For most teenagers, cash is king. They desire to be more independent, but can't quite be on their own yet, so they appreciate the freedom of choice allowed by spending money. If you aren't comfortable giving straight cash, another option is a gift card. Amazon and eBay are good choices because there are so many products a teen can find there. If you know a teen is into fashion and which clothing stores the teen prefers, a gift card there is also good; or any specialty store you know the teen is interested in. If you prefer to give a physical gift, perhaps as a conveyance for cash or a gift card, here are some ideas.
MILESTONE MARKERS
Teenagers have a few special occasions to mark, like getting a driver's license, becoming a legal adult, and graduating high school. You can tailor a gift to commemorate these, like a gift card for gasoline with a keychain on a sixteenth birthday, or supplies for the camping trip a group of friends is going on before they all head off to college and post-high-school work. If an older teen is setting up a first apartment, you can give household essentials, like cleaning supplies stored in a mop bucket or kitchen staples in a baking dish.
BOOKS, MOVIES, AND MUSIC
There are three categories here: entertainment you know the teen likes, entertainment you liked or found useful as a teen, and material for studies.
For ones you know the teen likes, make sure yours will be the only copy or that it's unique somehow, like a first edition or special pressing or something autographed. You might also be able to find mementos of a concert or decorative items related to a book or movie. If the author, musicians, actors, etc are hosting a talk or concert or attending a convention, tickets to see the event could work well.
If you're looking to share your own interest, start small. Your interests might not match up with the teen's. If it doesn't, don't take it personally. As fun as it would be to be able to share a passion, it might not happen. If it does, don't go overboard.
If a teens is interesting in pursuing higher education or learning a trade or other skill, materials toward that are useful. College textbooks in particular are absurdly expensive, and training programs for various trades can be costly--not all are paid for upfront, and reimbursement, if offered, can take a long time.
HOBBY HELP
Especially as teens are able to explore electives in school and other interests through jobs and social activity, they might have specific interests you can cater to through gifts. Accessories for the hobby, gift cards to use to enhance collections, help replacing musical or athletic equipment that gets quickly worn out, a magazine subscription or book about the activity, tickets to a talk or event related to it, donation to a charity for an important cause, travel help or foreign currency if the teen wants to go to a convention far away--talk with the parents or teen first to be sure you're giving what can be used best, because there are a lot of options.
TECHNOLOGY
Many teens are interested in new technology. They are often excited about and maybe saving up for new phones, tablets, computers, or games. Depending on how close your relationship is with the teen and your budget, you might want to buy the thing itself (check with the teen and parents for the right specifications first). You could also sponsor a month or two of service payment.
You could also look into accessories for the technology a teen already has, like a car charger for a phone, speakers for handheld device, or an external hard drive for a computer. Again, you'll need to be sure it's compliant with the device.
GENDERED GIFTS
There seems to be a small trend that teen boys get cash and teen girls get scented candles, lotion, or plush animals. Especially for siblings, check first that the girl will appreciate getting something so different from her brother. Sometimes these can be a perfect gift, but a lot of girls would like the cash too, and sometimes boys would like a bit more thought, even if that's just getting a gift card for a specific things or writing a note to go with the cash that you know he's been saving up for something.
And please, unless you know the girl wants the occasion marked, skip presents, cards, or anything to acknowledge her menarche. The only thing most girls need after "becoming a woman" is to know where she can find feminine hygiene supplies. If she's in a situation where she can't get them herself for whatever reason, then it's reasonable to take her to pick some out, but generally a simple, "If you need anything, it's in the cabinet in the bathroom" will suffice.
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