According to my extensive Wikipedia-based research, this video is representative of the tradition of the Krampus figure in Austrian and Alpine-European folklore. Krampus, usually portrayed as a demonic figure, accompanies Santa and punishes children by stuffing them in a sack and taking them back to his lair to be eaten. Every year, young men in Austria dress as Krampus and parade around town, frightening children with rusty chains chains and elaborate costumes.
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