ReGifting: Is it OK or Is It in Bad Taste?

According to a survey I was reading this morning, 52% of people have re-gifted a Christmas present.  I know sometimes we get presents we will never use so when that happens is it OK to regift especially if you know someone who will use it?

I'll be honest with you, I always get things I will never use, but instead of it just sitting in a drawer or a closet I have given it away.  I even used a gift I got at a White Elephant party one year.

I know I am not the only one who regifts.  I have a friend who is notorious for re-gifting.  I have started just giving them gift cards to places I know they love so they will actually use the gift.  The people that usually regift are the people who are the hardest to shop for during Christmas.

So is it OK to regift?  Do you regift?