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I think the "holidays" have lost a lot of religious significance. They are more a time for family than anything else. Certainly, both xians and Jews have segments that take the religious aspects very seriously. But a lot of people just want to see the brother they haven't seen since last year because he lives 4 states away, and have some sort of feast, and see the nieces/nephews, etc.
I think the gift-giving is largely a marketing scheme of big business. The traditions were for small tokens, but that has expanded to multiple gifts per person (especially kids).
