My parents go a little overboard (they're retired too) but Rachel & Jordan are their only grandchildren (and will be the only ones) and plus they're back in B.C.

Why can't your parents get the gifts themselves? It's almost akin to the boss giving his secretary money to buy a gift for his wife and HE getting the credit.

I would talk more about that than the amount. To me it's the thought put into a gift than the amount.

As for the amount: I'm not sure what my parents spend and that goes for my IL's too. I always get the gift receipts. Since both sets live in B.C. it's hard to figure what is spent on the kids.