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Money Moral Dilemma: Friends' wedding will be smaller than mine was, so should I get a smaller gift?
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Obviously deduct any travel and other expenses first.
One such reason is personal choice. Some people are big on parties & presents: others aren’t. They may prefer to spend less on weddings (yours as well as theirs) & more on other things. A lot of unhappiness & hardship can arise from peer pressure to overspend on weddings & Christmas - a campaign close to ML’s heart.
Only you can decide if they are poor friends, mean friends, good friends in other ways, or not really friends at all. Choose your present accordingly.