This is the first Disney Christmas advert for 40 years and celebrates their relationship with the 'Make-a-wish' charity. Further information about this here

When Lola's grandmother was a child back in 1940, her father gave her a present which she has treasured for decades.  Now grown up, with her own children and a granddaughter called Lola, the grandmother likes to share the traditions she had as a child.  Lola and her grandmother enjoy creating  illuminated paper stars together every year at Christmas.  However, as Lola grows up she no longer wants to spend time crafting with her grandmother, preferring to spend time on her phone or with her friends.  This makes her grandmother sad.  Lola's memory is triggered one Christmas by the teddy bear which is kept on a shelf in a box.   
To cheer up her grandmother and show her that she has not forgotten all of their special memories, Lola repairs the teddy's ear and surprises her grandmother by decorating her house with illuminated stars.