Christmas with my family (parents and sibling, and now my spouse and sibling's spouse) is a huuuuge deal. It always has been. Thankfully, gifts in our family has always leaned toward the practical, or at least a luxurious version of practical. Everyone is very, very happy to get suggestions. My parents are the ones who buy the most (they can well afford it and it truly does bring them joy) so I try very hard to steer my mom. "I think DH would really enjoy a weather station." (He's a bit of weather nerd, having previously been a pilot, but this is not something he'd ever spring for himself. I do think he will get a lot of enjoyment out of it.) My sister and I also conspire and she will tell me something she wants and I will mention to my mom that when sister and I talked the other day, she told me her blender just died and I'm sure she'd like another one for Christmas. Mom seems to feel it is more exciting if a suggestion comes from me, versus directly from my sister, so sister and I have worked out that system.
So yes, many, many gifts are given, and much money is also spent. In addition to that, we almost always get a large check (4 figures). Yet somehow it doesn't manage to be wasteful. I never have to buy body lotion because mom gives it every year (purchased at deep discount when Bath and Body Works has a big sale). Things like that.
That's not to say things never miss the mark, but usually there is very little that will be wasted.
For those whose families insist on many gifts and/or much expense, can you at least find ways to guide them toward things you want or need? Maybe each family member sends out a list, or starts an Amazon list. If someone gifts you the new tires you need for your bike or the fancy hot chocolate you love but won't buy for yourself, it's a lot nicer!
Also, similar to what someone mentioned above, I keep a box of gifts, ready to regift as needed. These usually come from hostess gifts I receive of things from outside family, but it is nice to have a fancy hand lotion set in a scent I don't care for, or a candle, or a themed dishtowel set that I can just grab and throw in a (reused!) gift bag if I need a hostess gift or a last-minute present. Keeping track of who gave you what so you don't regift to the giver or within that same circle is important.
For reasons not worth explaining here, I was at one point given many cow-themed gifts. I couldn't really be less into any of that stuff, but it was related to a position I held and traditionally, gifts are given to the new C.O.W. Thankfully, it's a position I knew many other people were in, and would be in. The COW dish towels, kitchen timer, slippers, milk creamer, pens, statues, lawn decor, and probably many others I'm forgetting went directly in to the gift box. And my go-to gift is a donation to heifer international--cow-themed but not useless crap--if I need something more substantial. I'm out of them now and have several dear friends who are about to be in that position, and I'll need to buy gifts. But I'm going with stuff they will use--likely beef spices which stays close to the cow-theme but is hopefully usable, so they aren't stuck like I was. But as the first Cow of the friend group, I've also advised them to save all that stuff because they too will be needing to give many cow gifts in the coming years. Sometimes I've wondered just how many homes some of those items have been in. Some people in the position REALLY lean into it and I'm sure use most of the things they get, but some are like me.