But, from luxury hotels that are scaling down their packages to parents being forced to buy their children second hand gifts, Chinese society is bracing for muted Year of the Ox celebrations amid the global economic crisis.

One group of people who are particularly hurt by the tougher times are the 130 million migrant workers, many of whom toil away in the coastal factories set up to supply world markets and are facing being laid off.

"I discuss the economy every night with my friends at the dormitory. There are all kinds of stories about how people are losing jobs," said a housekeeper in Beijing from southwest China's Sichuan province surnamed Liu.

Heading home on a crowded train for a holiday ahead of the New Year on January 26, Liu said she would give her 10-year-old daughter a used Barbie doll, lamenting for the first time in years she could not afford a new toy.

To help people such as Liu, China is planning an aid package totalling nine billion yuan (1.3 billion dollars) for those worst affected by the crisis that has seen the nation's economic growth slow dramatically in recent months.

Around 74 million people will receive one-off payments of up to 150 yuan (22 dollars), which for some is the equivalent of an entire week's income.

But that will not turn things around for Rui Jinxiang, the manager of a Beijing restaurant featuring hearty north Chinese cuisine, who is expecting far fewer people to dine at his place during the festivities.

"I've got a little more than 20 employees, and usually I allow only three to go home for Lunar New Year, but this year I've let 10 return home," said Rui.

It is a sentiment being reflected across the retail and hospitality sectors.

"We are expecting Chinese New Year sales to be very slow this year as consumers attempt to save money due to concerns over the economy," said Sam Mulligan, director of Shanghai-based DDMA Market Research and Consulting.

"The second core reason that Chinese New Year sales will be slow is due to the vast reduction in Chinese New Year bonus payments this year. This will have an obvious impact on spending."

A prime victim of the sober mood is the family reunion dinner, a major Lunar New Year event.

In recent years, as China's economy has boomed at double-digit pace, family gatherings have moved to ever-fancier venues, but that trend is likely to be broken this year, as millions of families accept humbler solutions.

Only six percent of 1,800 respondents planned for this year's dinner to take place at restaurants charging more than 120 yuan per person, according to the restaurant review website Dianping.com.

In the southern Chinese city of Guangzhou, the five-star Shangri-La Hotel last year created headlines by charging a whopping 198,000 yuan for a 10-person dinner, its most expensive set-menu ever.

But that has been scrapped this year and the set meal for 10 costs just 3,988 yuan.

"We had to more or less take into consideration the economic situation this year. So we cancelled the offer," an executive at the hotel told AFP, asking not to be named.

But even as they tighten their belts, many Chinese are faced with the imperative of not letting the leaner times show too clearly.

"It's important for people to give the same amount of money in red envelopes as usual. Otherwise, they'd lose face," said Helen Xu, a 19-year-old student.

"People would rather spend less money on themselves than suffer the embarrassment of giving less money away than last year."

Other Chinese seem intent on sending a message of defiance.

"For me, celebrating Lunar New Year is like unwrapping a present. It's a chance to put the past behind you and start a completely new chapter," said Sherry Xiao, a 28-year-old store manager in Beijing.

"This is not an opportunity I will waste by being too stingy with my money."

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