i do regift...have for many years. there are many times that i get a gift from someone and it is not anything that i can use. rather than open the box and let it sit in a cabinet, drawer, etc...i save it and then try to think of one of my friends that would actually like and use it.
I dont like the idea of regifting mainly because it was a gift giving to you by someone else. REgifting it is kinda like saying thanks but i dont want it. or at least thats how i feel i would reather some one make me something out of craft then recieve a regift no heart or soul goes into a regift.
What better way to save money in these tight economical times. Hopefully the receiver is not someone who was the original giver! I know my family do this regularly even for birthdays. It's not easy when we live so far apart to know people's tastes. I received from my mum a boxful of soaps and shampoos. She knows I have a teen son with friends who all use the soap up especially fast in my house, so she gave me her excess she had been given from friends. I didn't mind!
If it is someone you think would look down there nose at a present re-wrapped, then certainly by all means, buy them something new! Be stingy though, and make is a cheap one, hee hee.
I think regifting is ok if it's new and never used and you really think someone else would like it better than you did. We all do have different tastes!
I dont re gift because it makes me feel guilty because it was not something that the thought goes into getting for that special person. It is simply giving a gift. I know several people that do it, but personally for me it is simply not an option.