The event that is being anticipated at Raveloe is the New Years celebration that is held by the Cass clan at the Red House. It was the biggest celebration in town because people of all classes would attend. Those who were of means would show off all that they had, and those who were not of means would try their best to look their shiniest and smartest.
According to the text,
The Red House was provisioned as if for a siege; and as for the spare feather-beds ready to be laid on floors, they were as plentiful as might naturally be expected in a family that had killed its own geese for many generations.
So everyone is expected to have a good time and everyone was getting ready for it. Everyone, except Godfrey.
Godfrey was feeling dread and anxiety in fear that Dunsey, his bribing brother might show up and ruin everything, tell his father about the crazy marriage that Godfrey made to Molly, the opium addict, and Godfrey also feared that Dunsey will disclose about the child Godfrey had with this Molly lady.
He was also in the diatribe of having to face Nancy, whom he really liked, but was unable to propose to. Then, there was the pressure of his father into asking Nancy to marry him. It was too much to deal with and he was quite anxious about it.