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My impression is just that nobody has the money for it anymore.
really? For me it's more of a not having time. Doesn't cost much to go caroling, watch Charlie Brown, cut paper snowflakes, make handmade gifts, etc
Money is time. When you spend all of your time and energy focusing on working, eating, and sleeping because you're too broke to do anything else, it doesn't leave you with much time or energy to care about christmas.
Yeah, if you're working it all just becomes decorations along your commute, interrupted by a few busy family days followed by more work.