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.”.

Buy Nothing Day, which is this coming Friday, the day after Thanksgiving – the biggest shopping day of the year. The Buy Nothing folks,, 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!