The most common and most likely answer to this crossword clue is the 7 letter word DINNERS
D
I
N
N
E
R
S
Buddy explains!

The straight part
We know that "celebratory events" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case celebratory events = dinners.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 DINNERS mean?
DINNERS noun- A midday meal (in a context in which the evening meal is called supper or tea).
- The main meal of the day, often eaten in the evening.
- An evening meal.
- A meal given to an animal.
- A formal meal for many people eaten for a special occasion.
- The food provided or consumed at any such meal.
- To eat a dinner.
- To provide (someone) with a dinner.