From the Chesapeake Bay Foundation:
The spotted lanternfly is an invasive insect originally from Asia, that is decimating forests across the Mid-Atlantic. The spotted lanternfly feeds on plants by sucking out the sap from leaves, stems or trunks. It sucks in more sap than it can handle and excretes most of it. That excretion, called “honeydew,” can grow mold or attract other insects, further damaging the tree.
The bright colors and spots on the wings of the spotted lanternfly are intended to warn off potential predators. Because it is an invasive species, there are few natural predators in the Chesapeake region.
Photo courtesy Chesapeake Bay Foundation