Muslim majority country here (Malaysia).
Christmas day is a public holiday, and so is New Year's. It's also the end of the year when most people want to use up their paid time off. Nobody likes having a holiday on two Thursdays followed by work on Friday. Nor do we want to encourage people to carry vacation days to the next year. So we're happy to take the bulk time off at least, and it gives time for people to arrange school paperwork.
It is technically a sin in Islam to celebrate other religious holidays. Heck, if you want to go deep into the dogma, everything besides the two Eids shouldn't be celebrated and that includes Prophet Muhammad's birthday and New Year's. But you'll see very heated debates about this that I won't go into. Christmas lies in a weird place on this spectrum. Some say Abrahamic holidays are fine, some say most 'Islamic' holidays are blasphemy. People argue about the Santa hats too.
However, Christmas food is perfectly halal. Turkey, peppermint, non-alcoholic egg nog, various desserts. You'll see "end of year" dinners by Muslim restaurants that cater to this.
Culturally, many of us do have Christian family and friends. So it is a convenient time to meet family and just have an excuse to cook complex Western dishes once a year.
Gift giving is rare. You'll see secret Santa stuff at the workplace and in schools. 90% of people in the region do not have disposable income, so expensive gifts are frowned on, as they create pressure. Most are under $25, like fancy soap, snacks, chocolate, a power bank. There's also a culture where charity should be hidden, so stuff usually gets put in a box with no names and the boxes are pseudorandomly distributed.