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That should be clear as day, he's wearing a Santa suit, duh. Answering seriously though it doesn't have anything to do with Christmas, it is just a song about general life worries. Releasing it at Christmas, the season of good cheer, could have been seen as some sort of poignant statement I suppose.
I remember there was a fair bit of buzz around the song thanks to a DJ on Radio 1, trying to get that ahead of talent show crap in the race for Christmas number 1. Shame it failed miserably.