To regift or not to regift?
If it's something you don't want but know someone else would value, it's fair game. For example, you might not want a box of chocolates because you're on a diet, but it would make a nice gift for your chocoholic aunt.
Or, if you don't drink (like me), that nice bottle of wine you received at work might suit your booze-loving neighbor.
However, I advise against regifting when it concerns your close friends, partner, kids, or extended family. After all, these are the people you treasure most in your life. They deserve more of an investment of your time and money, don't they?
Instead, it's more appropriate to give them to acquaintances or people you may otherwise not know all that well. For instance, maybe your friend's decor-minded sister could put the candle you received in a gift exchange to better use than you can.
Obviously, if you already opened the box it comes in and/or the product shows signs of wear, it should not be regifted.
And it goes without saying that anything someone gave you that holds sentimental value -- no matter how cheap it may be -- is off limits, especially ones that include a caring note. You wouldn't want your cousin inquiring into the whereabouts of the tacky pendant she gave you after you've already regifted it.
Finally, if you can't think of anyone who would use or enjoy the item, consider giving it to charity if it's something the less fortunate can avail of, like clothing.