DH and I spend below the $730 average on gifts, even though we buy gifts for 14 family members. It helps that we don't have children of our own, and five of those family members are nieces and nephews who are under age 8. They're happy to receive small toys and gifts that we can buy for $25 and under. We also have stopped buying gifts for my two sisters and their husbands, since my sisters, my BILs and DH and me agreed last year to only buy for each other's children.
Besides the five small nieces and nephews, DH and I buy gifts for our teenage nephew, our grown niece and her husband (usually one gift that they can both use), DH's brother, DH's brother's wife, and our parents. We have never spent more than $50 on any one gift for them. Occasionally, we'll help to buy a big gift for a set of parents - a few years ago, we gave my parents a new TV. But all of the siblings and their spouses chip in to buy this big gift, so it still doesn't cost us more than $50 or so.
I also have my secret Santa gift exchange at work, but my limit is $10 for the week, so I can go to the dollar store for that. DH and I don't buy gifts for friends - we send Christmas cards or bake them cookies.
And DH and I don't spend much on gifts to each other - usually, less than $50 on two or three small gifts. We'd much rather save our money and spend it in January on something for our home. This year, we're planning to buy new kitchen countertops. Our parents usually give us checks for Christmas, knowing that we're putting money aside each month for home improvements, so we'll use part of our Christmas money for new countertops.