Children usually remember the time spent with family, the laughter, fun with each other.
Gifts get put at the back of their minds in years to come, 10+ years they probably won't remember what they got.
Last year we struggled and my son who was 11 at the time said "doesn't matter if you can't afford Christmas, we can have a nice dinner and a walk together"
If you can splash the cash then good on ya but most just manage with whatever we can do.