I have to say that I may be different, but I don't like getting things like lotion or bath gift sets, unless they come from someone who knows what I like-I'm picky about scented things. My step MIL buys everyone
bath and body works stuff each year-she gets it very cheaply, but I always end up exchanging it because the scents she picks about kill me. I'd be much happier with a $10 gift card.
So yeah, you can be cheap but still pick something out that is tailored to the recipient. I love gift cards, even small ones, because they let me treat myself without feeling guilty. Don't give me one to some place like mcdonalds, though-I only go there with my kids and that doesn't feel like a treat

. A nice coffee shop, the little French bakery, iTunes.....ten bucks there would make me very happy.
Inexpensive gifts I've given or received include: micro plane grater for the kitchen;
crocs I've bought on clearance, shipped for less than ten bucks; photo book of our son's first three months, free; photo calendars, about $10 each; Smart Wool socks, usually about $15 which I think is outrageous, but people who are fans love em' and you can find hem on sale; a small amount of a really high end food item, like saffron or really nice balsamic vinegar; movie gift cards via groupon 4 movies for $20); a missing piece of someone's collection, like that Fiesta Ware bowl I don't have yet, for under $10; some new quilting notion or something like extra rotary cutter blades for my mom; a CD, which you can get for $10 if you use the 40% Borders coupon...
Well, the list goes on. I guess I'm just trying to encourage folks to think about the gift recipient. I'm a foodie, so don't give me the basket of spaghetti fixings and a cheese grater-I have that stuff. My bachelor cousin might love it, though. I've got small children, so give me a couple hours of babysitting and a book store gift card. Know what I mean?