Do you have to do wedding/bridal party gifts?

Gifts are never mandatory, no matter what the situation.

I have only ever been given a bridal party gift one time.

I feel the tradition was actually started as yet another way for brides to make their girls coordinate without actually telling them to (by gifting things such as matching robes for getting ready, giving them matching jewelry, etc.)

Some brides genuinely give their parties real gifts (not "here's how you can further conform to my wedding" gifts), but again, this is not at all mandatory.

Being in the bridal party is supposed to be an honor, something you ask only of people that you deeply cherish, which used to be the gift itself.

You are fine not to give them anything. Be a good friend first, a bride second, and make sure you treat them well through the process, and that is enough.

If you can't do gifts, you could always hand write a note to each person thanking them for all that they've done! You could do that, and then one weekend after the wedding maybe take everyone out to dinner, or have a little dinner party at your place? A small gesture is better than no gesture!

I think it'll be nice, and your wedding party will appreciate it!

The wedding party gifts are a thank you for the time and money they have invested in your event. If you cannot afford to give them a gift, I would keep expectations for them very minimal and at least give them a heartfelt hand-written note. If you are expecting your bridal party to throw you a shower, bachelorette, and buy a lot of stuff to go with your wedding, then skimping on the gift would be very rude, IMO.

If you are being a super laid back bride and letting them do mismatched bridesmaids dresses from dresses they already own or being very flexible about what they purchase, then I don't think a gift is necessary but a thank you note (separate from the standard thank you's that go to all your guests) should always be given.