Keep the kids busy and have great, cheap gift bags. Get a pack of brown lunch bags at the dollar store and let the kids decorate them with markers, stencils, glitter-glue, whatever is on hand. Punch 2 holes in the top and thread a ribbon, yarn, or raffia thru and tie a bow. Custom gift wrap! As elaborate or simple as you like AND it keeps the kids very busy having fun!
We did this last year and they actually turned out very nice. We bought a package of white lunch sacks and used stamps and blue ink stamp pads. We used a single impression of larger stamps -- about 3 - 4 inches across -- but I can imagine a series of smaller ones would be pretty also.
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