The Lunar New Year is also the biggest travel period of the year for South Koreans. Millions of people head to their hometowns to gather with families. This year, the holiday falls right in the middle of the PyeongChang Winter Games. Our correspondent Shane Hahm has more from Seoul.

SHANE HAHM SEOUL "The Lunar New Year holiday is in full swing in South Korea. More than five million cars are expected to hit the nation's expressways today alone. In a country with a population of 50 million, the number is quite significant.

The streets in Seoul, which are notorious for heavy traffic, are relatively less congested as people travel to their hometowns. Train stations and bus terminals are also busy places over the holidays. More and more we're seeing people travel overseas and that means flying as a mode of transportation. South Koreans typically celebrate the holiday with family, paying tribute to their ancestors in a traditional ceremony. These ceremonies are held at the gravesites or in private homes. A rice cake soup is eaten to bring in the New Year.

There's also a ritual where you bow to your elders and children will receive envelopes of cash. But this year is special because I'm sure many families are gathered around the television watching the PyeongChang Winter Olympics taking place and rooting for team Korea. Another topic of conversation at the dinner table will likely be all the events that have taken place with the Olympics surrounding the DPRK. The next couple of weeks and months will be crucial in how situations play out because they can have a permanent impact. That said, this year is thought to be the year of the golden dog in South Korea. And with that the hope is that situations in the region improve and lasting peace and stability is established on the Korean Peninsula. Shane Hahm, CGTN, Seoul."