I prefer when it is something either edible or useful (such as wine-stoppers/bottle openers). But if I'm bringing something home to use, I won't be keeping anything monogrammed with your wedding day, etc. It can be cute any love themed, but save your money monogramming things.
I'm in agreement about edible things. We got items for welcome bags for our guests instead of favors, but we have a much smaller intimate gathering of people (parents, siblings, grandparents, aunts/uncles, 1st cousins, and best friends). We have attended weddings both with favors and without. The biggest hit are those with food. I've seen the monograms done and I have one pair of sunglasses from a wedding but I never use them and frankly don't know exactly where they are.
I’d say if it’s gunna hinder your budget, don’t worry about favors. Maybe give a donation instead and let everyone know that in lieu of favors you guys made a donation. My fh and I are having a music themed wedding to the little instruments on every place setting will be our favor.
Coming from an Italian background and just in my area favors are never skipped. Do everyone a favor though and don't do hersey fricken kisses lol. I could buy a bag at the store if I wanted to but I think they're a boring candy and better chocolate exists haha. Something else edible or something useful. We are doing shot glasses (nothing with our names on it) and a canning jar with candy coated almonds (Italian tradition). The canning jar can then double as decor for people's homes or they could make a candle out of it, etc because my mom is crocheting doilies for the lids.
I have gotten mini wine bottle before, I have gotten a plastic cup with the bride and groom's name, date, and a saying but I personally don't mind those (I still use them regularly and especially in the summer for lemonade and such), I have also gotten a glass mason jar where the label was plastic-y and able to be unstuck which was nice so now I have 2 perfectly usable mason jar glasses and I love them!