Christmas and Coca-Cola have long been intertwined, from the iconic red trucks to seasonal packaging and global campaigns. But this year, as the company reports solid third-quarter results and leans into its 2025 holiday campaign, the festive season is also shaping up as a market signal for consumer behaviour.

On Companies to Watch, Dan Koh and Emaad Akhtar unpack Coca-Cola’s latest financial performance, how its Christmas marketing is evolving in an age of AI and social media buzz, and what the holiday season reveals about brand power, consumer confidence and spending ahead of 2026.