After working his employees to the bone on Christmas Eve, Daffy expects them all back at 5:30am on Christmas Day, so he can make more money off of last minute shoppers. Assistant Manager (later Assistant Assistant Manager) Porky Pig pleads to let him go home for Christmas and spend time with his daughter Priscilla, but Daffy refuses. Later that day, the spirit of his deceased business idol Sylvester the Investor warns him to change his ways or he'll be doomed to the same fate. He tells Daffy that three spirits will visit him. Daffy, trapped in the store by a snowdrift, locks himself in his vault to be safe. But the ghosts aren't that easily stopped.
Bugs Bunny himself does not have a big role in the main storyline, and is apparently there to simply provide his trademark commentary to the events. In addition, Lola Bunny does not appear. Despite the appearance of Sam Sheepdog, Ralph Wolf does not appear, possibly to avoid confusion with Wile E. Coyote. Cecil Turtle has a different appearance, he is dressed as Santa Claus and is not speaking any lines. Francois, one of the two French chefs from French Rarebit makes a small cameo appearance as Wile E. Coyote's own personal chef.
Lola Bunny is tired of working for Giovanni Jones at the Acme's department store perfume counter. Witch Hazel makes a cameo as Lola sings about her dream of creating her own perfume. She gets fired and takes a ride home in Bugs Bunny's taxi. She screams when she sees a mouse, even though it's her landlord Speedy Gonzales. Speedy gives Lola a gift, a rare flower he brought from Mexico, one that is being watched by General Foghorn Leghorn, his intern Pete Puma, and spy Cecil Turtle. Foghorn sends agent Elmer Fudd to watch the flower, though Lola uses it to create her perfume, which has an invisibility side effect. Cecil sends goons to get it, but Lola backs out the window and falls to Bugs' taxi below. On the way down, the perfume makes the wall invisible exposing, in successive apartments, the Stacey's manager and his shoe customer (from "Hare Conditioned"), The Little Man from the Draft Board (from "Draftee Daffy"), and Red Ryder and his horse. Foghorn puts out a reward for Bugs and Lola, and Yosemite Sam, who was preparing to rob a bank, learns of it and apprehends them. They escape and slip down a storm drain. They emerge through a manhole in front of Porky Pig, but Giovanni grabs the perfume. Lola runs after him and gets abducted by Cecil in a van.
Titu is grief-stricken as his girlfriend Pihu refuses to talk to him. Sonu, his best friend tells him she is not meant for him, as Titu is loving and caring while Pihu is possessive and callous. Sonu gives an ultimatum to Titu to choose between Pihu and him and Titu chooses him, breaking up with Pihu.
She changes their caretaker and walks in on Sonu making out with a girl. She manipulates the family members and Titu into buying and naming a house after them. She turns it into a vegetarian household and controls Ghasitaram by threatening to reveal his dirty lies to Titu's grandmother. Sonu foresees Titu's imminent downfall; to protect him, he plans a bachelor party for Titu in Amsterdam.
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