Just what you've always wanted - an egg slicer? If you opened one of those this holiday season, there's a chance you're a victim of regifting.

You know what we mean - you may have been given something totally obscure that you'd never even imagine using. Or maybe you've rewrapped an item that just didn't suit your fancy and passed it on to someone else.

Regifting is happening all around us - a national survey says 54 percent of us have tried it - there may even by a gift on its second go-round under your Christmas tree. And experts say, when done correctly, it doesn't have to be a bad thing.

"It gives a whole new perspective on holiday gift-giving," says Kim McGrigg of Money Management International, which recently asked consumers about whether they regift. "It has become a phenomenon. If it is done correctly, most people agree that regifting is accepted."

The top reasons people regift are to save money, to save time and because they think the recipient will really appreciate the item, McGrigg said. Among the items regifted most often are bottles of wine, gift baskets, household items and inexpensive jewelry. Regifting most often happens between coworkers.

So are you a recycled gift-giver? Or do you refuse to give in to this system?

To regift ...

Some people have no problem passing an unwanted item on to someone else. Experts say that if you do so tastefully, there's nothing wrong with it.

"Let's settle this once and for all. Regifting is totally OK," says Laura Moore, a de-cluttering expert who runs Massachusetts-based Clutter Clarity and teaches workshops North of Boston. "In fact, be proud of setting an example of nonwaste and smart money management."

Moore is a huge fan of the practice. Almost everything she gives each Christmas is a regifted item.

But be selective, she warns. Regifting takes more effort than just giving the breadmaker you'll never use to your mother-in-law this Christmas. Make sure you're giving items that the recipient will actually like.

"An alternative holiday shopping venue is right in front of you - your home," Moore says. "Instead of going on the Internet or to the mall and fight the crowds, go into your closets and find your treasures. The act of buying is not the act of giving. The value is not in going to the mall and getting in lines of traffic."

This method of regifting benefits your living space as well, she says.

"You may have loved or used an item in the past, but if you don't now, it is taking up valuable space in your home, which costs you. If an item is nice, let it go and let someone else benefit and enjoy."

... Or not to regift

A third of consumers have never regifted and wouldn't even consider it, according to the MMI survey.

"It's little more than fraudulent and disrespectful," says Judy Bowman, president of Protocol Consultants International and The Eagle-Tribune's etiquette columnist. "It subtracts from what gifting is all about. People agonize (about what to give) and shop throughout the year."

Bowman herself regifted once within her family and got caught. After that, she swore she'd never do it again.

"(Getting caught) is so embarrassing; that's the danger," she says.

Bowman says regifting is something people should do as a last resort "if they're really down to crunch hour and they have no choice or they've gone through their budget."

For these occasions, or if someone shows up at your house with an unexpected present for you and you've got nothing to give back, Bowman suggests having some extra new gift items in the house, such as bath gels, lotions or gift baskets, rather than regifting.

"Just giving someone something you received that you can't use is just thoughtless," Bowman says, but if you end up regifting, "do so in an honest way."

This means fessing up - tell the person you're giving it to that this is a gift you've received, but you thought the recipient might like it more.

"If you're OK with it ethically and morally, and you're comfortable putting yourself in that position, do it," Bowman said.

If you have items you won't use, but are hesitant to regift, donate them to charity, suggests McGrigg. She also says that if you're thinking of regifting because you're low on cash, donate your time for something like babysitting or cleaning instead of regifting.

Material from Scripps Howard News Service was included in this report.

The right way to regift

Here are few things to remember before you wrap a gift up for a second (or third) time:

* Check the item's condition. Only regift new or slightly used items, says McGrigg. If it's food, check the expiration dates.

* "Don't try to pass off something unusual as an original gift you selected," says Kate Zabrinskie, founder of Business Training Works Inc. in Maryland. "If, for instance, you give a piece of pottery and don't know the history, the receiver might start asking you questions you can't answer, and you will find yourself caught in a regifting lie."

* Don't let what goes around come around. Make sure you're giving the recycled gift to someone way outside the circle you share with the originally giver so your secret stays safe.

"Use common sense," McGrigg says. "It does take some organization on the giver's part."

* Stick with items from major department stores or things that can be easily returned.

"Make sure the store does carry the item in case the person you give it to wants to take it back," says Zabrinskie. "A discount store appliance wrapped in a department store box is going to get you caught. Ditto with seconds, outlet merchandise, etc. If possible, take the gift back yourself and use the store credit to buy a different item for the recipient you have in mind."

* Honesty is the best policy.

"Come clean when you (regift)," Zabrinskie says. "Say something such as, 'This was given to me by someone I like very much. In looking at my house, I can't think of a place where it could fit. Therefore, I am passing it on to you. I hope you enjoy it as much as I think you will.' "

* If you choose not to 'fess up, make sure you're going to be able to keep your secret without feeling guilty.

* If you do get caught in the act, laugh it off.

"Having a sense of humor about it is a light-hearted way to talk about (the situation) during what can be a stressful time," McGrigg says.

Or what if your friend stops by and wonders what happened to that giraffe-shaped vase she gave you? You know, the one that just didn't quite look right in your kitchen that you wrapped up and gave away?

"When asked where a certain item is, explain that you appreciate the gift, thought and effort, and leave it at that," she says.

* Wrap the regift well; use nice paper or a gift bag, a ribbon and a card.