I seem to have fallen off this thread for a while there.
I am thinking a lot about Christmas traditions at the moment, doing some research on the history of Christmas around the world and trying to determine what traditions to adopt and what to let go. It seems that Christmas has changed so much over the centuries and is different from country to country which actually gives a lot of freedom when choosing.
Re the present thing we have a rule in my family that presents for children (nieces, nephews, etc., not own children) stop at 18. Adults (parents, siblings and partners of siblings) only according to agreed upon and reasonable budget. Other adult family members such as aunts, uncles, and the like only if celebrating the holiday together and then only token presents.
This seems to work very well, the budget is reasonable and everyone is happy. Also we tend to club together to buy each other larger and more expensive items from wish lists so very rarely either give or receive unappreciated tat.
I appreciate that this approach is not for everyone but it works very well for us. Also no presents exchanged with friends (with only one exception) or children of friends. I never understood the need to buy for all and sundry and am happy not to receive X sets of toiletries or having to take loads of tat to the charity shop.