It didn't have to be expensive, but it was usually thoughtful, and the giver knew the recipient would like it. Giving gifts today has, more often than not, lost that meaning. The holiday shopping season begins even before Thanksgiving. Stores extort everyone into spending as much money as possible. Kids make mile-long lists of expensive toys they want from Santa Claus.
Parents can go into debt attempting to satisfy their children's demands.
Giving a gift to someone often becomes a matter of obligation and not of any real feeling. People buy others presents simply so they will get something in return. I once knew a girl who would distribute her Christmas presents to her friends and casual acquaintances a week before Christmas so they would feel obligated to buy her a present while they still had the chance. I would always do a Secret Santa exchange, ranging over the course of several weeks as people would send others anonymous cards and leave little gifts. All of it served to increase the fun and build anticipation for the final present, when the Secret Santas would reveal their identities.