We've all done it. It shouldn't be a surprise. At some point in our lives, we'll receive a present that will inevitably be "re-gifted". Maybe it's something we can't use. Maybe it doesn't match our taste. Or it's just down right tacky. Regardless of the reason to not be happy with the gift, it's better to give the gift to someone who will actually use and enjoy it, rather than keep it and never use it.
When giving gifts, "the thought" doesn't always necessarily count. Consider this: if John Q. Neighbour delivers an unexpected holiday gift to me, and feeling obligated to return the favour, I dig through my collection of random gifts to find something for John, he might not enjoy receiving something I didn't buy specifically for him.
If "the thought" really counts, make sure you put some thought into the gift selection process. Will the person actually use your gift? Does it match their style or tastes? Is the gift easy to use? Will it fit properly?
For all of the gifts we'll never use, never like, or never enjoy - I propose a "re-gifting party". After Christmas, gather your friends. Get some of your favourite champagne or holiday punch, some appetizers, and your closest friends. Instruct them all to bring a gift they wanted to regift. Then, amidst the party atmosphere, everyone can provide an entertaining sales pitch for their item, and then let others trade gifts for something they'll actually enjoy!
If you make the atmosphere light hearted and spritely, no one will mind getting rid of their less-than-desirable presents. After all, it's more about the presence of friends and family than the presents anyways.