Everyone comes to the party with five of their favorite things in hand. It should be five of the same thing (favorite candle, lip gloss, wine, jewelry, kitchen utensil, food, etc.) under a given price limit. Everyone writes their name five times on a slip of paper and puts them in a bowl. Each guest shares their favorite item (and why) and then draws five names to "gift" their favorite thing to.
I'm already planning my own Favorite Things Party in my head. Who wants in?