We don't really do gifts anymore. Haven't in years. On my dad's side of the family the "adults" give us "kids"
(we're all in our 30s, only one cousin has a kid of his own so far) lucky money envelopes and some kind of chocolate or sweets little gift. No big gifts at all. For me and bf, we hardly ever see anything we want, so if we see something, no matter what time of year, we just get it. But we NEVER see anything we want! LOL
For close friends I usually do a small gift, but with thought behind it. I used to always get gifts from this one friend who just gave whatever she got through work.