The Mexican Day of the Dead (Dia De Muertos) tradition is observed on November 2nd and it is a time of honoring departed loved ones. It has roots in Aztec beliefs that say that the souls of departed loved ones can return for a brief time. Certain elements have been incorporated into the "Gran Fiesta Tour with the Three Amigos" ride in the Mexico pavilion at Epcot. Skeletons and skull masks (called calacas) are a a recognizable part of modern Day of the Dead celebrations. (Did you notice the Donald Duck pinata under the arch, in the background of the picture below?)
Do you see the Donald Duck banner? This is a Disney-fied version of a folk art called Papel Picado, which means punched or perforated paper, and are usually made by punching or cutting designs into tissue paper, using small chisels. They are used to decorate a lot of events but skeletons and the color pink are a common theme in banners used in Day of the Dead altars.