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The toast is at the stroke of midnight, when the clock hits 12 and January 1st comes in. Everyone raises their glass along with the countdown of the last ten seconds of the year.
Technically it's at midnight, but in practice people who are home usually jump the gun by a few minutes because nobody can handle that tension of waiting for the last second. Tip: get your glass ready and pop it in the fridge like 15 minutes before, because nothing ruins a toast like warm champagne foam spilling all over the place.
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