From Wikipedia, the free encyclopedia:

“Regifting is the act of taking a gift that has been received and giving it to somebody else, sometimes in the guise of a new gift. … The term originated on an episode of the NBC sitcom Seinfeld (“The Label Maker”). … Several rules of etiquette are proposed in popular media regarding regifting; they include rewrapping the gift, not using the gift before regifting it, and not giving the gift back to the original gift-giver.  However, a consumer survey indicated that a majority of people regift because they perceive the gift will be appreciated by the receiver, a slight majority said that they don’t find regifting rude, and a significant number do so to save money. 
 
National Regifting Day, Money Management International has named the Thursday before Christmas “National Regifting Day.”. www.nationalregiftingday.com/

Buy Nothing Day, which is this coming Friday, the day after Thanksgiving – the biggest shopping day of the year. The Buy Nothing folks, www.buynothingday.org, want people to do the opposite that day – buy nothing. In this economic situation, I have a hard time promoting buying nothing, but I do suggest people regift whenever possible and purchase good quality durable goods that can be reused and repaired.

How about Buy No Junk Day instead?

Here are a few URL on regifting and buying nothing. Please note, I do not agree with the idea of only giving new items. Good quality reuse is just fine with me!!! IMHO, it is often better then new!

http://articles.moneycentral.msn.com/SavingandDebt/Advice/12RulesForRegiftingWithoutFear.aspx

http://www.regiftable.com/Regifting101/

http://www.fool.com/personal-finance/general/2007/12/06/the-dos-and-donts-of-regifting.aspx

http://en.wikipedia.org/wiki/Buy_Nothing_Day

www.adbusters.org/campaigns/bnd