My problem is with the mandatory, structured, outside-imposed "gift exchanges" - "You WILL bring a gift worth between $25 and $35 to be given to an arbritrary co-worker" kind of thing. We're all grown-ups, we can buy our own tchotchkes. I don't get a warm feeling because Anita in accounting bought me a Santa mug.
I made 3 kinds of cookies and will package up some variety packs to have on hand in case I get an unexpected gift, and to give out to people like post office lady, landlord, etc.
I personally don't care if I give someone a present and they don't reciprocate. I would prefer NOT to get presents from people I don't know very well.