Although written over a hundred years ago, O. Henry's "The Gift of the Magi" still enjoys contemporary relevance. That is because, like all good stories, its themes are universal, meaning that it transcends the historical and social conditions in which it was written.
The abiding theme of the story is indeed universal: that when it comes to the act of gift giving, it's the thought that counts and not the material value of the gift. In the story, Jim and Della end up giving each other useless gifts, but in the overall scheme of things, it doesn't much matter, because there was a lot of love behind the giving of those gifts.
In their own way, Jim and Della understand the true meaning of Christmas. It's not about giving expensive gifts or trying to impress people; it's about the expression of love.
Their example is one from which we could learn in this day and age. Contemporary society is much more materialistic than the one in which the story is set. In an age of instant gratification and the wide availability of credit cards, people want expensive items and they want them now.
Among other things, this attitude can be said to distort the true meaning of Christmas as exemplified by the gift-giving of Jim and Della. That being the case, we might like to take a leaf out of their book and put a little more love into the gifts that we give.