Even for the larger 10" figure the only fabric you need are a quarter yard of solid color for the unclothed parts of his body and another quarter yard of print for his clothes. Stitch him up and stuff him with fiberfill or other stuffing material (like old pantyhose - if you know anyone who wears them anymore!).
You can embellish the egg-shaped body with markers, buttons, paints, and something fluffy for his beard - using the materials-list in the pattern as a guide. Or - even more fun - give him a jolly personality all your own with the materials you and the kids scavenge from around the house - like leftover wrapping paper and ribbon, cotton balls, yarn scraps, whatnot.
You can bet Santa won't be the only one saying "Ho Ho Ho"!