All this annual gift exchange is just silly and wasteful. How many of your last year's gifts was something you liked in itself or even remember? And the pleasure of buying such painfully ill-suited gifts for others? Right up there with doing your taxes. Don't get me wrong; I love the festivity of Christmas, it's just all the crappy gifts. For kids and couples who are still-in-love, it's another thing. Shower kids and your lover with as many gifts as their character can withstand.
Back to adults: How does one break the imaginary chain?
Here's how we did it in my extended family:
It was so simple. One of us suggested that everyone who wants to participate, buy only one roughly price-ranged general purpose gift for a 1:1 lottery. Everyone puts their name in a hat and as surrogate-Santa selects the next present, a name is drawn. The recipient opens the present and others can offer their own opened present in exchange. A round of bartering ensues with most of course concentrated on the gift that has just been opened. Everyone who made offers (i.e., don't like their presents) raise their hands (kept honest by offer receivers) and they rotate their gifts among themselves, one seat to the right (left).
I convinced my Christmaholic daughter by telling her that a gift in say August, (bought when she came across something Dad's just gotta have) would be much more thoughtful and meaningful to me than regimented giving.
It's noisy and fun! Everyone departs without feeling insult, superiority, guilt (or glee) that they gave or received a better gift than you received or gave.
Try it! You'll like it!