I'm in my mid-30s and my parents stopped giving actual presents once I went to college but give me quite a bit of cash for my birthday. My brother and I aren't very close but are careful to send each other an actual birthday present on time each year.
As for my parents, they are financially much better off than either of us (though we do OK) and thus would not appreciate getting money or junk from us. But they both dislike cooking and enjoy eating out so we send restaurant gift certificates to higher-end places they otherwise wouldn't go to, to enable them, and everybody's happy.