Consumers are planning to save or invest the money they receive in red packets this Lunar New Year, according to a recent survey by United Overseas Bank (M) Bhd (UOB Malaysia).

In the survey on the spending patterns of 500 local consumers of Chinese descent, which was conducted last December, it was found that more than 70% of the respondents expect to place the money they receive as ang pows in a savings account or to invest the money.

“Even in the midst of the Lunar New Year celebrations, it is heartening to see that Malaysians are prudent. They realise that putting aside funds is important to face life’s uncertainties,” said Julia Goh, an economist at UOB Malaysia.

In the survey, the respondents also said they expected to spend less on ang pows this year. For those who are spending the New Year in Malaysia, they expect to spend an average of RM877 on red packets, compared with RM888 last year. Meanwhile, those who are spending the New Year overseas expect to spend an average of RM1,012, a slight decrease from RM1,128 in 2015.

The respondents said they anticipated spending more on food this Lunar New Year and were prepared to fork out an average of RM4,142 on food, red packets, shopping and travel this year. While this is 2.6% less than the average budget last year, the expenditure on food is 30% higher.

Goh said this shows that Malaysian consumers still value family ties and are willing to spend on them during the Lunar New Year. “The findings show that family comes first for Malaysians. Although food costs have been rising since the second half of 2015, this has not stopped Malaysians from celebrating the festive period with a generous reunion dinner with their loved ones.”