This is a paper foldable oval red lantern, which can be seen in every household during the Chinese New Year, and it is also common in Japanese izakaya, a type of informal Japanese bar.
๐ฎ usually refers to the lantern itself, and it can also mean celebration, some cheerful festivals in China like New Year, YuanXiao Festival, etc. It can also mean the Japanese izakaya or yatai. Related emojis:
๐๐ด๐ฅ๐งจ๐งง