The procession once paraded statues of deities, but they were replaced decades ago by kids in costumes, sometimes dressed in satirical themes, hoisted onto towering metal poles.
The parade's political edge was dulled this year, as Beijing tightens its grip on the city's freedoms after imposing a national security law in 2020 to quell dissent.
"It's not good to be too satirical," festival committee chair Yung Chi-ming told reporters.
Still, there were some attempted jabs, such as the bespectacled, stern-looking boy dressed as Hong Kong's finance chief Paul Chan -- which organisers joked was a dig at the city's rising living costs.
Shops such as the popular Kwok Kam Kee bakery saw long queues of festivalgoers eager to sample the island's favourite sweet buns.
Filled with sesame, lotus seed or bean paste, the plump buns are stamped with the Chinese character for "peace and safety" in crimson.
At the stroke of midnight, 12 climbers who have advanced through qualifying contests in previous weeks will speed-climb up the bun tower for a grab at glory.
Five-time "Bun Queen" title holder Angel Wong told AFP she was gunning for the trophy again.
"I'm actually very happy and very excited. We haven't had such a large-scale event in a long time," Wong said.
"It's kind of like a gala, getting to meet all these people and compete in this competition again."
