Yes it is, apparently.  And it's gaining more and more popularity.

American Express says 79% people say that re-gifting is socially acceptable during the holiday season.

Women re-gift more than men. And younger people (under 30) are more likely to re-gift than older people.  P.S.  I totally have re-gifted...should I have told you that?

Do you re-gift?  Do you believe you ever received a re-gifted present?  What was it?