The great thing about the Canary Islands is that all shopping is tax and duty free, so you will find that you are able to save vast amounts of money on what you buy there. The best places to go are the larger shops, where there are a wide variety of goods on offer.
Many resorts on the islands are self catering, and travellers will be glad to hear that food in the Canaries is also very cheap - around 20-30% less than in mainland Europe, all of which means that the islands are an excellent destination to pick up a bargain or two.