People are body-conscious. An exercise equipment gift can send the wrong message.
It is easy for the receiver to think that she or he needs to lose weight. If that is the message you are trying to send, do not do it under the guise of a holiday, birthday, or romantic gift.
Do not offer people scales and dumbbells unless they, specifically, asked you for it, and unless you are trying to look really dumb.
Try to avoid giving presents that conveys the message, “you could look better...or why don't you lose some weight." That message is offensive, awkward, and could lead someone to feelings of depression. Offer a gift that brightens someone's day, not one that makes them think you are mean and inconsiderate.