The Most Awaited Festival after All Souls Day

Here's a prelude to what many Chinese families look forward to after the All Souls Day month...care to take a guess which *festival is this?...

*It's a day where "Ultraman", "Power-Rangers", "Pokemons"
and god-know-what lit up the streets in these modern times...with funky sound effects and unusually bright colors as well...go figure...