I think the holidays are more about family, personally, because you don’t know if it’s the last time you get to celebrate it with them.
I think it’s a mix but mostly family, as a lot of people have family in different places and take the time they have to go visit them.
I grew up with my beliefs that family time is more appreciated than getting gifts for each other. Spending time with family and friends is a better opportunity to make memories together.
I do think that recently people have been more caring about what they are getting other people, and how that image affects them.