红红火火 means Prosperous, is a Chinese idiom, pinyin is (hóng hóng huǒ huǒ). On paper it means red and on fire, it is use to describe a prosperous or economically prosperous life.
When having a happy event like wedding, or grand opening for a business ...Red gonna be the main color. it look like the Chili skewers hanging for dry. We also use 红红火火 hóng hóng huǒ huǒ to describe a business is doing very good, having lots of customers.
红红火火 can be use to describing a person is having a good life. It is associate with all the good things happening, for instance, going to a good school, having a new born child, getting a raise, and such.