Why does my boyfriend always give me "small" gift?

Anonymous
Hello, I am in my mid 30s, and my boyfriend in his mid 40s. We both have decent jobs, and he earns even more than me. But somehow he is very "tight-handed" when it comes to gifts. I gift him a 200 bucks wallet, or a decent Polo shirt, etc he'd appreciate them, but when it is his turn, he'd choose the cheapest lipstick of few bucks in a duty-free shop when there are plenty of other brands. That happens many times and I start to feel he just intentionally picks cheaper stuff for me. That annoys me and it does not motivate me to go extra mile for him either.
We communicated and he started to quote his upbringing and how he sees money, but I do not think he is that tight on himself. He likes electronic stuff and that costs a fortune, all his clothes are branded too. That makes me feel even worse.
It is not that I need him to buy me luxury stuff but his way of doing it makes me feel he does not want to give reasonable decent effort to buy something that would please me, he just picks what he thinks is "good enough".
Why does my boyfriend always give me "small" gift?
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