Are you cutting back on your Christmas presents this year?

I've been hearing from quite a few people that they are cutting back on Christmas presents this year. This is s from people who haven't lost their jobs either. There seems to be a general mood across the nation of cutting back on all spending. Almost a new thought of "we don't have to have everything". There is no blockbuster item this year like the Wii, or iPhone, so there isn't anything driving the nations desire. But it seems like people are just really disinterested in spending money. There seems to be no fads. This is just weird to me. Let me know what you are thinking and how your Christmas shopping is going to be this year by commenting below.