We cut right back about 4 years ago. DS is a December child and we aren't high earners. My Dsis and I agreed that now we have kids, we don't buy for adults. I make stuff for my parents (I'm a sewer).
With adult friends we meet up for a fancy meal, usually postponed until February when we've all received a paycheck that isn't going towards gifts/nights out/credit card bill.
We don't do anything like Christmas Eve boxes, December 1st boxes, Xmas bedding. Only DS has Xmas crockery which was gifted to him when he was a baby, which comes out for use when school breaks up.
We'll have brunch with in-laws (there's lots of them) between xmas-NY, we invite friends over for boxing Day lunch or we go to theirs. We're in Spain and St Stephens is big. And celebrations last until 6th January with Kings' Day, so we don't feel totally deflated by 27th and ready to box everything up.
There's no pantomime tradition here, so that's an expense saved. And DS us no longer interested in sitting on FC's knee, so no need for that faff either.
No ideas what to get him this year, probably Minecraft related stuff and a boardgame.
My family are in UK/Oz, so it's just the three of us. Da knows no different. We don't have massive shopping lists of stuff (gifts, food) to buy. Christmas is chilled out and blissful.