Stock markets in Japan, China, Hong Kong and South Korea are closed Monday, September 15 for a holiday.
While many East and southeast Asians will be celebrating their version of ‘autumn homecoming’ (Chuseok or Korean Thanksgiving and Mid-Autumn Festival for the Chinese), it’s Respect for the Aged Day in Japan, a national holiday to honor the elderly in the fast aging society.
22% of Japan’s 127.71 million population are over 65 years old. There are 36276 centenarians (aged 100 or over) in the world’s second largest economy with one of the highest life expectancy rates, and another 20,000 people will be turning 100 this year. There is significant potential in the market for services to meet the needs of Japan’s “Silver generation” who enjoy healthy lifestyles and are seeking greater enjoyment.
Folk experts believe that the Mid-Autumn or Moon Festival is second in importance only to the Spring Festival, or China’s Lunar New Year in conveying the core value of family bonding. Also known as Lantern festival, it’s an occasion for the Chinese to reunite and congregate in celebration while sharing mooncakes, sipping Chinese tea and enjoying the full moon, a symbol of abundance, harmony and togetherness.
China will for the first time have a day off on Mid-Autumn Day, part of a 3-day holiday weekend, thanks to a much anticipated national holiday system overhaul adopted last year to revive traditions. Three new one-day public holidays were created for Tomb-Sweeping Day, Dragon-boat Festival and Mid-Autumn Festival.
The current economic turmoil has affected Taiwan festivities where 42% of local businesses have reduced employee benefits for the Mid-Autumn celebrations. A survey found that 35% of local businesses were giving their employees cash, while 23% were giving gifts and another 7% were giving bonuses for the holiday.
It’s not known when ‘Tet Trung Thu’ or the Mid-Autumn festival was first celebrated in Vietnam. According to archeologists, pictures depicting Mid-Autumn festivities were seen on the Ngoc Lu bronze drum, one of Vietnam’s most ancient drums.
