The song tells the story of a person who is reminiscing about a romantic relationship they had the previous Christmas, where they received a gift they truly cherished and felt a strong emotional connection with. However, their time together was short-lived, as the relationship ended before the next Christmas season arrived.
As they recall the happiness and joy they experienced during that time, the song conveys the bittersweet emotions they feel, missing what they had and wishing things had turned out differently. The chorus emphasizes the lasting impact of the relationship, stating, "Last Christmas, I gave you my heart, but the very next day you gave it away. This year, to save me from tears, I'll give it to someone special."
The song reflects the idea of the transience of love and how moments of great happiness can be tinged with sadness when relationships come to an end. It evokes a sense of longing for a simpler, happier past and captures the bittersweet emotions that often accompany the holiday season when one is navigating unrequited or lost love.
Overall, "Last Christmas" by Sixpence None Richer serves as a poignant reminder that while the holidays can be a time of joy and celebration, they can also bring up feelings of loss and longing for past connections that never fully materialized or ended unexpectedly.