What Do People Want Most for Chinese New Year? Cash Money

For Chinese New Year, cash is king.

The most desired gift during Spring Festival, as the 15-day Lunar New Year holiday is known in China, is overwhelmingly money, according to a new survey from research firm TNS, which polled 5,000 people in mainland China, Hong Kong, Taiwan, Malaysia and Singapore about how they spend the holiday.

In mainland China, 45% of consumers said they preferred to get money, 22% said they most wanted electronics and 5% said they hoped to get tea or coffee, according to the survey.

The urge for cash was higher in Singapore, where 69% said they most wanted money for Chinese New Year, while 13% preferred food and 4% had their eye on electronics. In Taiwan, too, the ratio of the cash-hungry was high, with 65% saying they?d rather get money than anything else.

Chinese New Year is known as one of the biggest gift-giving seasons in China and other countries with large ethnic Chinese populations, which is why companies typically roll out special sales and zodiac-themed products like snake print purses and dragon-themed cars this time of year.

Luxury giant Gucci is promoting the Lunar New Year with a collection of red accessories? boxy totes and wallets? and personalized luggage identification tags with zodiac symbols. UK luxury company Burberry is selling bags with snake-skin prints for the Year-of-the-Snake.

Still, gift giving for the holiday centers on hongbao ? that famous cash-stuffed red envelope.

The Chinese people polled by TNS said they put aside an average of 3,668 yuan ($588) to stuff in Lunar New Year hongbao. The average amount given to close family members in China is 1323 yuan ($212), while other relatives are given around 890 yuan, according to the survey. Friends can expect to collect 432 while colleagues typically get around 235, the survey said.

Those lucky enough to get the cash they want tend to tuck it away, with 78% of the Chinese people surveyed saying they plan to deposit at least some of the money.

The survey also notes that 34% of China?s consumers plan to travel in the year ahead, while 33% plan to buy a home and 30% aim to buy a car.

? Laurie Burkitt. Follow her on Twitter @lburkitt.

Source: http://blogs.wsj.com/chinarealtime/2013/02/15/what-do-people-want-for-chinese-new-year-cash-money/?mod=WSJBlog

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