OP may not seem very empathetic but she makes some very important points.
I find it sad that people need to 'build up' Christmas to ridiculous heights, as if life is about surviving till the next injection of (artificial) joy. There should be many more joyous experiences throughout the year. Honestly, Christmas is like a religion for some. Which is kind of ironic really.
I find it sad that many people feel one or two modest gifts (or maybe one or two big gifts) and a nice meal makes a poor Christmas, to a great extent because other parents are giving 'piles' of gifts. Children will not be emotionally scarred because they only get one or two well thought out, modestly priced gifts from loving parents.
I find it sad that in order to compete effectively with other parents some have resorted to adding lots of essentials to the Christmas gifts so their child can have a pile too. Toiletries, pyjamas, clothes and a winter coat are not gifts if they are things your child needs anyway.
If you make such a big production of Christmas to start off with, you are making a rod for your own back, either because you need to keep outdoing yourself or because one day you might not be able to afford it.
I can understand people getting into a small amount of debt to have a modest Christmas, especially if they have a plan on how to pay it back quickly but often that's not what happens. Especially when people have to live up to the expectations they've created.
I wish everyone best of luck in getting the Christmas you hope for, and dream of a time when people don't measure love by how much money is spent.