The Lunar Festival runs from January 21 through to February 4. Overall the event has not changed as far as the structure / organization, however, 3 new toys were added in 2017. Please see the WoWHead.com Lunar Festival Guide for a complete overview of the event.
Honouring Elders: You can absolutely go and honour Elders and take advantage of the free Experience Points they’ll give you. Honouring an Elder will give you a Lucky Red Envelope and a Coin of Ancestry.
Lunar Fortune Buff: In each of the envelopes you will receive either a Lucky Rocket Cluster or Elder’s Moonstone. Setting off the Lucky Rocket Cluster from a cluster launcher will give you the Lunar Fortune buff… this gives you +250 health and is NOT ALLOWED.
Quests: All quests are allowed, even the quest that requires you to defeat Omen, although I’m not quite sure I’d recommend trying it… if you die, that’s it.
Coin of Ancestry Redemption: You can turn in your Coins of Ancestry for pets, toys, food, fireworks and clothes.
Festival Dumplings: Allowed. Good health/mana regeneration. Stock up on these.
Festival Dresses and Suits: Allowed. They are all White-Quality equippable gear.
Schematics & Patterns: Allowed for Pacifists only. You can buy these from Fariel Starsong to craft cluster & firework launchers as well as festival dresses and suits.
Call of the Scarab Micro-Holiday
Welcome to our first Call of the Scarab Micro-Holiday. Factions compete Region-wide for the honour of hanging our banner at the Gates of Ahn’Qiraj. The event runs from January 21 through to January 24.
Quests: All quests are allowed, however, please be aware that some quests WILL flag you for PvP (picking up silithyst, for example).
Repeatable Food Quests: These are allowed, however, remember that you cannot get help from other characters, whether this means farming food materials or gold. Challengers can only use the resources that were earned on THAT specific character to complete these quests.
Level-scaling mobs: Caution and care are needed when venturing in here as the Twilight Cultists in the camps are now level-scaling. Basically the mobs will be at or one-level under your character. For most characters this should be fine, however, other classes might need to be more careful.