Colourful little pieces for festive occasions (8)

I believe the answer is:

confetti

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'colourful little pieces' is the definition.
'confetti' can be an answer for 'pieces' (I have seen 'pieces of paper' mean 'confetti' so perhaps 'pieces' could also mean 'confetti'). I'm not certain of the 'colourful little' bit.

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for confetti that I've seen before include "Alternative to rice" , "Celebratory paper at wedding" , "Paper pieces thrown at wedding" , "shower of a union?" , "Bits thrown over a newly married couple" .)

I've seen this clue in the Evening Standard.

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