Every year the terrible monster Nián terrorized the villages. It devoured everything, from insects to human beings. As time passed, the villagers realized that the monster came once every 365 days to cause harm, before disappearing into the woods.
Thus, the villagers decided that on that day they would organize a great celebration and they would dine before their ancestors so that they can offer them protection. After years of hiding, a young man came up with the idea of using fireworks to scare an chase the monster away once and for all.
This is the legend of the origin of the Chinese New Year, also known as the Spring Festival. Due to the fact the purpose of the holiday was to scare Nián and prevent him from coming back, the decorations used are usually very bright and colorful, particulary red. Also, the red colour is very beloved by the Chinese in general, because it represents happiness and luck.
xin nian kuai le! Happy New Year!