And how have you yourself gone about not buing a present for someone you were formerly in the habit of buying a gift for. I'm referring to people you are still on good terms with but for one reason or another you would like to stop exchanging gifts.
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That's a good approach and most will understand. One of my mother's friends stopped buying me presents when I reached the age of 24. I suspect she may have wanted to stop earlier but didn't know how to!