Chinese New Year (CNY) calls for a celebration indeed, but just how much of your money are you spending on the occasion in Singapore? From the cost of your OOTDs to pineapple tarts and red packets, here’s a look at the math behind CNY.
The Year of the Ox is upon us, though in a much more socially-distanced form (bye for now to large family gatherings). However, that doesn’t mean that our CNY shopping habits change — CNY celebrants in Singapore will feverishly continue to queue for bakkwa (barbequed meat) and buy the reddest CNY ornaments they come across in Chinatown .
Between giving out red packets, buying new clothes and sinful containers of hae bee hiam (crispy prawn rolls), the festive season seems to be getting more extravagant (and expensive) as time passes.
So, if you’ve ever wondered just how much you’re spending during CNY, you’ve come to the right article.
Here’s the breakdown:
Apparel
Before all the festivities happen, the first thing you always do is buy new clothes. Why? Simply because the Chinese believe that new clothes symbolise new beginnings and fresh hopes for the new year!
1. Clothes
Item
Brand
Price
Sadie Padded Tie Back Puff Sleeve Dress
Love, Bonito
$46.90
ZALORA OCCASION Cross Front Maxi Dress
Zalora
$49.90
Mango ManSlim Fit Gingham Check Shirt
Zalora
$59.90
MEN EZY Ankle Pants (2Way Stretch) Windowpane
Uniqlo
$49.90
Average cost of outfit for women: $48.40
Average cost of outfit for men: $54.90
2. Shoes
Item
Brand
Price
Asymmetric Strap Chrome Heel Mules
Charles and Keith
$49.90
Mango Patent Finish Pumps
Zalora
$45.90
RS 2.0 Japanorama Trainers
Puma
$159
Nike Air Force 1 ’07 Craft
Nike
$199
Average cost of shoes for women: $47.90
Average cost of shoes for men: $179
3. Bags
Item
Brand
Price
Chain Strap Push-Lock Shoulder Bag
Charles and Keith
$69.90
Love MoschinoHeart Logo Shoulder Bag
Zalora
$279.90
Jade Large Tri-Color Leather Crossbody Bag
Micheal Kors
$179
Average cost of bag for women: $176.26
Average cost for one days’ worth of OOTD for visiting for women: $272.56
Average cost for one days’ worth of OOTD for visiting for men: $233.90
This works out to $465.16 for women (considering you only buy one new bag) and $701.70 for men for three days’ worth of new apparel. Shocked? We are too. And we’re just starting out.
Since you are spending that much money on outfit shopping, get the most out of it with the best shopping credit cards out there.
ALSO READ: Chinese New Year budgeting (2020): How much does it cost to follow tradition?
4. Reunion Dinner
For the purpose of this exercise, let’s assume that you have six family members attending your reunion dinner and that you choose to eat out this year.
1. Hotel
Establishment
Hotel
Courses
Price per person
Wan Hao Chinese Restaurant
Singapore Marriott Tang Plaza Hotel
8-course
$108.80++
Porta
Park Hotel Clarke Quay
8-course
$108++
15 Stamford by Alvin Leung
The Capitol Kempinski Hotel Singapore
6-course
$168++
Average cost of meal per person: $128++
2. Restaurant
Establishment
Courses
Price per person
Jumbo Seafood
7-course
$66.33++
Tung Lok Signatures
8-course
$97++
Empress
8-course
$108++
Average cost of meal per person: $90++
3. Tzi Char Eatery
Establishment
Meal type
Price per person
Ban Leong Wah Hoe Seafood Restaurant
7-course
$39.66
Keng Eng Kee Seafood
8-course
$61.33
Lam’s Garden
7-course
$48
Average cost of meal per person: $49.66
Average cost of meal across every type of establishment
Type of establishment
Average cost per pax
Hotel
$128++
Restaurant
$90++
Tzi Char Eatery
$49.66
Yup, prices can range from below $50 to over $100, so take your pick. Based on the average rate alone, we’d rather choose to have an intimate gathering at a humble tzi char place, because after all, it’s not what or where you eat but who you’re eating with.
But if you insist on eating at a restaurant but don’t want to pay sky-high prices, check out 8 Reunion Dinners For Under $50 Per Person. Make sure you pay for the reunion dinner with the best dining credit card to enjoy the benefits and rewards that come with it.
