In many Asian cultures, especially during the Lunar New Year, red envelopes, known as hongbao in Mandarin, are a traditional gift. These envelopes are typically filled with money and given to children and younger family members as a symbol of good luck and prosperity for the coming year. The color red represents happiness and good fortune, making these envelopes a cherished part of celebrations. The act of giving red envelopes is not just about the money; it also signifies blessings and well-wishes from the giver. Family gatherings often include this practice, where elders distribute red envelopes to younger generations, reinforcing family bonds and cultural traditions.