There is a CBC radio show called the Vinyl Cafe. One of the Christmas Shows is all about re-gifting. If you can find a podcast of it it is a great laugh.
I do regift. I also go to a Christmas Party each year where re-gifting is encouraged. Some of the items have been passed around for years now.
I am the only person in the family who makes any gifts. I generally give food items now.
I do not feel obligated to keep things that have been given to me.