The character in the center of this striking red-on-gold pendant is 福 (fú), which can be translated as prosperity, blessings or luck. The informed observer will note that the character itself is upside-down, which is by design. In Chinese culture, inverting the character is known as 福倒 (fúdào) which literally means "upside-down prosperity." However, the character 倒 can also mean "to pour," so the implication of the inverted character means that blessings are pouring over one and one's family. Finally, 倒 is also a homonym for the character 到, which means "to arrive"—further implying that prosperity is imminent.
You may have seen the character 福 positioned this way in gold ink on a piece of red paper (red and gold also being symbols of prosperity) in a restaurant or other business, but the 福倒 is especially popular at Chinese New Year when people are wishing themselves and each other a prosperous year to come.