
Its origin can be traced back thousands of years, to the legend which tells of a fearsome mythological creature known as Nian that is said to have once terrorised China, devouring people on the eve of CNY. To ward off the beast, red-paper couplets were pasted on doors, firecrackers were set off throughout the night, and huge fires were lit.
Today, the prevalence of the colour red, and firecrackers, form part of the CNY celebrations throughout the world, as a part of custom and tradition.
The festival, which once also marked the beginning of spring in China, begins on the first day of the lunar calendar year, the first day of the new moon, and ends on the 15th day, known as Chap Goh Meh, the last day of the full moon.

This is Malaysia, with so much color in it :)