The most common and most likely answer to this crossword clue is the 5 letter word JOKES
J
O
K
E
S
Buddy explains!
The straight part
We know that "Christmas cracker contents" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case christmas cracker contents = jokes.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does JOKES mean?
JOKES noun- An amusing story.
- Something said or done for amusement, not in seriousness.
- The root cause or main issue, especially an unexpected one
- A laughably worthless thing or person; a sham.
- To do or say something for amusement rather than seriously.
- (intransitive, followed by with) To dupe in a friendly manner for amusement; to mess with, play with.
- To make merry with; to make jokes upon; to rally.
- Really good.
- Funny or entertaining.