PETALING JAYA: Those celebrating the Chinese New Year have been advised to stay within their budget and not spend unnecessarily, in view of the rising cost of living.
Federation of Malaysian Consumers Associations (Fomca) CEO Datuk Paul Selvaraj said it was usual for prices of goods to increase during festive periods, and that Malaysians should hence be smarter in their spending habits.
“Quite often, prices do go up during the Chinese New Year period, or other major celebrations for that instance,” he told theSun today.
“The public should therefore maintain their consumption during this festive season. Just stay within your means, that’s all I can say,” he added.
Malaysians will be celebrating the Chinese New Year on Feb 5 and 6, a festival which for many is synonymous with spending and shopping.
Meanwhile, economist Prof Dr Barjoyai Bardai said he did not believe those celebrating will be cutting down on their expenditures, noting that the Chinese are known for their culture of saving up for the big day.
“They are known to be very disciplined, they would usually save from the beginning of the (Chinese) year for all possible expenditures. They will usually make sure they have enough for shopping, dinner, and ang pows.
“So the rising cost of living would rarely affect their celebrations in general. If anything, they will save up more in anticipation of the economic slowdown and rising cost of living,” he added.
Barjoyai however advised those travelling back to their hometowns to minimise their travelling costs, noting that a lot of the expenses incurred were usually logistic-related.
“Maybe cut down spending at the R&Rs during travel, and try to plan your journey ahead to avoid heavy traffic, which can be fuel-consuming,” he said.
