I'm noticing a steep decline in gifting (on special occasions like wedding) interest among IT people. IT people are very much interested in celebrations, but not interested to spend money on gifts for their colleagues. I think, it must be due to poor (more specifically fake) relationships among peers or short-lived relationships because of job hopping. Abuthakir told me that it's due the attitude that "Why should I spend money for him?".
For the sake of record... in my father's era, it was common to gift gold items, even though their earnings were not close to what the least earning person in IT draws now. But, these days, IT people's average spend on colleagues' special occasions is Rs.100/- (which is too less and not even close to my father era)