If you are hosting or attending a Christmas party geared towards kids this year, consider having them do a book exchange as gifts. You can set a limit on the cost of the books, or even make it a “used only” swap that let’s the kids exchange books they’ve either read the requisite 1,000,000 times or haven’t been that interested in. You can do this with several variations.
For mixed ages, you can do a name draw beforehand and let them exchange books “Secret Santa” style, making sure each child gets an age appropriate book they’ll be interested in. If all the kids are older (i.e. mature enough to handle it) you can even do a White Elephant gift exchange, allowing gifts to be stolen as the game progresses.
If you’re having a party for pre-schoolers, have each child bring a wrapped book to the party and attach letters to the packages with post-it notes as they arrive. When it’s time for the gifts to be opened, let each child draw a letter from a hat and match it to their gift. Opening all of the books at the same time instead of individually may help you avoid some meltdowns since they’ll more than likely be focused on their own book and not on what someone else has.
For a twist, have each child bring two books to the party–one for their friends and another to be donated to a local library, book drive, or other charitable organization.