My parents had seven kids and not too much extra money, so each of us got only one gift. We never expected to get more than one. We knew there was no Santa Claus, which may have made a difference in our expectations. Sometimes we would also get a bigger gift for all of us to share, like a sled. That was like a bonus present!
In our family, the focus was more on the birth of Christ and spending time with extended family, and giving rather than receiving gifts. We kids also had fun thinking up what we were going to give our parents and siblings and had lots of secrecy about our little fifty-cent gifts!
I think I would try to follow this same pattern with my children. However, I know every family is different.