To exchange or not to exchange a gift

Please do not judge me too harshly, dear reader, but I am beginning to see the benefit of exchanging gifts for store credit.

Why is this occurring to me just now? Well, I am faced with a mass of gifts for the upcoming arrival of my baby and I'm starting to see a large amount of overlap on things I won't need as much of and a lot less of what I really need.

There are a few reasons why exchanging gifts for credit appeals to me:
1. People have different tastes - there are some things people have given me that I just plain don't like or don't want, even though I deeply appreciate the thought.
2. I have limited space - people have given me bulk amounts of certain items and I just don't have the room to store them.
3. Some people have not given me gift receipts or have given me second-hand items, which means that I have large numbers of items I can't return, making items I did receive receipts for something I can turn into things I can use.
4. There are some very large, expensive items I will need that I can use that store credit towards. As Rachel says in Friends, "Wouldn't you want me to exchange your gift for something I really want and can get a lot of use out of?" i.e. Credit!

This obsession with keeping our house clean and clutter to a minimum is shaping every aspect of my life, to the point where I'm now considering exchanging some Christmas gifts I received. I won't use the item much, most likely, but we're trying to keep baby costs low, and I could use the credit towards that or other items I need more (or might prefer over the gift).

As a gift-giver, I would much rather see my friends and family exchange a gift for something they would like or need than hate the gift or give it away.

I don't know if you think the same. Do you think it's offensive when someone returns an item you purchased for them?