Give cash or buy a gift?

Here is the economics of gift giving from Mankiw. In short, you buy a gift when you need(want?) to signal something to the recipient, and give cash when your affection is not questioned.

People care most about the custom [of gift giving] when the strength of affection is most in question. Thus, giving cash to a girlfriend or boyfriend is usually a bad move. But when college students receive a check from their parents, they are less often offended. The parents' love is less likely to be in doubt, so the recipient probably won't interpret the cash gift as a signal of lack of affection.

Does the popularity of gift cards mean that people are increasingly seek a middle ground?