We usually go about 6-7 things per kid, but that’s flexible depending on the dollar amount, the size and our current budget (which is low this year, so probably 3-4 things this year). I try to have one large (size, not dollar) item for each, something to make you go “wow!” when you walk into the living room Christmas morning. Last year for my son (13 at the time) it was a full length black cashmere coat he’d been wanting (bought on clearance for less than $100) and this year a hand-me-down leather duster (coat) from some family friends. For the toddler girl this year, it’s a tricycle. In family tradition, the “wow” present is not wrapped and is from “Santa”. (I had wise parents - you ever try to wrap a tricycle?) Then there are some books, DVDs, other generally rectangular wrapables.
Stockings are stuffed as full as possible, mostly with dollar store stuff: at least one movie-size box of candy, an apple or orange, and then stuff. Blinky lights, pens, barrettes, batteries for any gifts requiring them, bookmarks, etc. It probably averages $10 per stocking.
They each get other stuff from extended family, of course. The Kid one year made out with over $250 in gift cards - mostly to gaming stores! Da Baby’s of that cute age where she gets clothes, dolls, other toys, etc. They both get books out the wahzoo from my mother, the teacher.
They also each have a birthday coming up - January for him, February for her, so there’s another chance soon to get the swag you didn’t get at Christmas.
Our rule is that for every “thing” you get, you donate something to the shelter or throw out something broken. Keeps clutter under control. And if you’d rather donate that hideous sweater Aunt Judith got you this year instead of a favorite old thing, that’s totally fine, too. And yes, Mom and Dad follow the same rule.