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It is traditionally thought that the first day of the year is symptomatic of the approaching 364 days. Accordingly, people try to spend the first day of the new year in the best possible way in the company of family and friends.
New Year foods are also thought to bring good luck. In many cultures, it is a predominant belief that anything in the shape of a ring brings luck, because it symbolizes "coming full circle," completing a year's cycle.