The coming Lunar New Year will be a damp squib for Ding Shen, the 34-year-old owner of Beautiful Scenery Fireworks, who like a lot of China’s entrepreneurs is counting the cost of an economy growing at its slowest for nearly a quarter of century.

“If you don’t have money, you’re not going to buy fireworks,” said Ding, who runs a store in Shanghai and a factory in the south-central province Hunan.

Fireworks, an essential part of the celebrations, are traditionally set off everywhere – on streets, in courtyards and even off rooftops – during the week-long holiday.

But they are an expense that people can easily cut.

“We’ve seen our domestic sales drop 40 per cent and the fundamental reason has been because of China’s economic slowdown,” said Ding.

If you don’t have the money, you’re not going to buy fireworks

His comments were echoed by other firework makers who also listed stricter safety regulations and heightened concerns over air pollution as reasons for depressed sales.

For many Chinese the coming year holds even less promise than 2014, when growth slowed to a 24-year-low of 7.4 per cent. A weak property market, slowing inflation and deteriorating domestic and foreign demand all point to further gloom.

As consumers tighten their belts, the price of pork – known as China’s indispensable meat – has also been hit.

Pork prices tend to rise in the month before the holiday. But this year, according to official data, they slipped, albeit marginally, to 24.8 yuan (€3.5) per kilogram in January from 24.9 yuan in December.

“Usually corporate gifts include pork products like dried meat but that has declined significantly this year,” said Pan Chenjun, a senior analyst at Rabobank.

Other analysts said record levels of pork production in 2014 also kept prices under pressure.

Bookings for the Lunar New Year’s Eve dinner yesterday were as high as ever, according to Zhu Xiaochao, media manager for Xiao Nan Guo Restaurants, which serve Shanghainese food in 80 restaurants across China.

Customers, however, were opting for cheaper set menus.

On the internet, some bloggers complained about their pathetic New Year bonuses – so-called ‘hongbao’ because they are handed out in red envelopes. “Our company gave me a bonus – three boxes of apples to share between six people, what is this!” said Weibo user ‘Duzuo Chitang’.

Year of the goat/sheep

What is Chinese New Year?

It is a festival marking the start of the Chinese new year, which begins on the second new moon after the winter solstice.

It is the most important holiday for Chinese people worldwide.

How is it celebrated?

People carry out a thorough cleaning of their homes in preparation, as it is considered bad luck to “sweep away good luck” on the first two days of the year.

Paper and lantern decorations are put up. People tend to splash out on new clothes and gifts for each other. Reunion dinners are usually attended by all members of a family.

Cash, known as ‘lucky money’, is given to children in red envelopes. Firework displays and colourful lion and dragon parades are set up in the streets, or transmitted through the television, for entertainment.

What does the Year of the Goat mean?

Every year has one of 12 animals assigned to it. Those with birth years 1907, 1919, 1931, 1943, 1955, 1967, 1979, 1991, 2003 and 2015 are said to have been born in the year of the Goat.

The Goat is said to prefer peace, is most comfortable at home, and is artistic but resistant to change. Lucky numbers are three, four and 9.

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