After Max (Emjay Anthony) sees his entire family devoured, killed or dragged away by a huge, carnivorous Jack-in-the-Box, a teddy bear with a mean temper, three tiny, malevolent gingerbread men, a giant, nasty, animated angel ornament, a pack of masked elves or Krampus (Luke Hawker) himself, Max confronts Krampus as the elves are about to drop Stevie (Lolo Owen) into a giant lava pit that is conjured in the middle of the street.
Stevie is dropped into the pit. Max apologizes to Krampus for losing the Christmas spirit, cries, hands Krampus the bauble his grandmother (Krista Stadler) was given when she encountered Krampus decades earlier and pleads for Krampus to take him instead of his family because Max "only wanted to experience Christmas the way it was" (before his family dissolved into a group that mostly bickers).
Krampus takes the bauble, wipes away Max's tear with a large fingernail, then laughs and throws Max into the pit.
Max awakens from his bed on a bright, sunny, Christmas morning, runs downstairs and finds his happy, loving family sharing Christmas presents around the beautifully decorated living room. Max opens his present and finds the bauble. The family grows silent.
We pull back to find that the house and the family are now encased in a pretty snow globe, one of many on shelves that Krampus has collected, apparently so Max can experience "Christmas the way it was" forever.
Stay to enjoy hearing Krampus Karol of the Bells, which is sung over the end credits.
Thanks Evil Ed!