The letter after the H and N are clearly smaller than the rest indicating they're not capitals. There's also clearly a space between New and year. Happy and new have a capital because they're at the start of a new line. And you can clearly see that the W and Y aren't connected and thus not being a single word either?
I meant that New Year is not supposed to be one word
because confusing it as one is the only reason i can think of not capitalizing "Year"
when capitalizing, it is bad form to capitalize the first two words of a sentence and not the last, especially in the absence of proper nouns
>in a sentence with no proper nouns, you capitalize only the first word
>in a title with no proper nouns, you capitalize all words that are not articles {a, and, the...}
>while their grammar is not strictly regulated, holiday greetings also generally capitalize all words in the message: Happy Holidays, Merry Christmas, Happy New Year
even if you go by a rule of capitalizing the first word of every line, the lack of symmetry of having capitalized all but one word in the message makes it just look atrocious, and you'd be better off putting 'Year' on a new line