The cynic in me says no, simply because of the way it's commercialised.
However, looking back on my own childhood, even though money was in short supply, we always had a 'magical' Christmas. My dad died when I was 7yrs old, yet my older brothers still made Christmas great for us young ones, (my parents had 8 kids). We 4 youngsters used to make our own tree decorations, garlands etc. and looked forward excitedly to Christmas, even though we knew we weren't getting much, and we appreciated what we got too.
Also, winter brought decent snowfalls allowing us to make slides or have massive snowball fights with the neighbouring kids, and cosy coal fires and home-made soup waiting for us when we got called in.
I have some truly wonderful memories of my early Christmas's, and I suppose kids of today will be forming their own 'magical' memories so on that basis I voted for Yes.