03 Feb '11, 10am

[CNA] Lunar New Year boost for printing companies

[CNA] Lunar New Year boost for printing companies

SINGAPORE: Spending habits have taken a leap from the past as Singapore ushers in the Year of the Rabbit. Printing houses making 'hongbaos' (red packets) are rushing to meet increased demand for the Lunar New Year. One company said business saw a twofold increase from last year and its clients are spending more with a better economy in sight. Tan Eng Hock, who is the owner of Wah Mee Silk Screen, said: "Big companies have increased their budget from $5,000 to $20,000. And small companies have upped theirs from $500 to $2,000. They can now afford special printing services, like embroidery on cards and calendars." But Mr Tan does not see a similar jump in profits. He said production costs have gone up by 50 per cent, with raw materials like paper and ink costing more. This, in turn, has downplayed revenue. Riding on the zodiac calendar, bunny-themed red packets are the way t...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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