Fans (a.k.a. abanicos) are traditional Spanish accessories, which overjumped the Spanish territory long ago, but few have ever thought of their origins. