

It's a rather arbitrary temporal landmark, and different calendars have used different stars of the year. The original Roman one was March 1, near the vernal equinox, and some other calendars start the year around then. However, some calendars use the autumnal equinox, like the Jewish calendar and the French revolutionaries' calendar. Our New Year is close to the winter solstice, and the Chinese New Year is about halfway between the winter solstice and the vernal equinox. The Olympiads began in midsummer, around the summer solstice.
So it is evident that which day qualifies as New Year's Day is very arbitrary.