In the words of the videographer who took this You Tube footage:
"SantaCon (aka Santarchy, aka The Red Menace) is an annual worldwide Santa Claus convention occurring in many cities across the globe. People dress as Santa, other associated characters, and variations on the theme, and embark on a massive all-day pub-crawl around the city. Christmas - Jesus - Shopping + Halloween + Pub Crawl + Frat Party + Girls Gone Wild = SantaCon."