I proposed the idea to my best friend that for this year we should not exchange gifts.?

I proposed the idea to my best friend that for this year we do not exchange gifts. I am very broke this year, as is my family and I really think that buying her a present is both unnecessary and not need for me to prove I care about her. She totally freaked out, got really offended, and started saying things like "you are my best friend, I really want to get a present from you and give you something too." What should I do? I think that she is being unreasonable but I also do not want to upset her in any way. When I told her I was going to crochet my boyfriend a blanket for Christmas, since I don't have money to spend she started to get very jealous and agressive.