Celebrate it! Life is too short, to not celebrate our milestones. How you choose to celebrate depends entirely on both of you. Some couples celebrate with huge gatherings, some believe it should be only the couple celebrating. Some couples exchange huge gifts, while others exchange kisses. I know couples that never exchange gifts, and use the money for a trip instead. Talk it over with your spouse.
We celebrate every Anniversary with our immediate family, after all they would not be here if the marriage didn't happen! When the kids were small, we encouraged our kids to give Anniversary gifts to us, with the idea of the thought is what counts. Over the years, we have received many interesting and unique gifts from them and all are treasured.