I think there are ways to use gift-giving to express caring and attentiveness, without spending a fortune. I think the current wish-list & registry driven, cost-reciprocity-expecting climate is ridiculous. But I'm also saddened by the idea of a world with no gifting traditions. I think some of the healthier gifts are: consumable (food, drink, bath products, etc), homemade or handmade (food, drink, knit, crochet, sewing, carpentry, product of any other art/craft), or support an interest, hobby, or healthy lifestyle (sports gear; genuinely useful kitchen tools like a mandolin slicer, food processor, etc; paints for an artist, so on). An ideal gift is something a person looks at repeatedly but puts off buying indefinitely, or something they didn't know they wanted, but end up really enjoying. I don't think a good gift needs to be brand new; just in good condition. But I do think that for consumable, homemade or secondhand gifts (like thrift store or refurbished), packaging and presentation becomes key. My sister can do amazing things with mason jars (one time, she filled them with tasty, uniquely-flavored jams; another time, with finger-crocheted scarves).
I don't know who you are or what your specific skills are, but I do think that if you move from expensive gifts to meaningful ones, no one will notice the change in monetary value because the sentimental value and "oh, cool" factor will compensate.