In my family we still have both groups of folks- those who do well and still blow a lot and are pretty materialistic... and those who can't really afford to go overboard. I belong to the latter group.
My l'il sister and her hubby both work and have two kids that want for nothing. Each year they say they're not doing nearly as much as the year prior- but each year there's a pile under their tree and I listen to their credit card woes the entire following twleve months. They just cannot conceive of their kids not having something- or of telling their yungin's "no". I hate this (I guess "hate" is a strong word)- although I don't necessarily BLAME them, 'cause that seems to be the way of child-rearing these days- for nearly everybody. I love kids- but it all makes me glad just to be an uncle.
I am newly single this holiday season- so I'm used to having a few more folks on my list... but this year, I will buy for my Mom, my Dad & his wife, my sister- her hubby & their two kids, and about 4 friends. While drawing names works best for some- I prefer to buy far less expensive things- or make items to have something to give everyone. We'll see how this year goes.
I remember when I was a kid watching the Christmas episode of "Little House on the Prairie" and finding it strange that the kids received ONLY a tin cup, an orange and a peppermint stick for Christmas. These days though, i actually LONG for a return to those simpler gift-giving practices.
In Alaska I was blessed to learn some new ideas about bounty. I learned that in a tiny l'il cabin out in the middle of nowhere, less is truly more. A dozen classics on a shelf can be a whole library. A single framed art print and a couple of postcards sent by friends tacked on a wall indeed can seem like "The Louvre". And a modest collection of music cd's enabling one to hear voices of the masters like Caruso, Sarah Vaughn, The King, "The Callas", Hank Sr., Louis Armstrong, Patsy, and Aretha can seem like the finest Opera House ever.
As far as food goes- in a tiny remote cabin with one light and the flicker of a fire- a loaf of fresh bread, a wedge of cheese, a simmering cast iron pot, a shared pot of cocoa, and some maple syrup & fruit for next mornings flapjacks- and you're set for a weekend of feasting!
I prefer this simpler, more modest manner of celebrating. Scaling-back is good. Just barely ample is plenty. Less is more. Whatever ya wanna call it- I like it better than excess.