So while I don't suggest re-gifting the gift, I do recommend that you re-gift the wrapping
Re-use the tissue and gift bags from past presents.
These items can be rather expensive so if they are still in good condition, why not? I also suggest taking this a step further and re-using the tissue that retail stores use folding clothes and the like. Peel the tape off the one end, scrunch it up and stuff it into that gift bag. Trust me, no one will know the difference!
Added benefit? In addition to saving money, you'll be saving the environment by re-using and saving time by not having to go by gift wrapping.

