Seasonal increase of up to 50% on some food itemsPETALING JAYA: Higher food prices due to the weakening ringgit and the global increase in food prices are expected to cause Malaysians to spend 9% more this year on Lunar New Year festivities, according to the annual United Overseas Bank Malaysia Bhd’s (UOB Malaysia) Lunar New Year Survey. Goh said the larger food and travel budgets were due to consumers not compromising on Lunar New Year traditions despite higher costs. “However, feasting on food and travelling to visit friends and family are central to the way Malaysians bond with one another, especially during festive occasions such as the Lunar New Year. It is therefore not surprising that Malaysians continue to place a priority on such celebrations despite the economic environment,” Goh said. As respondents prepared to spend more this Lunar New Year, 73% of those receiving red packets said they intended to save the money, while 25% said they would invest it.

Source: The Star January 31, 2017 21:45 UTC