The most common and most likely answer to this crossword clue is the 8 letter word PAGEANTS
P
A
G
E
A
N
T
S
Buddy explains!

The straight part
We know that "Parades" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case parades = pageants.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 PAGEANTS mean?
PAGEANTS noun- A competition in which participants compete for a determination that one is the most physically attractive.
- An elaborate public display, especially a parade in historical or traditional costume.
- A spectacular ceremony.
- A wheeled platform for the exhibition of plays, etc.