Lunar New Year celebrations becoming increasingly vibrant every year
Lunar New Year celebrations over the next two weeks are expected to drive a 5.4% spending boost to the economy, according to ANZ.
As communities across Australia prepare to usher in the Year of the Horse, ANZ customers are set to spend $5.4 billion, with categories like food and beverage, travel and entertainment, and household cleaning and repair leading the charge.
Celebrations start from Lunar New Year’s Eve this Monday, 16 February, before finishing up on 3 March. This year is expected to eclipse last year’s celebrations, when customer spending rose by 4.1%.
Since 2023, household cleaning and repair services have experienced an average annual growth rate of 12.5%,
ANZ acting managing director retail products Kate Britton says that the year-on-year rise in Lunar New Year spending reflects the increasing scale of celebrations across Australia.
“Lunar New Year is a meaningful time for many, and we’re glad to play a small part in supporting customers as they mark the occasion in their own ways,” Britton said.
Ron Lim, owner of West Lake restaurant in Melbourne’s Chinatown, said the 15-day festival “gets bigger and better for us every year”.
“We see families returning, new customers exploring Chinatown, and a real sense of community pride. It’s one of our busiest and most vibrant times, and the celebrations play a huge role in supporting local businesses like ours,” Lim said.
Men and women display similar spending patterns during the festival period, said ANZ.
