This is a good reminder, as my mailbox fills up with catalogues, and the children start compiling wishlists! However, I do think that children genuinely love the anticipation and excitement of unwrapping gifts. (Though they usually get equal enjoyment whether it is the cheap toy in their Happy Meal, or the carefully chosen handcrafted-educational-multisensory toy you've spent months researching...) So while it is good to reflect on the transience of the material gifts, I still think they are worth giving. Perhaps trying to choose some gifts that foster and encourage some of the less tangible gifts in this list - a book or a game that means you will invest time interacting with your child, that kind of thing.
That's a lovely thought Skye, blending the children's conscious desires (for a package they can open and be surprised by), with their unconscious needs (for nurturing, encouragement, love etc). Books,lego and board games are staples in our house, and top-ups for the craft box.