My Boyfriend's parents live in South Africa and they will only be here for his graduation a week and a half before christmas. I plan on taking them out to a nice restaurant or getting them something they can only get over here.
If my bf's parent's lived over here I would probably get his mom a fragrance gift bag from Victoria's secret and a cologne for his dad. (can you tell i love fragrances)
If I were not on good terms with his parents like someone mentioned, I would get a very impersonal gift for the house like a wall clock or something.