I was going to suggest caramelly/ oatmeal-ly/ marly sorts of browns with this too - especially in a knit, which could be bulky or more fine merino and fitted sort of look.
I think the distinctness of the red can sometimes work well with something a little more muted, and those colours still have a Christmassy/cosy feel without screaming Mrs Christmas or Elf.
I'm am quite a conservative dresser op, but even I can understand it is nice to have something a little joyful at Christmastime. I usually do this with a hint of sparkle because that's my limited colour style, but this is a nice cherry shade of red and I think you should keep it and enjoy it. Some reds CAN look cheap but to me this one doesn't.