What's important about this celebration is the exchange of love and caring. If it genuinely inspires giving a gift, then, that's certainly OK, especially if it's something made just for the person with the giver's two hands. If that's not possible, then it should be something that really fits the recipient. Price should not matter, only value to the person - and it should be the giver's own idea, not based on a list of the person's 'wants'.
If no gifts are exchanged, that's certainly OK, too, so long as the celebration is about the love and joy of being together.