A graduate is standing in a doorway. Behind them is school; ahead is a dorm, a first job or a first apartment with bare walls and a borrowed couch. They are probably moving soon, often more than once, and they may be on a tight budget for the first time.
Gifts that land do two things: they solve a real problem in that next place, or they help mark the moment. A tool they will reach for when the flat-pack desk arrives, or a camera to capture the last weeks with friends. What misses is anything bulky, fragile or hard to move, and décor chosen to someone else's taste. Graduates rarely have space to spare, so useful and portable beats impressive and heavy.