To be honest, I can't understand it. The whole concept of the "New Year" is a randomly arbitrary and insignificant point of the earth's orbit around the sun where we collectively decide to flip the year bit on our calendars.
It's no more meaningful than if we chose March 29th to ring in the "new year". How many of you have partied like it's going to turn midnight on March 28th? It's pretty much just as sensical. But I go with the flow rather than be the party pooper.
I remember growing up Catholic, and the Catholic Church would randomly come up with excuses of why January 1 is a holy day of obligation. There was Solemnity of Mary... Feast of the Family... Feast of the Circumcision of Christ. The kept making shit up to get you to go to Mass and pretend it was a holy day. Talk about a farce... even the Catholic Church knows New Years Day is bullshit.
Hell, we even have 1.3 billion people in China who won't even celebrate New Years for another month...