I love the idea of doing handmade gifts. It can be cheaper, more personalized, and never lacking in fun.
This little set from Lil Blue Boo is pretty simple and I know lots of little boys who would love it.
What about a Matchbox race track at Infarrantly Creative
What about some finger puppets for the Star Wars lover from the Idea Room?
Love the idea of putting together a kit for a theme that they are into like this Pirate kit from Lemon Tree Creation at Kojo Designs
And for the little ones a rocket ship crinkle toy by sew.craft.create also at Kojo Designs
This is a cute car/snack bandolier from Deborah at Whipstich who posted the tutorial at Made by Rae
Love this Target for them to aim whatever it is they are launching at by Simple Simon & Company
There are SO many more ideas out there! I hope this got some ideas going for you. Not all gifts have to be store bought. There are some great ideas for homemade gifts that are better than anything you could buy!