We buy ours one reasonably high value item each for birthday and Christmas, last year they got a bike each and then a kindle for each of their birthdays. The relatives and friends end up buying them 10's of plastic junk that's more or less binned in six months.
Most kids stuff is a waste of money, is not worth a fraction of what you pay for it the day after it's opened and hardly used.
The most value our kids have got out of anything has been their scooters, my daughters scooter was worn through by the time my son was old enough for one so I tarted it up changed the colour and gave it to him and bought my daughter a new one with less wheels. Ditto their bikes, hers is well used and he's just starting to use his more.
All the plastic junk is stacked gathering dust ready to be slung in the landfill, which is criminal really.