So was the whole thing all a dream right from the beginning? When Max wakes up and sees his family, they act like nothing ever happened, and then Max tells everyone he just had a bad dream---then Max opens that present and sees that Krampus ornament, then the camera pans out to a snowglobe type display, then the monsters leap out and the movie ends----I don't get it! Can someone explain?
I love how these theories have been going on for a year now.
I'd like to believe in the (slightly) happier ending myself. No snow globe purgatory. I think once they all woke up, they realized they all had the same nightmare when Max opened the bell. They all learned their lesson. No eternal Christmas morning. That would be like a double punishment and doesn't make sense. The point of the snow globe is to show that Krampus is still watching them in case they forget what they learned.
Krampus gave the grandma an ornament as a reminder, and so does to the boy. Krampus wouldn't have bothered to give him a reminder if they're already trapped in a snow globe.
The German lady's family were all killed. But the boy's family learned to look-out and care for each other thus, were given a second chance.
Plus, the boy saw their neighbor's lively house.
But yes, they were all terrified when they saw the ornament, and they're reminded of the fact that it was all real.
I just did a big analysis video of Krampus, with a lot of talk about the different interpretations of the endings (I know of 3 different ending theories). I guess you can choose to believe in which ever theory you like the most. I personally go for the more happier ending, but on first viewing I thought it was the stuck in the snowglobe version.
I might be one of few who belives in the grim ending, that they are trapped in Krampus dome. The grandma said that Krampus only comes to punish people who have been bad, no warnings or anything. So he put the family in his lair. Simple as that.
Krampus doesn't do warnings. You're either good or bad, nothing in between.