The problem with going with perceived cost is every store charges a different price, so how do you find the hypothetical retail cost? The Itune example is one of the few examples of a retail cost. Most things, a board game, or set of markers or lip balms or a set of nailpolishes or anything else you would normally take for a $5 gift exchange you will see retail values all over the map.
I don't consider it to be fair to walk into Kohls or Justice and say, "Oh, look, the retail value of a set of lipbalms is $9.90. I have a ten dollar gift!" Because those are two examples of stores that mark up just to say it's a great deal. Go across the street to
Walmart and you can likely find a similiar or identical set of lipbalms for $5. So that's a five dollar gift. So who is right? The person who went with the ACTUAL cost or the person who went by the retail value? I think the person who went by the actual cost. You will always find a place that charges more, that doesn't make the true retail value higher. Using the lipbalm example you might find a ebay seller charging $50 for them saying it's a rare collectible..it's hardly a $50 gift IMO!
Since the recipient probably has no idea WHERE the gift was bought, we're back to the perceived value of the gift. Most of us would probably say that a lip balm gift-set is a $5-7 gift (depending upon size of the gift set). If you paid $9.90 at an expensive store, it's still going to register with the receiver as a $5-7 gift. On the other hand, if you gave a nice shirt and sweater, it's going to register with the receiver as a $40-50 gift, even if it was actually a re-gift item and cost you zero.
Unless you're going to inclue receipts or tell what gifts cost, there's
really no option except to stick to the perceived value of the gift.
As someone who organizes gift exchanges for children, this attitude irks me. We set a spending limit so that it can be fair for all of the recipients. I feel awful when I see that some of the children have gotten very valuable gifts when most of them have gotten the reasonable gifts that we asked for. Frankly, it ruins the whole event if someone chooses to go above and beyond. Instead of a group of happy children, we end up with one or two gloating children and a group of resentful children.
I agree completely -- people who go "above and beyond" make others feel badly, and they "up the bar" for the next year. They make others feel that they must either seek out clearance deals to stay within the limit, or they must over-spend. Neither is a good option.
If a limit is set, it's right to provide a gift within that price range -- complicating it with coupons, clearance deals, or re-gifted items is just a smokescreen. If you're supposed to bring a $5 gift, make it a $5 gift -- not a $15 gift purchased with a coupon and rebate on clearance through ebay.
Having said that, one of the most successful children's gift-exchanges I've done was a USED BOOK exchange. We asked all the kids to bring in an age-appropriate book that they'd already read. No one had to buy anything new, but everyone went home with something "new to them". The parents loved it, and there was no fuss about some books being paperback vs. some hardcover. They were all just passing on an old item.
Another good thing for 'tween girls is a sock exchange. They love over-the-knee-socks, toe socks, character socks . . . and it keeps everyone in the same price range. However, some people will still go out of their way to mess that up. We did this last week, and my daughter ended up with a large package of fancy socks . . . while everyone else had one pair. Yes, she loves the socks and has already worn them, but she commented later that she felt bad because she only gave one pair. Yes, the other kids did notice and I did hear the "No fair" comment of which tweens and teens are so fond.