Consumers select NewYear decorations at a market in Jimo District of Qingdao, east China's Shandong Province, Jan. 8, 2019. (Xinhua/Liang Xiaopeng)

ULAN BATOR, Jan. 12 (Xinhua) -- It is expected that one Mongolian household will spend an average of at least 1.5 million Mongolian tugriks (562 U.S. dollars) to celebrate the Lunar New Year, according to a report released by the country's National Statistical Office on Saturday.

Nearly 65 percent of Mongolian households celebrate the Lunar New Year, known locally as the White Moon, according to the report titled "The White Moon and the Economy."

As of the end of 2018, there were a total of 895,000 households in the Asian country.

The statistical agency estimated that the money to buy gifts for guests will account for half of the total costs to celebrate the public holiday.

Celebrating the White Moon is a financial burden for many Mongolian households with an average monthly income of 700,000-800,000 tugriks (290-330 dollars). But the White Moon's costs have generally been rising year after year.

One Mongolian household spent an average of 1.3 million Mongolian tugriks (529.8 dollars) to celebrate the White Moon last year, the statistical agency said.

According to the lunar calendar, the White Moon this year begins on Feb. 5, which symbolizes the start of spring and the end of a harsh winter.

As a great family festival in Mongolia with many ceremonies, the White Moon has been celebrated for several centuries by Mongolians.