The song is about a person who gave their heart to someone last Christmas but that person broke their heart the very next day. This year, to save themselves from more tears, they will give their heart to someone special instead of the person who hurt them. They have now found real love and won't be fooled again by the person from last year. The chorus reflects on keeping their distance but still being caught by the other person's gaze, and wondering if they recognize them from the previous year when their heart was broken.