Holiday gift exchanges are a popular tradition during festive seasons, where friends, family, or colleagues come together to give and receive gifts. These exchanges can take various forms, such as Secret Santa, where participants draw names to anonymously give gifts, or White Elephant, where people bring humorous or quirky items to swap. Participants often set a budget to ensure fairness and may establish themes or guidelines for the gifts. This practice fosters a sense of community and joy, allowing individuals to express appreciation and strengthen relationships during the holiday season.