Hand stitched felt toys for Lo's - take a look on my profile page for some examples of owls, gingerbread man, monkey, etc. Get huge bags of stuffing from John Lewis, and a couple of sheets of colourful felt from your local fabric store, and you'll be able to make loads of very inexpensive little toys.
i made personalised mirrors for kids last yr. pack of 4 mirror tiles in ikea for £5. you need squeezy lead to draw pictures / names with and a couple of colours of glass paint.
i'm not a great drawer but managed hearts / flowers around trhe edges for the girls, and a rocket / stars for the boys. looked really nice imo and total cost about £2/3 each if you inclue all materials
We did personalised pictures last year. Bought frames with lots of mini sections and put in pics to suit the recipient. Then decorated the frames with ribbons, buttons, charms etc to match the theme of the pics.
We also did journal jars from the MSE site, which went down well with pre-teen girls.
The year before we did mugs filled with hot choc sachets, marshmallows and chocolate spoons.
Don't know what we'll do this year so am bumping for inspiration!
For adults: sweetie flavoured Vodka (pear drops, skittles-leave out the green ones) Cherry Brandy, Fruit in alcohol (cherries in brandy etc) Truffles Bookmarks Themed hampers/baskets
Children: Sweetie jars/cases hair barrets(buy the slides and add felt/chipboard decor. Hairbands chocolate Lollies choc shapes felt toys
babies: decorated/personalised vests/onesies - buy the "value" packs same with socks. and bibs
Many items can look special if you alter their packaging. eg, choc bars with your own labels, shop bought items placed into bags and your own tags. good quality pound shop and store brand items like lip balms, nail varnishes. I often get toiletries and decorate the bottles for gifts. Oh and big bags of sweets opened into jars, decorated and with cute tags look nice too.