A longstanding tradition ubiquitous with Chinese New Year is the giving and receiving of red packets. Known as hongbao in Chinese, which means "red bag", these envelopes are considered a token of good luck, fortune, and happiness and are filled with money before being gifted to children, family members, friends, and colleagues.
The bright crimson colour of these packets holds the same symbolic significance of wishing prosperity while warding away any misfortune. Hongbaos are not limited to Chinese New Year; newlyweds are also showered with hong baos by their friends and wedding guests, and others may receive them on birthdays.
If you give someone a hongbao, remember to use new banknotes with an even-numbered amount inside except for denominations ending in the number four, as this number is considered bad luck. All that's left to do is say Gong Xi Fa Cai, which means wishing you prosperity in the coming year.