How is pancham usually celebrated or commemorated

In Jain tradition, Pancham usually means the fifth day (panchami tithi), and it is often observed with dharma, not with festivity in the worldly sense.

Common ways it is commemorated are:

• Fasting or partial fasting according to one’s capacity
• Samayik and meditation
• Pratikraman and repentance for mistakes
• Puja of the Tirthankars
• Swadhyay of Jain scriptures
• Daan and acts of compassion
• Avoidance of violence, indulgence, and unnecessary worldly activity

In many Jain households, such a day is treated as auspicious for spiritual discipline, remembrance of the Shasan, and strengthening of Ahimsa, Satya, and Aparigraha.

If by “Pancham” you mean a specific Jain festival or tithi in a particular tradition, its observance can differ slightly between Digambar and Shwetambar customs.