Intro: Starting off in usual fashion with Eb leading into G major. The Bb note (A-string, 1st fret) suggests G minor so the G major chord is a little surprising.
Verse: I’m fingerpicking this section the first two times it’s played. The third I’m using some strumming particularly on the Gsus4-G bit. You can do that every time if you prefer.
Chorus: The Eb chord crops up again creating discord under the line, “Everybody’s having fun,” and suggesting the Christmas isn’t as merry as claimed. If that was intentional, Noddy Holder is a more nuanced songwriter than I gave him credit for.
Bridge: I had forgotten this section existed. But it does give us the Gm that has been hinted at since the intro.
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