For the past couple years my girl friends get together for a "Christmas Favorites Party." We usually serve breakfast for dinner (the best kind of dinner). Everyone contributes and brings favorite dish or side dish. For the gift portion of the party everyone brings 5 "favorite things." So the same gift x 5 and the gift costs $5 each. You'd be surprised how many favorite things you can find for $5!
When you get to the party you write down your name 5 times. Then you pull 5 names out of the jar. Each person presents their gift, describing why it's a favorite of theirs. Then they give to the 5 names they pulled, so each person brings home 5 gifts. bonus!
Gift ideas: nail polish, tights, lipgloss, lotion, journal, set of cards, movie, pretty bowl or mug, socks, bracelets. I love seeing what my friends come up with, and receiving something they love.