We are retired. No children. We have nieces and nephews and great nieces and nephews. We stopped giving to the married ones years ago but gave to their children. One of greats is now in college. The others we don't see since we had a falling out with their grandparents (my brother). So we no longer get together for holidays, birthdays etc. We did give them birthday presents this year which we just dropped off at their house since we could not come up with a time to get together (they are very busy).
On my sisters side, her son just got married and left the state. Her daughter (26) still lives at home, and we do see her occasionally. (we run in the same circle of friends) .
Just not feeling the holiday giving spirit.
It is time to stop??
NOW.
Nothing you said about the intended relatives made me believe that you should be giving them gifts. If we are just giving gifts because we used to or we feel obligated or they are family ... if we have to keep making excuses why we are gifting people then we have reached that point where it is time to stop.
With inlaws it had become so out of hand and unappreciated we changed to a white elephant. And then MIL & FIL ditched us one Christmas with virtually no notice so the writing was on the wall the gathering would stop and then the gifts stopped. [We continued to have a small Christmas with just MIL & FIL on a different day). About 6 years ago as the youngest hit about 16 on my side, we ditched the gifts for all and did a white elephant. Grands still did their thing and we gifted them. That tradition continues because we all get together (if you don't come you don't play). My kids are adults, one married and they got to that point of giving each a bottle of liquor ... I told them that is no different than handing each other cash or a gift card, time to stop. Focus on the baby and their brother (disabled and loves even the smallest gift). I told them no gifts for me, I need nothing, buy yourself something you wouldn't normally. I just want them home for Christmas Eve. Like this year we are doing a cruise for their brother's birthday and I said put the money towards their trip.
When the reasoning, the heart, the thoughtfulness is gone, or even if they are physically gone from regular life - it is no longer even gifting ... it's just spending money on an obligation. Time to stop. Time to find other traditions or enjoyment from the holidays. Nothing worse than dreading part, been there done that.
I love that decades ago an Aunt (who once hosted Christmas parties with small thoughtful gifts for each child, always loved mine) announced she was no longer spending money on Christmas Cards, stamps etc. She would be making a donation to children's charities instead. You could announce to all that it might impact that you will no longer be buying gifts but donating to "[insert charity] that you feel has a need.
We have had peace treaties in place for decades now that decree no gifts.
At first some family thought it was my wife and I just being cheap but quickly everyone came on board.
We get together in person and that is worth more than any gift. Gift giving causes so much stress in the giver that tries to really find a meaningful gift year after year.
And to add to the stress is the ones who are quite vocal that they didn't like your gift.
On inlaw side we were all very local but one family who only came at Christmas all year long even though they were only a few hours away. Then they decided they would only come Thanksgiving and pick up their gifts while there. Okay. So they open gifts at Christmas, and after the holiday we got a message the children were not pleased with their gifts. Okay ... they are virtual strangers to us, even to their grandparents, we had no ideas from you, we did our best.
After that the adults decided the kids would also do white elephants. Only one gift per kid to buy, it had to be for boy or girl and you had a shot at something you liked. Kids loved it. Guess BIL didn't tell his wife the new plan - which meant if they didn't come there would be no gifts. They rolled up Thanksgiving and after most of us had gone home asked the host sister where their gifts were? Ummm we told you we weren't doing gifts (note they brought no gifts for anyone else either). Apparently a big argument happened about their kids being left out ... of what? You never bring them to visit, they are strangers to their cousins, we told you kids at Christmas would do white elephant. Not our fault you didn't tell rest of your family.
When it becomes only about the gifts and not spending time with people, it is time to stop.