High Quality Content by WIKIPEDIA articles! New Year`s Eve is observed annually on December 31, the final day of any given year in the Gregorian calendar. In modern societies, New Year`s Eve is often celebrated at social gatherings, during which participants dance, eat, consume alcoholic beverages, and watch or light fireworks to mark the incoming year. The observance of New Year`s Eve generally extends through midnight of January 1 (New Year`s Day).