Belt-tightening extended to this year's festival, launched - literally - with a bang by Deputy Prime Minister Wong Kan Seng at the Marina Bay floating platform.

This is the first time it is held at the platform, which was also the venue for last year's National Day Parade celebrations.

The festival, now into its 23rd year of celebrating Chinese New Year, saw its budget cut this year in line with the leaner times.

A total of $1.4 million was spent on the event this year, while about $1.5 million was spent last year.

One of the frills that had to go was the fireworks, which cost more than firecrackers, said Mr Baey Yam Keng, an MP for Tanjong Pagar GRC and the chairman of the festival's programme sub-committee.

Other ways the organising committee cut costs included having performances put up by members of the public instead of professionals.

Mr Baey said: 'We are tapping on schools this time. That's why for the performances, we have a section that we opened up for people to volunteer themselves.'

Six groups have been chosen to perform on Wednesday, based on videos they submitted through the River Hongbao website.

Last year, the festival was held at Esplanade Drive for 12 days. This year, it will last for nine days and feature live performances and stalls selling local and foreign snacks.

The event will be open from 6pm to 11pm daily, with more than 7,000 pieces of crackers to be set off every night.

Despite the budget cutback, those who showed up last night still had a good time.

'The firecrackers were very enjoyable. I just hope the economy will take a turn for the better,' said technician Desmond Sieng, 32.

wangekt@sph.com.sg