Amount of ang bao (red packet) money you’ll give out
Receiver
Average ang bao amount
Parents
$188
Grandparents and in-laws
$150
Your children
$120
Cousins
$20
Nieces and nephews
$20
Friend’s children
$10
Others
$8
Assuming you are married and need to give red packets to:
Your parents ($188 x 2 = $376)
In-laws ($150 x 2 = $300)
Grandparents ($150 x 2 = $300)
Your own children ($120 x 2 = $240)
Others ($300)
Total amount of ang bao money you’ll give out: $1,516
Married couples have the option to either give red packets as an individual or as a couple. Some issue the ang bao individually to their parents, in-laws, grandparents and children, but do it as a couple for the rest. Others combine all red packets regardless of recipient — which makes total financial sense if you ask us.
Since Chinese New Year is a time when superstitions reign supreme, make a note to never give red packets with amounts starting or ending with the number 4. In Chinese and in some dialects, it sounds similar to ‘death’ (死, si).
Whenever in doubt, always go with lucky number 8 and refer to our cheatsheet for this year’s CNY Ang Bao Rates.
ALSO READ: 5 ways to cut costs during Chinese New Year
5. Snacks and drinks
1. Snacks
Snack
Quantity
Cost
Pineapple tarts
1 bottle
$20
Bak Kwa
1kg
$50
Hae Bee Hiam (Crispy prawn rolls)
1 bottle
$15
Love Letters
1 bottle
$10
Oranges
1 carton of 30
$12
Kueh Bangkit (tapioca cookies)
1 bottle
$20
Total cost of all snacks: $127
Assuming you buy two of each type of snack (and only one carton of oranges), the total cost of snacks works up to $242.
6. Drinks
Of course, how can you leave your guests thirsty?
Drinks
Quantity
Cost
Coke
24 cans x 250ml
$13.75
Sprite
24 cans x 320ml
$15.40
Seasons Ice Lemon Tea
24 cans x 320ml
$11.80
Yeo’s Chrysanthemum Tea
24 packets x 250ml
$8.95
Tiger Lager Beer
24 cans x 320ml
$45.50
Heineken Premium Lager Can Beer
20 cans x 320ml
$52.50
Average cost of drinks: $147.90
Total average cost for snacks and drinks: $264.90
Pro tip: To get your snacks and drinks at a cheaper rate, opt to buy in bulk online on Shopee. You will get a better cost per unit price from a bulk purchase, and to top it off, the amount you spend is substantial enough to get more rewards from your credit card spend.
7. Transport for visiting
To go visiting, you’ll need transportation for the entire family. Listed below are the average costs for three options:
Own car
Car sharing/rental
Ride-hailing services
1. Own car
Items
Average cost
Petrol
$100 (full tank)
Parking fee
$12 (10-hour HDB parking)
Car wash (basic cleaning, polish and wax)
$150
Average cost of driving your own car: $262
The bulk of the costs come from cleaning your car, so if you are able to do-it-yourself, you’ll save a pretty penny.
2. Car sharing/rental
*Car sharing options, prices and promotions are subject to change without prior notice.
Company
Vehicle type
Daily rate
Tribecar
Standard sedan
$112.35
Avis
Economic Sedan (Chevrolet Sonic or Similar)
$170
Europcar
Toyota Prius 1.8 or similar
$233.10
Average cost of renting a car/car sharing per day: $171.81
While price is the primary factor that most people consider when using car sharing services, it isn’t the only one. There are other things such as the driver’s age, membership fees, petrol top-up costs and many other miscellaneous fees that need to be considered before renting a car.
To understand more about car sharing costs, you can refer to our detailed guide to car sharing options In Singapore.
3. Ride-hailing services
Company
Average cost
Grab
$20 per trip
Comfort-del-gro
$20 per trip
Ryde
$20 per trip
Average cost of ride-hailing services: $20 per trip
Again, the cost of these ride-hailing services may vary depending on the surge and traffic conditions. Assuming that you visit five houses a day, that’s $100 per day spent on private-hire vehicles. Visiting over three days, and it’s a whopping $300.
Type of transport
Average cost
Own car
$262 throughout CNY (and more)
Car sharing/rental
$171.81 per day
Ride-hailing services
$100 per day
As it turns out, opting for ride-hailing services isn’t that bad at all — but only if you have a family of five or less. Not only is the stress from driving lifted from your shoulders, you can also make merry with your relatives and drink without worrying about driving back home.
Conclusion
CNY needs
Average cost
OOTD (Outfit Of The Day)
$250 for three days’ worth of visiting
Reunion dinner
Around $130 per person per meal
Amount of ang bao money you’ll give out
Around $1,500
Snacks and drinks
Around $265
Transport for visiting
Around $170 for three days’ worth of visiting
Total average cost of CNY expenditure: $2,315.
A grand average total of $2,315 may come as a shock, but since it’s the festive season, it’s alright to spend once in a while. And if you use the correct credit card, you can get the most out of your spending too!
This article was first published in SingSaver.com.sg.
LifestyleChinese New Yearcost management
