In argentina there is no such a big difference between both greetings. In general, people say "Felices Fiestas!" (which can roughly translate as Happy holidays), but when nearer to Christmas, people start using the Merry christmas greeting more and more, until the 25nd, when they start using almost exclusively the Happy new year greeting. Some old school people say Feliz navidad y un prospero aņo nuevo (merry christmas and a prosperous new year), but they are a minority.
And for myself, I tend more to the Felices Fiestas and the Feliz Aņo Nuevo kind of greeting, reserving the Feliz Navidad for the 24/25.
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