Personally I am not a huge fan of what Christmas has become. Overall, I find it more stressful than enjoyable. Anyhow, one thing that our family has done though is putting an end to the madness of buying meaningless gifts. When it comes to the grown ups we have everything we need, more or less. So we have decided not to buy each other gifts at all, for Christmas. I like it this way.
Before we ended up with a gift-less Christmas we had a period with OGPP. OGPP is an abbreviation for "One Gift Per Person". A great concept, which means that you will only get one gift, and you will only buy one gift. Together you decide on the amount of money to spend, and whom is getting gifts from whom. Then you spend all your energy on buying one nice gift, instead of several less useful. The year after you change the person you will buy to and get from.