To post more specific data, here's the link to the SG returns site:
https://www.apple.com/sg/shop/help/returns_refund
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This policy has been around for quite some time. It was established for people who don't like their Christmas presents and the givers wish to get a refund on them without losing out, so they can get another gift for their loved ones.

That's why it ties in with Christmas every time.
Note that it is only applicable for purchases made at the Apple Online Store. So not the Apple Stores (ie Jewel, Knightsbridge, and Marina Bay), definitely not 3rd party retailers (eg Harvey Norman, Best Denki, Apple resellers).