Cautious about festive spending | The Star

Those enjoying higher disposable incomes should consider reducing their spending this Chinese New Year in view of a possible economic slowdown, says businessman Datuk H’ng Ban Choon.

H’ng said his restaurant business in the inner city had been affected, prompting him to adopt more conservative financial measures.

“Usually, I like to buy new lighting and decorations for my house every Chinese New Year but this year, I’ve decided to recycle whatever I have accumulated over the years to use,” he added.

He saw the need to take proactive steps to manage his finances prudently, and acknowledged the need to exercise fiscal restraint, especially in certain sectors.

H’ng added that the impact on his business highlighted a broader trend where individuals, irrespective of their financial standing, were reassessing their spending habits.

“The poor economic climate over the past few months has prompted a collective reconsideration of financial priorities and a conscious effort to tighten belts across the board.

“As people adapt to the challenges posed by the economic climate, it becomes evident that the ripple effects extend beyond specific industries, influencing consumer behaviour on a larger scale,” added H’ng.

However, factory executive Kenneth Ooi, a 31-year-old newlywed shopping with his wife Stephanie Fletcher, 29, at Gurney Plaza, expressed a willingness to splurge a bit more as he was looking forward to celebrating his first Lunar New Year as a newlywed.

“I’m looking for something bright and cheerful to wear to usher in the Year of the Dragon.

“My wife’s favourite colour is grey but I will get her to wear something bright on the first day of the new year,” he said.

He acknowledged facing some challenges with increasing expenses, but he was grateful that he and his wife live with his parents,which will allow them to navigate the rising costs more effectively.

H’ng says individuals, irrespective of their financial standing, are reassessing their spending habits.Meanwhile, those born under the Chinese zodiac signs of the Dog, Goat and Ox should exercise extra caution during the Year of the Wood Dragon, according to feng shui master Mak Foo Wengg.

He also warned male chief executives, business owners and partners that the upcoming year might not be favourable for them.

To counter potential challenges, Mak suggested seeking an individualised feng shui reading.

Having conducted feng shui talks all over the world, Mak said individuals born under the signs of the Rooster, Monkey and Rat could expect an auspicious year.

According to community customs researcher Clement Liang, in Chinese folklore, wearing red could serve as a protective charm against bad luck and ward off evil forces.

“This ancient tradition stems from the notion that donning red undergarments act as a shield, specifically guarding individuals against the negative influences associated with conflicts involving Tai Sui or the Grand Duke of Jupiter.

“The symbolism behind the colour red in Chinese culture is deeply rooted in auspiciousness and positive energy. Red is often associated with vitality, good fortune and prosperity,” he said.

Liang added that those born under unlucky signs could also pray at the Goddess of Mercy Temple in Jalan Masjid Kapitan Keling, and leave an effigy of Tai Sui in the premises for the Goddess of Mercy to protect one from bad luck.

“Sporting an amulet featuring a zodiac sign distinct from one’s own can be employed as a strategy to baffle the Grand Duke and deter misfortune.

“Tai Sui is said to be the celestial deity that rules over all happenings in the mortal realm. In all, there are 60 Tai Sui spirits, and every year there will be one ruling Tai Sui,” he said.