Bud Baxter is a minor clerk in a huge New York insurance company, until he discovers a quick way to climb the corporate ladder. He lends out his apartment to the executives as a place to take their mistresses. Although he often has to deal with the aftermath of their visits, one night he's left with a major problem to solve.

Eight very different couples deal with their love lives in various loosely interrelated tales all set during a frantic month before Christmas in London.

Two women, one American and one British, swap homes at Christmastime following bad breakups. Each woman finds romance with a local man but realizes that the imminent return home may end the relationship.

A snobbish investor and a wily street con-artist find their positions reversed as part of a bet by two callous millionaires.

Kris Kringle, seemingly the embodiment of Santa Claus, is asked to portray the jolly old fellow at Macy's following his performance in the Thanksgiving Day parade. His portrayal is so complete that many begin to question if he truly is Santa Claus, while others question his sanity.