I don't mind buying and giving gifts for children. After all, they can't make their own money to spend on whatever they want and they get so excited, too. It's something to look forward to for them, and I remember feeling the exact same way.
However, I feel I'm less inclined to buy gifts for adults only because, in the back of my mind, I think they could always buy it for themselves with their own money (and being just out of school, if they can't afford it, then I likely can't either!)
It's probably a belief from my own upbringing, though. There was always an emphasis on buying Christmas gifts for the kids only with less emphasis on gifts for the adults in the family. If there was gift-giving for adults, it was done as a Secret Santa kind of activity so there wasn't as much pressure to buy expensive gifts for everyone.
And, now that I'm an adult, I hate the pressure to spend so much money and don't want others to feel the same for me so I generally discourage people to get gifts for me. I'd much rather just spend time with them, go out for some coffee, see a movie, etc.