Whilst i agree with you I think it's way to late to suggest this. I've already bought everything for Christmas so I wouldn't be too impressed with this being brought up in the last meeting (it would be for me in my job) before Christmas.
Suggest a low cost secret Santa and do it immediately!! It’s getting a bit late. I agree that buying presents for work colleagues is a total waste of money (but then I don’t buy for my immediate family, so probably not the right person to be offering an opinion )
You buy proportionate to earning surely and in line with what you can afford. So of the boss who earns more than you spends £30 on a present you havnt got to spend that back, especially as you cabnpt afford it.
Assume its boss, you, two secretaries? So spend half what you would normally on the boss and buy something generic like she does then spend your usual on the secretaries.