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I'm Chinese and as far as I know, everyone buys lots of stuff in Chinese New Year. We used to throw away old stuff and buy brand new things for good luck in the coming year. There's a slang saying that "if the old ones don't go, the new ones won't come" so we buy lots of things. We clean the house too.
We only don't buy shoes, because the pronounciation of "shoe" in Cantonese(kind of a Chinese dialect) is similar to the sound of sighing.