As sponsorship dries up amid the global financial crisis the amount of money earmarked for the event has been cut by 20 percent, said Philip Loh, vice-chairman and head of publicity for the organising committee.
"Many (sponsors) have cut down (funding) or are not participating," he said.
The cut of 425,000 Singapore dollars (292,900 US) to 1.7 million Singapore dollars means visitors will be treated to fewer fire crackers, while the fireworks display will last three minutes instead of five, said Loh.
Singapore, which is in a recession, is a majority ethnic Chinese city-state whose Chinatown district is the focus of Lunar New Year celebrations on January 26-27.
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Image of Singaporeans playing with sparklers as they celebrate the beginning of 2009, by Roslan Rahman.