The other evening I was out working in my shop, and was listening to NPR, they had a lady on talking about re-gifting. One woman called in and said she does it all the time. She said she has everything that she wants or needs, and most gifts fit neither category. So she has a place in a spare room in the house, where she puts all of these things for re-gifting. She said she puts a small tag on each item as soon as she receives it, with the name of who gave it to her, the date given, and occasion for which it was given.
When she needs a gift for someone...for whatever holiday or occasion, she goes to her stash, and chooses an appropriate item.....checking the tag to be certain that the person who gave it to her, will never see it or hear about it. She said she's done this for years, and has never had a problem.
She also said that if the gift that she had received was not nice or something that someone would appreciate getting (a worthless piece of cr*p or very low quality) she wouldn't re-gift it.