Try these fun white elephant game variations

Put a specific dollar limit on gifts and make it tricky. For example, each guest has to spend $10.51 exactly.
Have each person find something from their house or closet to give no spending any money at all.
Give every party attendee the same off beat place that they need to buy gifts, such as a convenience or thrift store.
Have each person bring a gift card in the same amount but the store can be of their choosing.
Set a theme for gifts, such as a book or beauty product.
Swap gifts without opening them, which eliminates the trading aspect but can cut down on time it takes to complete the game.