DD will be 22 months at Christmas. We are not buying her a present as there are friends that we will be exchanging "children's" gifts with, MIL and SIL will give us a bunch of gifts and we also have family that will give her stuff. She doesn't really play with many toys anyway, her favourite things are her doll's pushchair, colouring, books and playing with Jcloths & brooms (for which she will only countenance the real thing). We get books from the library. So with the assorted gifts she will have a mountain of stuff she probably won't play with
We were discussing presents at work the other day and our not buying her a present was met with astonishment. She's not even two yet so doesn't understand the concept of presents and I don't see the point in buying presents for the sake of lining ELC's purse.
DH and I also do not exchange gifts for similar reasons.