A goodie bag that contains various useless yet irreplaceable items packed into a dufflebag, usually given at parties or by sponsers. Sometimes just uselesshouse-hold items with a brand-name insignia on them
"Our sponsers left us a Swag Bag full of cool merch, such as one-zie pajamas" - Mark, Real World Road Rules Challenge Challenge
Similar to the phraseIn my Bag, and Swag. Refers specifically to a state of confidence, charm, and luck with the opposite sex. Usually due to dress, attitude, or level of intoxication.