恭喜发财 (Gong Xi Fa Cai) was never a common greeting phrase in Mandarin speaking regions. It was more commonly used in Cantonese (thus it was more commonly written

恭喜发财 (Gong Xi Fa Cai) was never a common greeting phrase in Mandarin speaking regions. It was more commonly used in Cantonese (thus it was more commonly written as Gong Hey Fat Choi). In Mandarin speaking regions of China it's common to say 恭贺新禧 or 新春愉快 or simply 新年好.