I decided a looong time ago that I would only buy presents for my mom, dad, and brother. There are a couple family members that still insist on giving me something, though I tell them it isn't necessary. I also put a lot of though into what would be the perfect gift, though the most I've spent on a single gift was about $55. It was the farting hippo stuffed animal, Fred, from NCIS for my Dad.
Spending tons of money per gift to wow the recipients and the other people in attendance isn't about gift giving, it's about impressing others and out-doing them.