It's another day of celebration, with a parade and signs, with many people in attendance.
People are celebrating a local festival, cheering alonside a parade
Not all celebratory events are a festival.
The  festival might be part of a larger national festival, and the people might not necessarily be cheering.
There are many other celebration types besides a local festival. Also, it never says they are celebrating by cheering, or that people are standing alonside or even anywhere near the parade.