

Leng, who also sells daily necessities at the market, added that there were 8 stalls selling decorative items, especially  set up annually but only 2 could be  seen this time around.

Selling less mandarin oranges

A Mandarin orange seller who only wanted to be known as Ah Keong, pointed out that most consumers turned prudent once the price of many goods and services skyrocketed.

"Some customers choose to buy fewer mandarin oranges in order to save money... I'm now worried that the remaining oranges cannot be sold," he said.

Ah Keong also revealed that orange production in China was lower  than ever, which led to the 20 percent jump in its selling price in Malaysia.

For example, he said, a box of 40 oranges went for  RM38 last year, but its RM45 this year.

The reality of price hikes, too, appears to affect the Chinese community’s shopping mood even though the festive day is around the corner.

Housewife Chan Lai Zhen, 47, said she decided to buy fewer cookies this year and stood firm on not buying more  even if family members finished them off during the celebration.

"I can't skip some parts that involve traditional practices such as giving ang pows and prayer items, so I need to save cost when it comes to food," said the mother of three.

Spending under microscope

Admitting to the great level of pressure from inflation, Chan explained that her husband is the sole breadwinner and budget cutting for Chinese New Year has been unavoidable.

Some other worth-sharing tips to save money during the celebration also included taking short trips within the country.

Businessperson Lee Pei Qi said she planned a trip to the East Cost with her family to skip the expense of hosting relations at home.

"This will make you save more," she enthused, adding that the expenses for such trips are  slightly lower than for festive preparation.

Msiakini