The most common and most likely answer to this crossword clue is the 3 plus 6 plus 3 letter word RED LETTER DAY
I've seen this crossword clue in The Daily Telegraph
R
E
D
L
E
T
T
E
R
D
A
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 = red letter day.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.