A goody bag is a small bag of treats or party favors that are given to guests at an event. However, there are many other synonyms for this term. Some other popular names for goody bags include swag bags, favor bags, gift bags, loot bags and party bags. These bags typically contain items like candy, small toys, stickers, and other small goodies. In addition to being given away at parties, goody bags are often used as marketing tools at conferences and trade shows. No matter what you call them, goody bags are always a fun way to show appreciation to guests at any type of event.