It's very interesting to have a Chinese New Year. During this period, you can heard the sounds of fire crackers. Absolutely, there is lots of food that you don't know what day it will be disappear.
In my opinion, I like the Chinese New Year than January 1. Unlike the January 1, there is no fireworks and largest celebration. It always be silent, and makes me to think what will be different between old year and new one.
I thought the different to feel the New Year's atmosphere , decided by the next day of New Year. If you have to work after celebrate the New Year, you'll not happy at all. But Chinese New Year is different, our celebrate festival is from December 31 to January 15 in Lunar Calendar. So you don't worried about the next day, because in the fifteen days, you are on vacation.
But it was analysis from the psychological level, I think the other answer will be perfect. Because we are the Chinese, and we will be more comfortable and enjoy to celebrate by our own way.