Chinese New Year Origin: Legend of Beast Nian
Chinese New Year has a history of over 3,000 years. A popular legend tells of the mythical beast Nian (/nyen/, which sounds the same as ‘year’ in Chinese), which shows up every New Year’s Eve to eat people and livestock. To scare away the monster, people displayed red paper, burned bamboo, lit candles, and wore red clothes. These traditions have been continued until the present time.
Red Color
Red is a very fortuitous color, lucky color.
How Lunar New Year Is Celebrated in Different Countries in Asia
Sources:
https://www.chinahighlights.com/travelguide/special-report/chinese-new-year/