The first day is the start of the Golden Tiger Year. The Tiger is the third sign in the cycle of  Chinese Zodiac, which consists of 12 animal signs. It is a sign of courage.

Characteristics of the Metal Tiger (Years 1890, 1950, 2010) :

They are thought to be ambitious and competitive and are determined to get what they want no matter who gets in the way. They like to stand out from the crowd and are also active, aggressive, temperamental, and hasty, but can be passionate.

This fearless and fiery fighter is revered by the ancient Chinese as the sign that wards off the three main disasters of a household: fire, thieves and ghosts.  On New Year's day itself, it is beneficial to celebrate, to be happy, to have smiling faces, and to refrain from scowling, quarreling, or criticizing anyone.

The first day is for the welcoming of the deities of the heavens and earth, officially beginning at midnight. Many people, especially Buddhists, abstain from meat consumption on the first day because it is believed that this will ensure longevity for them. Some consider lighting fires and using knives to be bad luck on New Year's Day, so all food to be consumed is cooked the day before. For Buddhists, the first day is also the birthday of Maitreya Bodhisattva (better known as the more familiar Budai Luohan), the Buddha-to-be. People also abstain from killing animals.
Most importantly, the first day of Chinese New Year is a time when families visit the oldest and most senior members of their extended family, usually their parents, grandparents or great-grandparents.( wikipedia sources)

Famous People Born in the Year of the Tiger
Queen Elizabeth the II, Karl Marx, President Eisenhower, Oliver Reed, Tom Cruise, Marilyn Monroe, Jodie Foster, Penelope Cruise,  Hilary Swank, Chuck Berry,  David Bailey.