I'm not a huge fan of doing multiple craft projects for little kids but my group right now is pretty crafty so we did a few this year.
The babies did not do some of these since I would have been making them myself. lol
Christmas stamping (christmas stamps, poster paint, BIG paper)
Candycane bead ornaments (pipe cleaner, red, green and white star beads)
Wreath bead ornaments (same as above but bend in a circle lol)
Saltdough ornaments (I helped a little with the rolling)
Foam Ornaments (Kit with 18 ornaments and stickers to decorate)
For those that find it too much.....I have found that if I plan a craft and have it ready that works best for me. Everything is all set to go in my cupboard and I wait for a good day where everyone is happy and crafty right after afternoon snack. So I planned 5 crafts for Dec but didn't pick the days we would do them. This has been working much. much better for me and the kids are enjoying directed crafts much more. I also keep them quick. Just a thought.
This is in addition to daily access to art materials in our craft and quiet area. I add theme things to make it more festive. Christmas puzzles, cookie cutters for the playdough, lots of Christmas stickers and Christmas colored materials.