In our way of looking (and, shopping) at things, gifts aren't based on how much they cost. We choose gifts that we know will be enjoyed by the recipient. If it costs 20 or $100, it doesn't matter. We are fortunate in that we are financially very well-off.
We only purchase gifts for the following:
Ds (age 15)
My best friend's two children (though, as a result of no acknowledgements from their eldest, we have stopped giving her a gift each year).
We gave a huge loan to my cousin this past year, so we are skipping the exchanging of gifts this season. But, normally, we would send them gifts.
We send handcrafted, locally-made chocolates to my aunt and uncle.
We send gifts to one of dh's cousin (he has dozens of cousins, but this one is particularly dear to us.
I would guess we've probably spent around $3,800 on gifts for this holiday season.
Our parents are now all dead (fil died in October), so that era of shopping, sadly, is done.