Someone on this forum once posted their Christmas rule to buy their child(ren) that I found to be fantastic:
1. Something you want
2. Something you need
3. Something to wear
4. Something to read
I thought that was perfect - four items that cover all the bases - a needed item, an item that the child truly wants, a clothing item, and a book. With four items, you can't really go overboard. It also sets the rules ahead of time so the child isn't upset that they didn't get 400 gifts. It encourages continued interest in reading. If the child makes a list for you/santa, they spend more thought on what item they truly need and what item they truly want - I think this pushes the idea that you don't want and/or need EVERYTHING, so take some care in looking at what you truly want/need - I think this will help as they get older too.
In terms of what everyone else is doing - ignore the noise