I love finding just the right gift and the anticipation and the surprise and watching loved ones open them. So to me... gift wrap was a necessary expense.
So we compromised.
I buy a roll of brown craft paper at Michael's (using my 40% off coupon). Then I wait until pretty ribbons go on sale (and/or use another 40% off from another week). I use the same brown paper to wrap every gift and then use different bows to make them fun and interesting. This works really well the rest of the year too as brown paper can also be used for any other occasion. I've even used it for weddings with lots of white tulle and it's beautiful!
It's nice not to have multiple rolls of paper floating around and I enjoy the pretty ribbons. I will probably end up making some little tags for them as well but just haven't gotten to that point yet!