"We propose that when recipients open a gift from a friend, they like it less when the giver has wrapped it neatly as opposed to sloppily and we draw on expectation disconfirmation theory to explain the effect.
"Specifically, the recipients set higher (lower) expectations for neatly (sloppily)-wrapped gifts, making it harder (easier) for the gifts to meet these expectations, resulting in contrast effects that lead to less (more) positive attitudes towards the gifts once unwrapped."
But presentation mattered more when carried out by a close friend, as it serves as a cue about the relationship, rather than the present itself.