I used to be bothered by the concept of obligatory gift-giving. This type of thing only happened at work. I thought, "If I gave Co-Worker #2 a Christmas present, then I'd have to get something for Co-Workers #3, #4, and #5 as well, so they wouldn't get offended or left out." Then I realized how silly it was. Gift-giving was not a popularity contest; it should come from the heart. Now I give presents only to those people I really like and have enjoyed working with all year long.
This is why people just do gift exchanges. You want a gift, you sign up for the exchange and get one for someone else. You don't want a gift, you don't want the obligation, don't sign up. Easy.