This article on NPR is relevant to this topic: "Pepper-Spraying the Holidays: Time and the Ethic of Consumption"

In addition to addressing how the time & efficiency movement in industry spread to stores and even to our lives at home, he suggests buying half the number of gifts and sending cards to the people not receiving gifts telling them how important they were to you this year.

We only give to immediate family and that wouldn't work for us, but maybe it's a good idea for someone else.