I've now read a couple of posts where people are pressured to buy things for their boss. The phrase you need this time of year is:
“I never gift up.“
That's it, no other explanation is needed. Say that now, say that at every Boss' day, every holiday, and every “we're taking up a collection…”. Don't get involved with “secret Santa” if the boss or supervisors are involved. Start now and be consistent.
It's easy to say, it spreads easily, it's a simple policy — and what workplace doesn't like policy? Gifting up is always inappropriate, coercion, and buying favors. “But we're all a family here!” Well, my parents and grandparents don't need gifts, they'd just prefer I visit and spent time with them. My nephews want gifts. That's how family works.
Can you gift your peers? Absolutely. Be generous, open-hearted, and have fun. Can you gift your team members (if you are a supervisor)? Of course! I do it myself, it's one of the fun things I like to do at the holidays. Small gifts that are appreciated, with no expectation of reciprocation. I never gift up, but everyone knows I gift down.
What if you truly like your boss and want to give a gift? Do it privately, off the clock, away from fanfare. Make it a token gift only — a card or a chocolate.