"Chinese people like to wear red during Spring Festival."
I dont think so. STPVO -Subject, Time, Place, Verb, Object - standard sentence structure
These could be understood but not natural due to the confusing syntax.
"中国人喜欢XX" is Chinese like XX.
"春节穿红色" is Spring Festival wears red color. (which does not make sense.)
So the sentence would mean "Chinese like Spring Festival to wear red color" instead.
As Spring Festival cannot wear clothes I think we still can guess what you mean.
it is acceptable, but it is an abbreviatory form, the one with 的 is intact but the without one is also right.
It is not good here as a noun. 紅的衣服, 紅衣服 are better.
紅衣 can be used as a noun attribute. e.g. 紅衣女郎/a girl in red; 紅衣主教/a cardinal.