A couple of days ago, I promised I would explain why the Icelandic Yule cat eats people with no new clothes to wear.
In Iceland a traditional way of earning a living was to raise sheep. Most people worked for a master and were paid with a proportion of the wool they managed to produce during the year. So, if you didn't have enough wool at the end of the season to make some new clothes for yourself, it meant that you hadn't worked hard enough - and that made you a target for the Yule cat.
Is this where the tradition arose of giving socks as presents?