We have streamlined our gift list every year in attempts to control the "stuff" factor. We used to buy for all siblings, all nieces and nephews, a draw for extended family (cousins, etc), many friends, their children, etc. I love buying gifts, giving gifts, but started to feel like I was just shopping to get it done some years. And that I was buying for and receiving from people who already have so much...why were we all exchanging more and more things for the home, etc?
Be brave. Talk to a few close friends, send an email if it's hard face to face. Tell them that it seems like we all have so much, more good fortune and lovely things than one family can enjoy...would they consider limiting gifts to just the children? I have always found that people are eager to cut down on the amount of stuff they receive as well, and I usually just add a note saying...this Christmas, instead of spending a morning shopping for me, please come visit me instead! Let's make time to see each other instead of shopping for each other. Let's face it, many people you know will either share your desire to cut down on the consumerism, or will be trying to control costs and will welcome the suggestion.
We opted out of a very extended family draw, started a family draw in our growing immediate family, and agreed to only purchase for kids in another family. One group of adults may even opt out of the exchange to make a group donation. And my husband and I typically cut our budget in half for ourselves...if we are okay spending X, then we take half and donate it and then splurge on something for ourselves or for our home with the rest.
Slowly, our list becomes more manageable, full of kids' names and ideas of toys or things they would enjoy. THAT's a Christmas list I can be happy with.