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.
In other words, Christmas is way more Metal in Austria.
For your bonus entertainment, here's a short about Krampus that was commissioned for one of Chef/Travel Writer Anthony Bourdain's TV shows. It was never aired for fear of being "too scary." All things considered, I can see why.