What does swag mean?

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There are a couple of meanings
1 A swag can be something that dips, like a piece of cloth sometimes found in window draperies or around a four-poster bed
2 Swag is a general term for items that have been acquired (in the original usage) by thieves;
or (in more modern usage) by children collecting candy at Halloween;
or by those attending an event such as a conference as free gifts from exhibitors.

In cartoons a thief is sometimes shown carrying a bag marked "swag". In Australia "swagman" was a term used to describe an itinerant person who walked about the country carrying all his possessions with him (as mentioned in the famous song "Waltzing Matilda").