We all do it, so lets stop thinking about this as being cheap. Its simply a fact of life. At some point you are bound to get a duplicate gift or a gift you don't need (or want).
Rather than return the gift, simply keep it in a special location, called the "regifting pile". Next time you need to give a gift, always consult the regifting pile first to see if there's something convenient there to give as a gift. (Just be sure not to give it back to the original giver or close family!).
My regifting pile has probably saved me $100's, and many trips to the shopping center. Also, I reuse all those gift bags I get since they are easily resuable. No wrapping paper needed. No fuss. Hurray Regifting!
I've regifted things like crock-pots, trinckets, clocks, tool sets. Whats' your favirite regifting story? Or are you an anti-regifter?