The most common and most likely answer to this crossword clue is the 6 letter word GAIETY
I've seen this crossword clue in The Daily Telegraph
G
A
I
E
T
Y
Buddy explains!
The straight part
We know that "Celebration" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case celebration = gaiety.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GAIETY mean?
GAIETY noun- The state of being happy or merry.
- Merrymaking or festivity.