Opinion
Festival a pointer to consumption trend
(China Daily)
Updated: 2010-02-25 14:38
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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.
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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.
