You can do a lovely, magical Christmas without the excess - a delicious dinner that doesn't have to be a turkey the size of a Mini Cooper, stockings full of fun, inexpensive gifts, presents that mean something, that the child will love and enjoy - that's what we do.
We don't go overboard on presents, and neither do the dses' extended family - what we have is perfect for us - and you, swan can make a Christmas that suits your family perfectly, and who cares if it's not the same as everyone else's?
One thing I have found is that it is often the most surprising gift that gives the most pleasure - I well remember one year when my lovely MIL gave the boys, jointly, a toy Dyson. Ds3, then about 2.5, fell head over heels in love with it, and hugged it to him all afternoon - and it went on being a toy they enjoyed playing with.
Likewise, ds1, aged about 14, got the frame for a jump bike - not the rest of the bits, just the frame - but it was perfect for him, and he spent all day sitting next to it, stroking it lovingly - it gave him huge pleasure (and building the bike with his dad gave him yet more), and the delight it gave him, and watching his joy, gave us such huge pleasure too.
Neither of these things were expensive - but they joy they gave was priceless - and you can create a Christmas that does that, without mounds and mounds of presents or enough food to feed half the town.
I suspect that, for every picture of Christmas Excess, on FB, there are 99 more households doing my sort of Christmas - and also, the wildly excessive Christmas pictures are the ones that catch the attention.