Visitors walk beneath hanging red couplets and lanterns during preparations for the Lantern Festival at Yuyuan Garden, in Shanghai, China, on Jan. 16, 2026. Andrea Aimar/Hans Lucas via AFP/Getty ImagesFor generations, the Lunar New Year has been China’s most important spending season—a time when families splurge on lavish reunion dinners, new clothes, festive decorations, and gifts. Firecrackers, packed shopping malls, and bustling open-air markets are traditional signs of the holiday season.This year, many of these signs appeared noticeably subdued.
In China, Lunar New Year A Reminder of Future Uncertainty: Analyst
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