No I hate the poem because 'gifts' should not be necessaries for kids, those are parents jobs. Plus people following the poem are never true to what it says so it pointless.
Sometimes theres a bit of overlap exception with gifts like say a kid wants a Disney princess dress up outfit thats not everyday clothing etc... but in general normal day to day clothes and especially anything that you could class a 'needs' aren't something that should be gifted.
Usually most kids get newer/nicer everyday stuff like clothes and toiletries around Christmas anyway as parts of different family or cultural traditions or just through need which aren't gifts but just new stuff for the new main season change (summer clothes in winter aren't suitable so you get new clothes through the season etc...).
If the poem is taken at face value to do 4 'gifts' and have most of them be 'necessities' that are wrapped up and presented as something they should be thankful to your parents for when its something your parents 'need' to provide seems so depressing and narcissistic.
It always seems like people try to twist it, especially on mumsnet to force it to fit into the poem by making 'need' something that actually an expensive hobby item or luxury electronic but those aren't 'needs', those are lifestyle choices and therefore 'gift' wanted to go with that. If someone can afford and want to get their kid a new Iphone then just do it but they don't need to pretend they are more consumer conscious and buying the less and it was only things they 'needed' when really they likely spent more than many overall on a luxury not necessary item.
It also always turns out that its more than 4 things when people start talking, they will class 1 big thing and the 10 separate accessories to go with it as '1 gift' and often have stockings/sacks with a collection of 'smaller gifts' instead of standard stocking fillers in or they have massive families who buy load of gifts so their kid gets one thing from them and dozens from grandparents, aunts/uncles, family friends etc...
Often when you dig on mumsnet it tends to be the people who spend and/or receive the most that claim they only do the poem and it seems so disingenuous that I don't get the whole smoke and mirrors of pretending to do less when really they aren't.
If you really do want to do 4 presents then really all 4 should be things you kid wants, not stuff crammed in just to fit into a twee poem. If your kid really wants a one thing its fine to have that be the one main thing, you don't need to pair it with unnecessary socks, jocks and lynx bath set (assuming you do provide your children these necessaries and aren't sending them to school unwashed and with no underwear) wrapped up just to tick off boxes on a poem, you would be better off spending that £10 or so on extra accessories for the main gift or another smaller item or two they wanted.
I can see it maybe working for adults though maybe where you have to buy your own clothes and necessaries and gifts start to become more practical but still its better to get just what they want not try and buy a book for a non reader for the sake of it etc...