I have just returned from a week in Playa De Las Americas, Tenerife with my sister. I have outlined a few points which i hope you find helpful!
If you are shopping for clothes please be aware that a lot of the shops here are 'Boutiques' with typical prices being 30 euros for a top and we went into one shop which was 100 euros for a dress! However the clothes were lovely so if you are into designer boutiques then it is a good place to go.
There are lots of tobacco/liquer shops with stock at brilliant prices, if you are looking to buy cheap alcohol and tobacco products then look no further. For example i purchased 5 x50g Golden Virginis for 17.50 euros and a bottle of local banana liquer 20% proof for 4.99 euros!
The supermarkets are rather expensive i found, a loaf of bread was around 2.50 euros and a pack of two desserts 1.37 euros. However they had some lovely fresh cakes and fancies! We brought some dry pasta over so if you are going self catering it is probably an idea to bring some items over to avoid the local prices.
There are lots of souvenir shops around with lovely items in, all Tenerife related and not bad prices either.
We found there was a great selection of food outlets, namely a chicken takeaway where the chicken burgers were 3 euros and absolutely massive! A lot of the restaurants in the centre are quite highly priced (14-20 euros for a main course) but at the same time looked top quality and high class. There are several restaurants along the Las Vistas beach which offer a 3 course meal for 8.95 euros or similar, we ate at Aberdeen Steak House, the food was nice, but portions were small, which i guess is how they make their money! You get what you pay for in the end. You can pretty much get any cuisine including english breakfasts, canarian, mexican and chinese etc.
Where we stayed at Playa De Las America (Arona) there were not many bars, however along las vistas beach you tend to find the cheaper drinks offers, ie 1 euro a pint. We went to the Veronicas strip which is packed with bars offering cheap drinks deals, although be careful as one bar, Bobbys, was offering 2 spirits and mixers & 5 shots each for 10 euros each (the guy persuaded us to come in after hassling us outside for 5 minutes), when we got in and were served our drinks, he asked us for 14 euros!!!! And insisted this is what he had said... and when we got the shots they were just weak vodka and coke, not proper shots as he as said they were. So be careful and don't let them take the mickey.
Overall we had a great time, Las vistas beach was lovely with clear water and nice sand, and there were also nearby mountains you can climb ( we spotted a few lizards), weather was fantastic all week with average of 25 degrees and the area had lots to offer. My one tip is be careful of the african women who try and braid your hair and also the african men selling watches etc, i found them to be very pushy and wouldnt leave us alone! Apart from that we really enjoyed ourselves.
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