1st March for Bulgarians

On 1st march Bulgarians tie on their friends and relatives martenitzas on their wrists.
Martenitza is a small piece of adornment, made of white and red yarn and worn from March 1 until around the end of March (or the first time an individual sees a stork, swallow or budding tree). The name of the holiday is Grandma March that is tradition related to welcoming the upcoming spring.
The red and white woven threads are not just meaningless decoration, but symbolize the wish for good health. They are the heralds of the coming of spring in Bulgaria and life in general. While white as a color symbolizes purity and soul, red is a symbol of life and passion, thus some ethnologists have proposed that in its very origins the custom might have reminded people of the constant cycle of life and death, the balance of good and bad, of sorrow and happiness in human life. Given as an amulet in the period of spring, when nature gets “reborn” and starts blossoming again it was not only a reminder of that balance but also a wish for health, strength and happiness.
On the first day of March and few days afterwards, Bulgarians exchange and wear white and red tassels or small dolls called Pizho and Penda. In Bulgarian folklore the name Grandma March is related to a grumpy old lady whose mood swings change very rapidly.
This is an old pagan tradition and remains almost unchanged today. The common belief is that by wearing the red and white colours of the martenitsa people ask Baba Marta for mercy. They hope that it will make winter pass faster and bring spring. Many people wear more than one martenitsa. They receive them as presents from relatives, close friends and colleagues. Martenitsa is usually worn pinned on the clothes, near the collar, or tied around the wrist. The tradition calls for wearing the martenitsa until the person sees a stork or a blooming tree. The stork is considered a harbinger of spring and as evidence that Baba Marta is in a good mood and is about to retire.
Martenitsi are always given as gifts. People never buy martenitsi for themselves. They are given to loved ones, friends, and those people whom one feels close to. They are worn on clothing, or around the wrist or neck, until the wearer sees a stork or swallow returning from migration, or a blossoming tree, and then removes the Martenitsa and hangs it on a blossoming tree.

see more here: http://en.wikipedia.org/wiki/Martenitsa