[warning : cynical divorcee about to pronounce... ]
Wedding gifts were meant to equip the newlyweds for their early married life, as money would have been very tight. Women would have been squirrelling items away into their 'bottom drawer' from their early teens. Gifts would have been very practical - towels, bedlinen, saucepans - and very much appreciated.
These days I think we mostly don't need such gifts. For the most part, two people beginning a married life together these days are either already cohabiting or are coming together from two seperate independent households - they probably already have far
more than they need.
When I see wedding lists choosing highly expensive kudos items, I am revolted. Luckily, anyone sending out such a list is unlikely to be the sort of person I would be bothered to lose from my Christmas card list.

In recent years I have been asked for and been delighted to contribute:
- towards the costs of the honeymoon
- to one of the bride and groom's favourite charities
but mostly it is made plain to me that it is my company at the celebration that the bride and groom will appreciate the most.

I generally try to contribute something in recognition of the costs of providing my place at the wedding breakfast table, at the least.
The time that modern couples do need help with those basic items is when they get divorced! It's true! At that time, one household is turning into two, both need all the basics - towels, bedlinen, saucepans, kettles - and finances if not tight are usually a bit tied up until the divvying up has been agreed.
So these days I think it's the married person who needs the bottom drawer!
All of which said, despite doing the, "Please just attend and help us celebrate, if you really want to do something these are our favourite charities," thing at my own wedding, we did get given some gifts. Money is always useful, and such as we got we used to buy really good casserole dishes and kitchen knives, most of which are still in use (at least, my share are, I can't comment on whether he was allowed to carry on using his!

)
And the other thing you simply can't have too many of are really nice towels.
