A day when people on tgchan draw various characters hugging- wait who are we kidding that's every day.
The actual holiday dedicated to hugging happened exactly once on January 25th, 2011. It has since failed to reoccur.
Given that hugging in general continues unabated, perhaps this holiday's lapse is an example of "don't tell me what to do!" or "suggesters always want what they don't have."