I do remember 'going home presents' whe I was little, and to my horror, my DS was in 'party bag culture' even before his own 3nd b'day. I managed with a balloon, snack size choc from a multi-bag, a 'wiggly straw' which were loads in a very cheap packet, and 3 tiny plastic animals for each child from one of those tubes of mini-beasts that they sell in Woolies, Sainsburies, ELC etc.
Also, during the party, DP went around with a polaroid camera and took a pic of each guest wit DS, and we slipped it into their own bag. I felt that made it more 'meaningful' somehow, and the kids loved it.