We've been doing one for many years.
It is in a cardboard box that stores Christmas decorations most of the year.
It reuses the Christmas plate, plastic glass and mug that we've had for years (Child's set that DD still uses most of December and January until we put it away with the decorations again).
It reuses the snowman covered hot water bottle that DD uses all winter, and has done for the past, um, 4 years at least.
It reuses DD's stocking that is now onto it's 13th Christmas.
It reuses the family hardbacked edition of Twas the Night Before Christmas, which is the traditional Christmas Eve story in bed here.
Yes, there are 2 new bath bombs every Christmas - for DD on Christmas Eve and me to enjoy some evening over the holiday period. We occasionally use bath bombs at other times of the year too (non festive ones).
Yes, there is posh hot chocolate to drink. We tend to drink a fair amount of hot chocolate in the winter.
Yes, there is a Christmas beer for DH as he likes craft beers.
And yes, there is a new pair of PJs for all 3 of us - sometimes Christmas themed, sometimes winter themed, sometimes no theme. But these will all get well worn until they either get grown out of, or literally worn out. Not just the Christmas holidays. Any that are grown out of but still usable get passed on to younger DCousins. The same as other clothes and non-seasonal pjs are. And we never care what pjs are being worn, as long as they are comfortable for the wearer for the time of year and conditions at that point (DD often still wears shorts and tshirt style ones until there is literally snow outside!), and that they are clean enough and fit the person.
And apart from it not being loaded with consumerism and waste, as it's all things we want and use anyway regardless of the date, there is a big element of containing excitement and pointing DD in the direction of settling down, getting ready for and going to bed at a reasonable time. So that we all have an enjoyable evening, and enjoyable festive season. Rather than rows, with over-excitement and refusal to go to bed, and putting us all in bad form and stressed.
Other families have their own reasons for doing them, with many I know having an activity for their DCs to do on Christmas Eve in the daytime, while they are trying to get organized for an influx of visitors or to go travelling themselves, later that day or on 25th. The only difference being that it's actually put together as a "hamper" rather than saying " here's a fun activity for you to do together".
Or a way to get a new (or often a family favourite) movie out to enjoy as family time together.
It's not all about "keeping up with the Joneses", "making moments", or other possibly twee notions - sometimes there is a real purpose behind it, and many families just quietly do things that often others don't know about IRL, but they may talk amongst other LM Christmas lovers here to enjoy it and consider how best to do things.