I think it's because most young people live together before getting married and have all the toasters, tea cosies etc that that they need.
We attended several Chinese weddings when we lived in Hongkong and the custom there is to present the happy couple with 'Lucky money' in a red packet.
I agree with you Shiraz that it's nice to look at things and think of the person who gave them to you (my garden is full of things which have grown from cuttings from family and friends' gardens), but I'd much rather contribute to something that the couple want and if that's a honeymoon in an exotic location (we had 2 nights in the rain-soaked Lake District) then that's fine with me.
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