There is an off chance of some people associating product only with the holiday. Though the ad emphasizes three products, only one has a coupon. Having coupons for all of the products might be more appealing. There is a lot you have to go through to get to the coupon. Money, money, money.
Color is expensive.
Having an insert in a magazine is expensive. Having a die-cut, full color fold out is outrageous. Co-partnering is most likely essential. There is a limit of one coupon per customer. If there is sales tax where the item is sold, the customer still has to pay it.