This is a small inexpensive plastic Day of the Dead skeleton ornament, bought in Mexico. It might be used as a decoration on a household altar to represent and reach out to a relative who has died. Household altars often include the favourite foods and drinks of the departed to tempt the spirits of the dead to rejoin the living for the Day of the Dead feast. 

This skeleton is dressed in a woven gaban and sombrero and has a bottle of beer. It shows that while the Day of the Dead is a special time of remembrance, reunion and feasting and is intended to honour the dead, there is a lot of joy and humour involved as the person is remembered. 

Skeleton sculpture figures (made from papier mâché, tin, plastic or sugar paste) are constructed variously as toy like miniatures or as huge processional figures. They might be dressed up in elaborate costumes and performing mundane activities like drinking a beer (as we can see here) or visiting the dentist, or dressed formally as bride and groom at a wedding.

Gaban is a garment traditionally worn by men. You can see that the sombrero is made from straw.  Peasant sombreros are made from straw while those for more wealthy people are made from felt. So, we can deduce that this decoration represents a poor man who enjoyed his drink.