We decorate inside and out. Love doing it every year now, but when I was single working retail, I didn't have much energy for it. One year I put up a tree and just stuffed it with a box of fake hydrangeas I'd gotten from the display department at work. It looked lovely. Since I've retired, I have a lot more energy to decorate, so I do more. I also bake and make a lot of toffee. I host an annual Neighborhood Cookie Party and Food Drive. I bake all the cookies myself, except this year, when our oven broke. DH was able to fix it, but only after two shipments of parts, to the tune of $400+, gah! So glad he's handy!
What I do not do is scour stores for 90%-off-for-a-bunch-of-decor-crap-I-don't-need deals or amass collections of expensive holiday items just to show them off, like a complete set of Spode dishes. (Yeah, I have two pieces of Spode, both were free.) No themes, no inflatables, no competition with my friends or neighbors.
What I do love is the flood of memories that come flooding back when I open the boxes and decorate the house. Gets me every time. I leave everything up until the Epiphany, which is easier now that we have a fake tree. We rescued it when we cleaned out my MIL's house. Apparently, she trash-picked it years ago. It's big and has lights and it rotates* so you can see all of the ornaments. Who would throw something like that away?
*Note for cat people: Our tree sits on a wooden chest and is on a timer. Every evening when the lights go on and the tree starts rotating, the cat jumps on the box and sits at the base of the tree, letting it rotate around her. She doesn't touch anything, she just sits and stares at it for hours. Very funny. Since we don't exchange gifts, there's plenty of room for her there.
Edited for Jack. Notice the throw on the chair behind her. She likes to sit in Santa's lap when she's not under the tree. They don't show in the photo, but there are lots of ornaments dangling, which she completely ignores. Proof that she's not a "normal" cat, as if there is such a thing...