I'm with the previous posters - you can still feel very lots of presents, whilst not spending any extra / cutting back if you give practical stuff.
My DDs get 4 decent presents under the tree from us, but even this includes practical stuff (such as new gym leos - they're expensive!)
In their sacks, they get a mixture of nice foods we don't normally buy, stuff they need for school, new clothes and just a few novelty bits for fun.
This year, their Christmas sacks include: (this is for a 14 year old girl)
Bubble gum (I never buy this!)
Coco pops (big treat as we don't normally buy this)
Bin for bedroom
New jeans and leggings
A couple of new tops
Some make up
Impulse
Bath bomb
Ballet tights
New pants and tights
Tippex
Diary for 2018
Dried mango
Chocolate selection box
Books
Not a single thing on there won't be used / will be wasted. It's a decent amount of presents, and as they've always had practical stuff from FC it's what they expect to see - they're happy with what they get.
There's a few nice things (when they were little, there were a few toys, but that's now replaced with bath bombs and make up). But most of it would have been bought anyway, so it's not like I'm spending any extra. I just keep them back until Xmas and the others are inexpensive treats that will be used (impulse, make up, bath bombs). I also fund the Xmas sacks from all the points I save up all year round (top cashback, bank account, Tesco points etc). I can save about £300 in points over the year, and I pick up bits throughout the year if I see items reduced.
Having lots of presents does not have to be extravagant. I'm against buying for the sake of it, I'm against buying tat, I'm against wasting money. But this doesn't mean that children have to have just one or two presents. They enjoy unwrapping, so let them unwrap!
Oh and, this is pretty much what I got in the 70s. A pillow case from Father Christmas with all the things I needed and a few extra treats. And I always loved my sacks too, it never even occurred to me to think that I was getting boring stuff / necessities, just like my children have never questioned it either.