There are two reasons that people give Christmas gifts. The first is to make other people happy. The second is to make other people like them. It doesn't achieve either purpose.
When I was young I gave Christmas gifts. I picked them out very carefully and spent a lot of time doing it. I spent way too much money on them. I was always proud of the fact that I gave way more than I got. It wore off, I don't give Christmas gifts any more. I don't get many. Maybe I'm just imagining it but I think people like me better now. They certainly don't like me any worse.