For the Chinese, the New Year is the single most important event in the year. It celebrates the first day of the lunar calendar and the celebrations last for 15 days. It is a time for large family reunions and merry making and feasting. The Chinese believe that the mythological monster was scared away on this occasion by the color red and a lot of noise. This is why they wear red this day and decorate their homes and streets with red lanterns and let off a lot of firecrackers. Gift money is given to children in red envelopes. Vibrant, enthusiastic lion dances are also a part of the celebrations.