1. A mutual agreement to suspend holiday gifts for at least one season, usually within a single family or circle of friends.
2. The act of replacing useless and pointless merchandise with something more meaningful, such as a charitable donation, service project or holiday party.
3. Wal-Mart's biggest nightmare.
Due to the recession, we've decided that Degifting is the best plan for Christmas this year. Instead, we're all getting together to serve food at the homeless shelter. I really don't need another Salad Shooter. Do you?