My favorite color is red, I love it and try to get everything in red!
I like red too! It's the color at the end of the visible spectrum of light.
Does it mean something about people that have red as their favorite color?
Maybe you have something in common with the the Ancient Egyptians and Mayans who use to paint their bodies and faces red for ceremonies! 
I haven't heard that.  Is red the most common color for people to like?
I'm really not sure, but even China held it as an important color. They used it to color early pottery.