Yes. If the price of the gift is $4 then I will feel good about it. If the gift is priced at $8 then I will be a little disappointed. If the gift is priced at $8,000, I will be extremely disappointed. If the gift is priced at $8Million, I will be extremely delighted. We all have a price range, a value range for ourselves. This range applies to everything and everyone in our life. How do you find the price range of your friends and family? A simple way is to notice what they are willing to spend money on in their life.  Also look at their shopping habits: if they are bargain hunters, then they will be happy with cheaper gifts. If they are brand conscious and spend a lot on designer products then their price range will be very high. So match the price of your gift with the price range of your friend. If you have no idea what their price range is, then a small gift is always safe.