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In this video, the tutorial explains the concept of an autofill list in Excel, also known as an autocomplete list. It outlines the steps to create and edit a custom autofill list that can be reused across different worksheets. An autofill list allows users to automatically fill cells in a spreadsheet by typing one of the words from the list and dragging the fill handle (a small square at the bottom right corner of the selected cell) to complete a series, such as typing "January" to generate the rest of the months. The video demonstrates how to use this feature effectively in Excel.