I've been played this game for 20 hours and I still can't get the difference between day and night. Apart from people occupation, is there any other difference? Some random event that only spawns at specific times, for example?
Aside from items or stats that are day/night specific and the general passage of time, there's no big difference between night and day as far as I know.
The biggest thing would be items and gems that give you stats like here where you get +damage during Daytime or Night.