It's sad that this look can only be pulled off once a year.
But that's okay. It makes it all the more special when you can wear it.
Whilst the slutty-Santa costume is perfectly acceptable for Christmas parties with friends, I'd steer clear of wearing it around actual adults (i.e. parents, grandparents, other family members, your boss).
Though now I'm thinking you could try to make a more adult-friendly version of this. A longer skirt? No. Trousers? Nah. Turtleneck sweater? Too much.
No, the only way to truly wear the slutty-Santa costume is by embracing its sluttiness.
P.S. love the gloves.