K.P.
What about a lovely tea set... exotic teas in the pretty silk bags or a tea diffuser with the high-end leaves. You could pair it with a pretty mug. I received a box of high-end teas for Christmas last year from a client and I would NEVER spend that kind of money on tea for myself, but really loved it as a gift!
You could also do a beautiful tree ornament that they would have for many years. Macy's has some really nice Lenox and Waterford ornaments that are pretty and reasonable.