This is what I am doing for my kids' classmates this year. I just like to do a little something for all of them!
My 4 year old is giving his friends: Mickey Mouse Christmas coloring books (from Dollar Tree), crayons (from Back to School clearance), stickers, and a multi color candy cane.
My 1st grader is giving his friends: a fun 10-color pen and multi color candy cane.
On all of the gifts, I attached a tag that says "Have a Colorful Christmas!" You can download them HERE.