Spring Festival, or China's lunar New Year, has traditionally been an auspicious and jubilant occasion for the Chinese people all over the world. Roughly a month or so behind the calendar New Year, it is not only a time to bid farewell to the old days and ring in a new life with renewed hope and expectations, but also a time to break from a year of hard work, for long-awaited family reunions, sumptuous feasts, fun outings, as well as for the observance of various folk customs and cultural traditions in urban and rural areas alike.

Spring Festival is also a time for spending sprees. Wallets are bruised as people dig deep to buy fancy foods, fashionable clothes, special gifts, electronics and automobiles, along with dining at restaurants, entertainment in theaters, and sightseeing in and out of the country. It is generally agreed that consumption during the festival peaks at Christmas of the previous year and remains high during this so-called golden period.

The lunar New Year of 2009 is no exception, despite the chills of economic downturns around the world. According to statistics from the departments concerned, during the first three days of the calendar New Year, the sales volumes rose from 20 percent upward in metropolises all over the country, including Beijing, Shanghai, Guangzhou and Chongqing, and transactions by credit card stood at 16.5 billion yuan ($2.4 billion), up by a stunning 89 percent year on year.

Yet, this dynamic consumption does not mirror the overall perspectives. Given the grim reality of economic recessions and unemployment-hundreds of thousands of firms either have closed down or scaled down production, and people waiting for jobs number in the millions-more and more people are thinking of making wise or frugal spending during the Spring Festival, or drawing up savings plans in the days ahead.

With the outside demand withering in the wake of the global economic crisis, boosting internal consumption has been seen as an effective remedy to keep up with strong economic growth. This, however, seems no easy task. In the first place, many Chinese citizens still feel more comfortable with some savings for the unforeseen, at the expense of spending. Then, there is also a lack of consumer confidence, which official figures show has slid for three consecutive quarters in 2008, as people became keenly aware of the escalating expenses of housing, education and medical services. Most importantly, many more people, especially those in the countryside, still need a lift in income so as to be able to afford the increase in luxury consumer items.

Luckily enough, the Central Government has taken note of these concerns and has drafted a series of measures with a view to boosting household spending. It is hoped that the aptly named Year of Niu, or the Ox, will translate into bullish consumption during 2009.