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Eid means “Celebration” and refers to the occasion itself, and Mubarak means “blessed”;

In much of South Asia, Eid Mubarak wishes are very common and often accompanied by hugging three times after the Salat al Eid. In the Philippines, it is recognized as a legal Holiday, though the greeting of Eid Mubarak is gaining traction only recently. In Turkey, where ‘Eid Mubarak’ is not common, the synonymous phrase “Bayramınız mübarek olsun” is used instead, along with its more Turkicized counterpart, “Bayramınız kutlu olsun”, both meaning exactly the same: “May your holiday be blessed”. Along with Turkish people, the Bosnian Muslims also commonly say “Bajram Šerif Mubarek Olsun”, the response is “Allah Raziola”. Another common Eid greeting by Bosnian Muslims is “Bajram Barečula”. In Pashtun areas of Afghanistan and Pakistan, the Pashto Akhtar de nekmregha sha, meaning “may your festival be blessed” is common. Speakers of Arabic might also add “kul ‘am wantum bikhair”, which means “[May] you be well every year”. In Indonesia, the most common expression is “Selamat Idul Fitri”, Idul being an Indonesian name for Eid and Fitri for al-Fitr; whereas inMalaysia it is “Selamat Hari Raya Aidilfitri”, Aidilfitri being the Malay transliteration for Eid ul-Fitr.

Throughout the Muslim world there are numerous other greetings for Eid ul-Adha and Eid ul-Fitr. The companions of Muhammad used to say to each other when they met on Eid ul-Fitr: Taqabbalallâhu minnâ wa minkum (which means “[May] God accept from us and you [our fasts and deeds]“). (http://en.wikipedia.org/wiki/Eid_Mubarak)