I have made a few piñatas over the years, and always value the symbolism of them at a celebration. The piñata represents faith, hope and charity. Traditionally participants would be blindfolded while trying to hit the piñata and so would have to (Fe) have faith that they are hitting in the right direction. With the piñata hanging above their heads, people watched towards (los cielos) sky or heaven yearning and waiting for the prize, thus hope. Finally the piñata symbolized (Caridad) Charity. With its eventual breaking, everyone shares in the blessings and gifts.
Here are two piñata I made a few years ago, one was a gift for our niece Sami, for her third Birthday, and the other was for our wedding day for the children guests to enjoy!