How do I turn off Holiday Events in Photos?

One of iOS 10's new additions to the Photos app is the Memories feature, which basically assembles photos into short videos based on time periods or locations. It will also create memories of holidays from your home country. If you don't want this for any reason, you can turn off this option by heading to Settings -> Photos & Camera and toggling off the "Show Holiday Events" option.

How to stop Memories from creating holiday videos in Photos.