Does the person really need the sweater or tie you'll be giving them this Christmas? Do you need the shirt or bathrobe that you'll be getting this year? Do your children really need all the toys and gadgets they'll get? Probably not on all accounts.
Please consider a gift of food. Make a donation in a person's name to your local food bank or shelter. Find out if there might be missions that could use non-perishable foods. Are there soup kitchens that need something? Communities contine to struggle and need help to feed the hungry and your dollars will be stretched. The person in whose honor you made the donation will be notified of your gift and many people will be helped.
If there's no food bank or shelter in your area, contact your local American Red Cross for suggestions on what you can do to help the less fortunate.