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Do: Buy Local
I think that's what the young people like to do now, isn't it? Also, by doing this you're funneling money straight back into the local economy, and therefore giving two presents for the price of one, if you think about it. Aww.
Don't: Buy Joke Gifts
Sure, that tin for making cupcakes in the shape of penises is just hilarious, and everyone will have a good chuckle when it's opened. For 5 minutes. Then it will transition into the next phase of its life, which is to be an utterly useless waste of space in your friend's home, forever.