Everyone loves a good legend and Chinese New Year is steeped in them. The story of Nián (年) the monster is probably the favourite one I have read whilst doing my research.
According to
Chinesenewyear.net the legend goes:
"In ancient times, there was a monster named Nián (年). It usually lives at the bottom of the sea and comes up once a year to feast on animals and humans. On this day, the villagers would all escape into the mountains.
"One year, a beggar came to seek shelter, but everyone was hurrying away. Only an old woman took him in and he promised to chase Nian away. He busied himself with decorating the homes.
"At midnight, Nian lumbered in but stopped short when it saw the red paper on the doors. As it roared in anger, firecrackers suddenly sounded and it trembled in fear. When it saw the beggar, dressed in red, laughing at it, it could only run away.
"The villagers came back the next day and were pleasantly surprised that the homes were all still standing. They realised that loud noises and the colour red were Nian’s kryptonite."