I took some time to think about this after everyone commented, and took some action.
I took some time to be with my niece and nephew and casually asked them questions on what they'd like to do over the holidays and not WHAT they wanted.
They both said learning to play hockey was something they wanted to do now and next year when registration opens up.
So I went out and bought them a hockey stick each. They both already have skates. And have arranged for a lot of days over their time off from school to take them to the outdoor and indoor rink to teach them hockey. The sticks are about 40 dollars each, and the rest of the cost will be my time. But since I'm spending time with my niece and nephew this will be as much as a gift to them as it will be to me.
I'm trying to apply this way of thinking to everyone else. How to give them something that will have even more value if I can give them my time as well. And I think I can find out just by asking what they'd like to do, or get done, instead of what they'd like.
EDIT:
The sticks were 40 dollars for both, not each.