Have you seen other mug rugs sold at the bazaar at Christmas? How were they priced, and did you notice if they were selling?
I was asked by a local shopkeeper if I'd do mug rugs for Christmas sales (starting in late October) and I posed this same question here on the Board. The consensus was that it's a lot of work and barely profitable (since, in this case, the shop is consignment, and my share would be 50%. Depending on fabric choice, it could even be a loss for me, so I opted not to.
That said, I was also encouraged to make non-seasonal mugs if I were to make a bunch of things. And make both individual mug rugs and coordinated (not matching) sets. You might use the cocoa and candy cane in a few of the sets (mark those up a buck) to show a customer how to present the gift/jazz up the display. But I wouldn't add the cocoa and candy cane to every one of them because some folks would think they're paying for something they don't want (ie maybe they'd want coffee or tea).
You might consider making things at different price points, just in case--coasters, a few runners, a couple of wall hangings--to test the waters. If they don't sell, you could give them as gifts, so I'd sew with that in mind .