I don't think the song stands analysis, but then again I don't think it has to.
the whole thing about pop music is that it serves as a peg on which to hang your memories.
any chart song from the sixties or seventies instantly recalls time/place exeriences to me, and, am sure, to everybody else.
I am fond of this song, much in the same way as I am fond of "Yesterday" which is equally banal ...
no doubt in years to come the teenagers of today will feel equally nostalgic about the current ctop of chart hits, which to my ear are absolutely appalling (but my parents said the same thing about the Rolling Stones )