An unknown, calligraphic Traditional Chinese character (Character identified: 常)
What you posted is 常 (pinyin: chang2).

It means always or often, and with New Year decorations, can appear in combination for example in well-wishing phrases about happiness, fortunes, health, etc.

Recognition might be difficult because this is not the regular script typically seen in print text, but is instead written in semi-cursive script, also known as running script (pinyin: xing2 shu, t: 行書, s: 行书, Vietnamese: Hành thư)


The bottom part of 常 is composed of 口 (mouth, pinyin: kou3) and 巾 (pinyin: jin), and normally these shapes are clearly discernible when looking at the regular script version
but in your posted example it is condensed: the box-like 口 is reduced to a mere triangle and merged with the 巾
the top half's strokes are still recognizable though, not drastically altered compared to regular script
it shows condensed strokes typical of cursive script, yet has not been completely condensed, so it should be semi-cursive not cursive


Another example, listed as semi-cursive:


(source: supfree.net)  


notice the similar condensed shapes and strokes at the bottom


Source: http://shufa.supfree.net/raky.asp?zi=%B3%A3

As for the Simplified vs. Traditional aspect, not every Traditional Chinese character has been changed to make Simplified Chinese, for example: character for the number one 一 (pinyin: yi). 常 is also an example of a character that the authors of Simplified Chinese did not simplify, so under Simplified Chinese it remains unchanged from Traditional Chinese.

Hope this helped,

Happy Lunar New Year!