How to change content on hover

The CSS content property along with ::after and ::before pseudo-elements have been introduced for this.

.item:hover a p.new-label:after{
    content: 'ADD';
}

JSFiddle Demo

This exact example is present on mozilla developers page:

::after

As you can see it even allows you to create tooltips! :) Also, instead of embedding the actual text in your CSS, you may use content: attr(data-descr);, and store it in data-descr="ADD" attribute of your HTML tag (which is nice because you can e.g translate it)

CSS content can only be usef with :after and :before pseudo-elements, so you can try to proceed with something like this:

.item a p.new-label span:after{
  position: relative;
  content: 'NEW'
}
.item:hover a p.new-label span:after {
  content: 'ADD';
}

The CSS :after pseudo-element matches a virtual last child of the selected element. Typically used to add cosmetic content to an element, by using the content CSS property. This element is inline by default.