Should one take into consideration the cost of attending a wedding when choosing the gift?

This was a discussion between a friend and I. She felt if you are spending a lot to go to a wedding such as paying for a hotel and airfare, you could ratchet down what you give as a gift. I don’t think those factor in to what you give once you’ve decided to go.

I don’t have a big dog in this fight as there are no upcoming weddings in my future but I thought it could make for a good discussion.