I'm having two showers with a total of 5 hosts, so my gifts had to be budget-friendly. I got my two oldest friends (who threw my friends/family shower) nice candles and then my two closest work friends (who are co-hosting my work shower) nice-but-not-as-nice candles and then my coworker whose house we're using a bottle of wine (I also got her daughter some nail polishes because she's been helping her mom with decorations and getting really into the party part, so I wanted to include her too. I think she's 9).
I've thrown two showers (for the two work friends above) and never expected a gift. I got one from one of them and didn't from the other. I did, however, get very nice thank you cards and I will, of course, give thank you cards to each hostess as well.