70 per cent of Chinese consumers in Asia will be saving their Red Packet loot: TNS

The study, which surveyed 5,000 consumers in China, Hong Kong, Singapore, Taiwan and Malaysia, found that while there is no intention to stop spending, optimism in Asia is tempered by concern over the global economic outlook and personal finances with 44 per cent concerned about budget constraints and 14 per cent planning to use their Red Packet money to pay off debts.

Respondents in China were the most determined to save with 80 per cent saying they wanted to bank in their cash, but even in Singapore which had the lowest percentage of savers, 63 per cent planning to head to the bank. 

“Saving is important here – increased consumer spending is as a result of increasing disposable incomes throughout the region, but is not at the expense of investing for the future,” said Chris Bonsi, CEO Greater China at TNS.

Interestingly however, consumers in China were also the most likely to spend the money buying something nice for themselves (61 per cent) and Singaporeans the least indulgent (44 per cent). On average across the region, nearly 50 per cent planned to buy themselves a treat. 

Among the countries surveyed, consumers in China were the most optimistic with 88 per cent feeling that the outlook for the new year was good or better, whereas only 58 per cent of consumers in Taiwan felt likewise. Overall, 75 per cent of Asian consumers felt the coming year was going to be a good one. 

“Chinese New Year is undoubtedly a time for celebration and consumers are still showing confidence in their spending and plans for the year ahead," said Bonsi. "There is a real awareness of slowing growth at home and continued financial instability; however the current prospects remain good.”

Despite any concerns, giving gifts remains important for three quarters of people who will be buying presents for friends and family at New Year. When it comes to the gifts they want to receive themselves, gadgets are increasingly popular and are the second most desired gift across the region, with 13 per cent hoping to receive electronics. However, money is the clear favourite for 59 per cent of people who are looking forward to getting a ‘Red Packet’ gift of money from family this New Year.

After cash, respondents from China and Taiwan were the most keen to receive gadgets at 21.6 per cent and 20 per cent respectively. However, Singaporeans (3.6 per cent), Malaysians (7.3 per cent) and Hong Kongers (13 per cent) weren't quite as interested in electronics and preferred gifts of food instead. 

Spending time with family is a key part of the celebration and almost three quarters of people want relatives and friends around during the holidays. A quarter of people will be sending greetings via social networks this year, however meeting in person is preferred by three quarters of those surveyed.

Traditional activities remain relevant across the generations, with young people just as likely as their older relatives to want to have their fortune read in preparation for Chinese New Year. And following Reunion Dinner, families will spend time talking or playing games.

Chris Bonsi continued, “People are finding new ways to observe old customs, but the essence of Chinese New Year as a time for friends, family and celebration shows no sign of diminishing.”