The "ruthless" spring clean is a similar tradition in our household. Now, if only we hadn't bought all the stuff we "no longer care about" in the first place.
PS-I have never needed to buy anything back from my old book wish list.
What's amazing to me is the volume of "long term consumables" I seem to go through - eg, things that I'm not wearing out on a weekly rate, but nevertheless, and wearing out on a quarterly/yearly rate.
Couple that with things that I realize need replacing (old dishwear that's accumulated stains/damage/missing pieces), that I've lost a bunch of silverware but still have a pile of spoons, etc and you end up with a fairly sizable selection of stuff every year, even though all of it makes sense both to have bought in the past and to get rid of now.