A pedlar, much like the traveling merchants who journeyed from one medieval hamlet to another, is walking swiftly despite his heavy burden, trying to reach his destination. But he will never reach it since the Grim Reaper has gotten a hold of him. The man is pointing forward, perhaps arguing that he has places to go, but death has him in its clutches.
The man has a sword and a dog at his side but neither will avail him against Death. In fact the dog does not even notice that his master is in jeopardy and is looking for threats in the distance, even as the real danger is right behind him. This is a recurrent theme in Holbein's vignettes: the victim and their loved ones do not see the real danger.
This illustration is fascinating as a window onto the past, depicting the way small traders carried good from one village to another in overloaded wicker baskets mounted on their backs. We have Holbein to thank for preserving these scenes of daily life in the Middle Ages.
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Holbein - the Dance of Death.