I think I will go to whatever Christmas luncheon is organized: it is an expression of thx by employer since the organization pays for it. As for opting out of the expensive "joke" gift exchange, I probably will opt out but it will be misinterpreted by some folks. We're a small workgroup and work closely. As I said earlier, I like most of the people who I work with ..they are customer-focused and reliable folks but I don't love them.
I understand this morale boosting stuff...since I was a manager for other former jobs and know from a manager's perspective what it means to have some social activities that express appreciation for effort. I know people say they want bonuses....well, it doesn't work in our place because we're govn't and under the taxpayers' radar.
Also though people may grumble about the office Christmas stuff, I actually think a lot of people want some token socially acceptable gesture of appreciation from employer in December. I've seen the remarks across the Internet in other forums over the years.
Come to think of it, I can barely remember all the people I've worked with daily for my other former jobs. I can't even remember some names and faces...fades over time.