How shockingly rude! If anyone, except DH, did that to me, I would just cross them off my Christmas shopping list.
I make an exception of my better half because I like giving him presents. Once or twice, when I wasn't sure it was what he would like, I told him before he opened the present that I was a bit doubtful about it, and that it could be exchanged and that I would not be hurt if he did.
Like most wives, I have had quite a few presents from DH that weren't exactly what I wanted, or felt I needed, but I have always tried to hide that from him, as I really do appreciate him going to the trouble to buy me presents.
Other presents that we receive and don't feel we want or like, we either exchange in the shop where they were bought, or give to charity.
Having seen my mother's embarrassment when something she re-gifted was opened in the presence of the person who had given her it (ouch!), I have never practised that form of economy myself.