Chinese New Year is fairly quiet in Hong Kong. Some local shops and restaurants are closed for the only time in the year, but most chains are open.

The main festivity is the massive fireworks over Victoria Harbour on the 2nd Day of the New Year, which will be Jan 24. And the nightly flower markets for about 5 days leading up to the early morning hours on New Year's Day Jan 23. There's also a parade on New Year's night, but I wasn't impressed by it.

Malls have some decorations, but don't compare to Christmas. Some worshippers will go to the Wong Tai Sin (and some other temples); but that's about it.

Definitely NOT a once in a lifetime experience. It's more like Thanksgiving in the US, where the most important thing is to be with family. And other locals will use the opportunity to travel outside HK.

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Mhhm, having lived here in Hong Kong for 10 years, I don’t agree that Chinese New Year is “fairly quiet”. There is lots to see and do and its an excellent time to be here, IMO. It of course is not like NYE in Times Square as there aren’t any drunken celebrations (for that you need to be here on December 31 at our own Times Square), but there are lots of interesting activities going on. The fireworks, mentioned above, are of course spectacular and are – IMO—a “once in a lifetime” experience. The skyscrapers are all decorated on the outside, which makes the skyline even more festive than usual. You also have flower markers in various parts of town for about 2 weeks leading up to the night before the holiday (Victoria Park being the largest), and then lion dances going on at hotels, businesses and markets for days afterwards. You can also go to local temples to observe people hoping for good luck in the year. On the first day, I would probably say to go to the Tin Hau temple in Sanely, as it is active with worshippers, but not overwhelmingly crowded. You can also have lunch in Stanley, as virtually all restaurants there are open that day. (Only about 1/3 of the stalls in the market will be open on the first day, but the trip is still enjoyable, there are some great walks to get there as well, not to mention one of the best bus rides anywhere, IMO). The Big Buddha on Lantua is open all days over the holiday.

In the old days most shops would shut up tight for 3 days or more, but these days that is not the case. About half the shops will be open in the malls, and many restaurants stay open. On the first day, you will find closures at smaller neighborhood restaurants, but you can always go to hotels or places like Lan Kwai Fong, Soho or the above-mentioned Stanley for a meal, so you wont’ starve. (A good number of grocery stores are open as well.) Then to contrast these areas, it’s fun to walk around more traditional neighborhoods like Kennedy Town, where basically all shops are closed and the neighborhood has a very different feel than other days, as people are out in family groups paying visits to each other. (This year on the second day of the holiday, I was in Kennedy Town and saw some monks playing soccer in local park with some small girls who I assume were nieces, quite a charming site. )

Public transport operates on a holiday schedule, which means more frequently than on weekdays, and buses to remote areas of the New Territories are operating, which makes it easy to get to these really beautiful areas.

The weather can be great, like this year, or overcast and a bit cool and foggy. The weather does not make a huge difference to being able to observe the celebrations, although it does make walks and ferry trips much more pleasant.