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Or they just know that Americans would rather go into significant debt, than having a lighter Christmas and/or buying less for a year or two.
First of all "lighter" does not mean "sad". I remember, growing up, there were a few years where our parents would tell us that Christmas was going to be a little "lighter" this year due to whatever financial reasons that they didn't want to burden us with. They were lovely every time, and there was absolutely nothing "sad" about it.
Second, you are presenting a false choice:
It could just be a financially responsible Christmas where you learn to appreciate your family and loved ones. People will often make homemade gifts instead of buying them, and those are often far more memorable than many pricier gifts.
As someone who has been consistently been paying down debt (student loans mostly, but some CC thrown in there), it hasn't ever stopped me from enjoying Christmas.
And this is coming from someone who isn't even really a big Christmas fan to begin with. It's fine. I just think you presented an absurd dichotomy.
I'm glad I have friends who can live without needing presents every year to feel validated on keeping a friendship alive.
I keep hearing other people just tear themselves apart because they worry about "ohhh I need to go shopping next week!" or "I can't figure out what this person wants who barely gives a shit about me but I need to gift them SOMETHING!"
Like damn people, is it worth it that much to gift someone things at the cost of your own sustainability?