We stopped exchanging gifts in our family many years ago. We are all "seniors" and really don't need to exchange gifts. Mostly, we are trying to get rid of things we no longer want.
It took some effort, but I finally managed to convince my friends that we didn't need to exchange gifts. Instead, we try to set aside some time to go out together for a nice dinner or lunch and, if there is something special going on, maybe a play or at least a movie we all want to see.
The only children in this mix are the youngsters of a nephew of mine. They are out of state and I don't see them often. I send them a check at Christmas with the hope they will do something special with the kids.