I'm much the same way...and I go for something genuinely identifying to the place I'm visiting, not the typical "hell from__" or keychain kind of thing. I like finding some random little trinket that you wouldn't find anywhere else =). It's more the thought and the search than how big or significant the price is, to me anyway.
I don't spend much, it's usually just a small souvenir of a landmark in the city/country. For example miniature Eiffel tower's when I was in France, that sort of thing really. To be honest I don't really like getting holiday presents as it's a hassle finding things people will like and takes up too much time, especially on short trips.
I buy food. If someone drinks coffee, I get a locally roasted bag of coffee. They'll usually throw in a plastic scoop with the name of the coffee shop and city. Candy works, too. If you can find it in a commemorative tin, it's even better. If you are going by car or train, wine or hot sauce makes a good gift. We got tons of real vanilla extract in Texas, and just mailed them to ourselves. It wasn't terribly expensive. This was after we learned our lesson from the hot sauce incident. We bought something like thirty bottles of sauces. I thought I was being smart by wrapping the sauces in clothing. A bottle of ghost pepper sauce burst in my checked bag. It got all over my clothes. I had to throw away the bag, and I felt a burning sensation for weeks afterward.
I usually buy food/delicacies that can only be found in that country or place. I also buy keychains and shirts for my friends. For myself, I buy ref magnets with different designs because I really am into them.
I often go for souvenir t-shirts or souvenir key-chains. I've got a lot of friends, and I just buy things that aren't too expensive but really cute, so I would be able to give all of them presents without me getting broke.
