I've seen this trend too! My FI's sis was married last year and at the rehearsal dinner she gifted her husband with a beautiful watch and he gifted her a beautiful diamond tennis bracelet. Both of those gifts were very expensive and I immediately thought to myself, "Oh crap...am I supposed to do the same thing?", lol. But...they were getting a bit of financial help for the wedding from her parents, and they had been saving for the wedding since they got engaged about 4 years prior. I asked 2 of my best friends what they did and one said she thought it was just custom that the groom sends the bride a bouquet of roses, thats what her guy did. The other girl said they didn't exchange gifts, just sent each other very sweet cards.
I don't plan on buying my guy a groom's gift, and I don't think he plans on buying me a gift either. We are already paying for everything ourselves. Even with a DW, the costs add up quickly and we're already a bit over budget even with me watching every penny and us both being very frugal with $ we spend. So..our gift to each other will be paying for our wedding, lol.