In New York City, the lives of affluent socialites intertwine as they return from college just in time for the festive Christmas break, coinciding with the debutante ball season. After attending an extravagant ball, Princeton student Tom Townsend finds himself unwittingly introduced to a group of friends known as the "Sally Fowler Rat Pack," led by the charming Nick Smith. Their night takes a turn when Nick mistakenly assists Tom into a taxi, leading to an impromptu invitation to an after-party hosted at the Upper East Side apartment of Sally Fowler.
At the party, Tom reveals his preference to avoid taxis, prompting Nick to jest that Tom is merely a "public transportation snob." This fun banter transforms into a deeper conversation as Tom opens up about his family's struggles—his wealthy father's hasty remarriage and the impact it has had on him. Amidst laughter and lively discussions, Tom crosses paths with Audrey Rouget (Carolyn Farina) and her best friend Jane Clarke. They reminisce about Tom's ex-girlfriend, Serena Slocum, who is notorious for being the belle of the ball, even sharing embarrassing stories about love letters from her suitors.
As Tom navigates the complexities of the social elite, he encounters critiques about his ideals from Charlie Black, an intellectual who seems to relish finding faults in Tom’s beliefs. Tensions flare when they debate political ideologies, with Tom professing a peculiar admiration for the theories of French philosopher Charles Fourier. Yet, amidst the revelry, Tom’s interests lie more with Audrey than Serena, despite the latter’s promising allure. A series of social misadventures lead Tom to an important party where Serena arrives with her aristocratic new partner, igniting jealousy and tension within his friend group.
As the festive season progresses, Tom juggles his feelings for both women, grappling with romantic decisions amid Christmas Eve solitude spent at his mother’s apartment. Meeting up with the "SFRP" post-Christmas, the dynamics shift as deep-seated emotions surface during a candid game of truth. The game reveals Tom's lingering affections for Serena, leaving Audrey in turmoil.
As Tom strives to mend his relationships and explore his true feelings, the end of the holiday draws near. He embarks on a quest to reconnect with Audrey, navigating a series of obstacles including transportation troubles. With Charlie by his side, they sneak into the beach house of Rick Von Sloneker to check on Audrey and her friend Cynthia. Contention brews as Tom confronts Von Sloneker, leading to a tense standoff.
The film culminates as Tom reconciles his affections, suggesting a future visit to France with Audrey, illuminating an ironic twist as the trio resorts to hitchhiking back to Manhattan, a fittingly humble end to a season dominated by lavish expectations and profound realizations.
