Why does gift wrapping have to be holiday drudgery? Make a game out of it. Set up a pile of gift items, then a pile of boxes, followed by a pile of scissors and wrapping paper (the tackier the better, this is a game), then lastly a pile of tape. Divide the players into teams. This is a relay race, and you can play it in a few ways.
The first mode of play is to have each player on the team wrap one gift. The first player must complete his or her wrapping moving from each station to the next and then tag the next player who goes to wrap their gift and so on until each player has wrapped one present. Points can be awarded for neatness as well as speed.
If the individual effort doesn't sound like your idea of fun then make it more of team effort. Have one player from each team at each station. The first player selects the gift and takes it to the second player, who then goes to the second station and selects a box and so on until the gift is wrapped.
It this sounds like fun, but your party goers are a bit young to manage scissors and tape, you can tweak the game by having the wrapping paper already cut to size, and the tape already dispensed. Or you could use gift bags instead. Another variation is to have the smaller children unwrap the gifts instead of wrapping them.
Christmas party games add to the fun of the holiday and will have everyone enjoying themselves!