I'm linking to Centsational Girl and her Holiday Craft Link Party. And oh what a party it is!
I cut some pieces of my wrapping paper, color copied them onto photo paper, or you could use heavy card stock, and used my papercrafting punches to cut out the designs. Depending on the size you want, you can make many from one sheet. I do this for the kids gifts as well, except, since their boxes tend to be big, I make much larger tags. Custom look for almost nothing.