I have had exchange parties in the past and they are fun.... Here are a couple of ideas for the upcoming holiday season.........

Christmas card exchange......
Bring all of those extra, unused cards from years past and exchange them.... It's a great frugal way for everyone to get new cards..... Everyone gets to take home as many cards as they bring... suggest they try to bring a total of 25 cards, everyone puts them in a box when they enter, pass the box around while you have coffee and let everyone choose 5, and pass it around until all the cards are gone......

Craft exchange...
Invite your crafty friends, (If you invite 5 ) have them each make 5 or so of their favorite crafts, at the exchange everyone gets one craft from each person..... Now the 5 of you have just done some of your Christmas shopping.......

Cookie Exchange.....
Do the same as above...... Everyone has a variety of cookies for the holidays......

Toy exchange.......
Exchange toys that are in gift giving condition that your kids never played with and everyone gets new toys for their kids.......

Do all of the above with a close circle of friends over a couple of weeks.....
:reindeer:

That does sound fun. :)

Those area all GREAT ideas!

I may have to try one!

Yes you may, have them all......... :D

We have done that with formal wear! Many of my friends are all around the same size and one year after the summer round of weddings and parties we got together and swapped--most of our outfits were $200 each and you can only wear a formal so many times, this way they had a whole new life!:)