I hate "exchanges." We give my MIL and FIL $100 in gift cards. Then we get $80 in cash and $20 in gifts that are hit and miss in exchange. Money is tight and this is annoying. I do this to appease my DH.
My DM and DF get personally chosen gifts (chosen based on who they are and what they would want) and my DM picks something for me that I would love. I also spend half the amount on my parents as compared to my in-laws. We do pollyanna for my nephews on my side of the family which works well (with a set cost). No hurt feelings.
My boys each get 3 gifts from Santa and a few little items in their stockings. They are ecstatic about what they get.
Nobody else gets gifts. Often my DH and I do not even exchange gifts.
Now is a good time to talk to people about exchanges for the next year. If you do not want to exchange gifts, make it clear to the other people and clarify again right before the holidays. THey will likely be relieved too.