The best replacement for confetti is cross cut shredder.

The best alternatives to confetti are rated as following:
★★★★★  cross cut shredder
★★★  cross cut
★★  crosscut shredder
★★  cross cut shredders
★  rose petals
★  crosscut

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Speaking about confetti, one probably shouldn't forget about balloons.

Other search terms related to confetti and their ratings are:
★★★★★ balloons
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cross cut shredder
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