Paper Pigs offered to ancestors on Chong Yeung Festival due to inflation
source and credit: wenweipo
Translated by cici@AsianEU

Many people brought their offerings and flowers to pay respects to their ancestors yesterday.


Because of global financial negative impact in equity market, many investors inevitably had losses, coupled with soaring prices that further eroded the public's desire to spend. Some meat shops said there was less business this year in Chung Yeung Festival, about 30% less than previous years, and joss stick shop pointed out that candles came at double price and paper offerings increased to 3 to 4 percent, overall business had been decreased by 10%. Some filial descendants inflation caused soaring prices; even not reducing offering consumption, inflation had made offerings[value] "shrunk", some even switched to paper roast geese and pigs to offer to their ancestors. (Note: Chinese uses real pigs, chicken, geese for offerings)

The Government had expected far-reaching financial impact on the economy, and unemployment rate would increase. In the face of uncertainty, consumer spending turned poor on Chung Yeung Festival. A meat shop staff at a Tuen Mun San Hui Market said frankly that Hong Kong can not escape from poor economy as the world suffers globally. This year's spending is less than previous years of Chung Yeung Festival where business dropped 30 percent, what is more, few reservations for roast pigs; a lot of people preferred a more economic way out by buying cheaper pork for offerings to ancestors.

Flower shop owner: general spending is only 20 dollars

Operating a incense shop for more than 20 years in San Hui Market, Mr. Ng said that business from Chung Yeung Festival this year is less than 10% and pointed out that candles came at a double due to inflation, but Mr. Ng did not dare to pass on the full load to customers. Some shops referred to the rising costs of paper that paper offerings increased for 3 to 4 percent. Flower shop owner Mrs. Tang said that this year the per capita consumption of each person is about 20 to 30 dollars with many buy chrysanthemums just as previous years, but not many costumers buying flowers for more than 100 dollars.

Kwok family of four brought along flowers, incense and paper offerings to pay respects to their ancestors at Fung Ying Sin Koon yesterday. Mrs. Kwok referred to the rise in costs this year that offering prices also raised, just paper offerings alone costs 150 dollars. Tthough flowers remained 15 dollars per bundle, but the weight and amount of flowers decreased. Due to the recession, she needed to use money carefully, so she will not buy large number of offerings particularly. In Spring and Autumn seasons, she pays more attention to Ching Ming Festival and uses less resources on Chung Yeung Festival such as not buying fruits and roasted pig.

Mr. Chan said that this year's offerings cost more than 800 dollars which is 100 to 200 dollars more than last year, of which paper offerings cost 30 to 40 dollars more while pork, chicken, and fruit all cost more. But paying respect for only one to two times in a year, he will not save in particular because he believes the better one treats his ancestors the better they will be blessed; As for some people switching to paper roast pigs and geese, Mr. Chen would rather use genuine roast pigs and chicken despite paper offerings is cheaper, since genuine pigs and chicken are edible, so he doesn't mind to spend more.

Although yesterday was a holiday, consumer market is still weak. Golden Phoenix Seafood Restaurant managing director said the global financial environment is not optimistic and recent stock plunge lost investors so that the business in Chung Yeung Festival was affected this year to nearly 10 percent. He described the loss of past prolific consumption in which many customers did not dare to order expensive dishes. He said in order to cope with the "cold winter", there are shops, not influenced by increased cost and increases retail price, but gave price-cutting promotion to stimulate consumption.

This post has been edited by cici: Oct 8 2008, 03:55 AM