I grew up with a huge pile of presents each Xmas (as did my 2 brothers). I barely remember most of them. It was too much to remember each and every one. As an adult with a toddler, I'm taking a different approach. We've bought a nice amount of presents that we think he will enjoy (he's not quite 2). His stocking is a bunch of practical stuff (socks, underpants, slipper socks, bubble bath, bamboo toothbrush, etc) plus some chocolates. I'm also pregnant with number 2. While the second is too young to understand Xmas, we'll 'regift' a lot of toys from DS to the new baby which is in immaculate condition. We'd rather the money went into savings for them.
Since I've started a family, I see how wasteful everything has become.
Next year, sibling presents are stopping as we've started having children so I'll buy for nieces and nephews instead.
No presents for friends children and vice versa.
Buy a few extra nice treats but no excessive amounts of food/drink.
Me and DP but each other things we really, really want or will get use out of (specific books, PJs, I've asked for a certain make up pallette which I'll use a lot, etc).
Basically I refuse to buy into a lot of crap (no elf on the shelf, new jumper every year, Dec 1st box, Christmas Eve box, etc).
As the children get older, I'd rather we go more Christmas themed art and craft, baking and so on.
We did buy new Christmas decorations this year but we lost our previous ones (no idea how!!)
OP, just strip it back. Only get a good selection of thoughtful gifts for a select few people. Don't give for the sake of it. Enjoy more quality time together. And if anyone complains, explain your reasoning and anyone decent should understand.