Personally, I would try the guilt route, anyway. Tell your bosses that it's all you can do to put food on the table and can't even provide much in the way of presents for your children this year. Tell them you don't expect anything in return from them, just please be understanding and leave you out of it this year. I mean, if your boss cais an avid traveller, he can afford to not get a gift from you (or any of the other employees, for that matter). If it becomes a "job requirement", I would take it up with your state employment bureau. Work culture is one thing, but mandatory gift giving is not considered appropriate workplace behavior.
If you really don't want to pull these guys' heads up out of their privileged
*!%$s, you might consider some simple homemade gifts. What about baking lots of fudge, cookies, brownies, etc., and wrapping the goodies in an inexpensive box/mug/plate from the dollar store with mylar tissue paper?