I read this idea for Christmas gift-giving last year (You can read the whole blogpost here) and have been thinking about it ever since. The parents decided that they would give their children three gifts, representing the gifts brought to the newborn King by the three wisemen: gold, frankincense, and myrrh.
"Frankincense was used as incense in the temple of the Israelites" so this gift is something that will help your children grow deeper in their faith and spiritual walk.
"Myrrh had various medicinal uses" so this gift is something for their physical well-being/body. "The category is wide here--especially for girls. The last few years we've given them clothes, but we've also given bubble bath, lip gloss, nail polish, etc."
Gold is precious, so this is your opportunity to give them something they've really wanted.
I don't know for sure whether we'll do it this year, but I do like the way it simplifies and organizes the gifting process; it narrows down the field without making it too narrow. But what I liked most is how it provides a constant reference point back to the story of Christ's birth, which is why we celebrate Christmas in the first place!