Probably made from a Butterick or McCalls pattern.  It is about 70" in diameter with a Santa in felt and several other Christmas things--a rocking horse, fife and drum, spinning top, teddy bear, and stocking filled with gifts. Lots of sequins. Very colorful!  Reminds me of Bucilla.

The handiwork is very neatly done.  There is a yellow ball fringe all around the outside.  The skirt itself is felt.  

Underneath the Santa is the year '1977'. 

The center part of the felt has a rip in it (I guess to go around a larger tree than expected).  See this depicted in the last picture.  The rest of the tree skirt is in great vintage condition.  

From a smoke free and pet free home.