For the last couple of years, we have done a family version of Secret Santa for presents.
The limit is £100 and you can ask for whatever you want up to that value (we usually have a vague discussion in the run up to Christmas about what we want so there are no 'surprises'). All the names go in a hat at the start of November and each person only has one person to buy for.
We started doing this on my husband's side of the family a few years ago and it went down so well that I introduced it to my side as well. We all used to spend ££££ buying loads of presents for each adult and a lot of the time it was stuff that wasn't wanted/needed. This way we have really cut down on 'stuff' and saved money, and the recipient can get a really nice present that they actually want.
The kids are excluded from this so grandparents/wider family etc can buy them what they want, but between us and SIL/BIL we are have a price limit of about £10 on for a small token present so that they have something to open on the day.
I've never heard of anyone else doing a family Secret Santa but honestly its saved so much money and stress in the last few years, I think we will continue with it!