A formal New Year's greeting, often used in written correspondence or cards. The kanji 頌 means 'to praise' or 'to celebrate', and 春 means 'spring', so it literally conveys 'celebrating spring'.
Write 'Happy New Year' on a New Year's card.
From Chinese, combining 頌 (praise, celebrate) and 春 (spring). Used as a formal New Year's greeting in Japanese.