I have been thinking about this. I don't know where I stand. I think everyone's family is different. I have had a bit off a standoff over the years with one family member. Their belief, presents have to be useful to them and if they're not - raise some money for themselves and immediately sell on eBay. I think this is wrong. So I successfully done a charity exchange for years, both donate to charity instead.
This year, living on my own for first time- Christmas looks pretty expensive so am contemplating the no presents option - but then you start overthinking. (I should point out I've always thought Christmas is an excessively commercial nonsense, so its not a new development because of having to watch the budget. It just seems its an infliction of needless agony each Christmas trying to try think of something that someone else might like. Sometimes you just don't have time for all that malarkey, particularly when busy with work- last thing you want on a day off plunging into busy mad crowds all in the same mad chase.)
The Scrooge connotation follows if you don't get something- Such tightness, a chance to celebrate Christmas, the beginning of the winter season, and you have not engaged in the festivities. Instead opting for a blank, and hollow Christmas- all to measly count pennies. Not to mention next year one relative may no longer be with you.
I suppose idealistically what I think is Christmas should not be about what capitalistic novelty you can buy with your money. Idealistically, it would be what you could actually make. This does mean having a craft though, and also sufficient time to spend upon this craft. Perhaps this is why the popular opt of buying instead, a saving of far more time.
Anyway I haven't solved this. Eg I will probably engage in the madness.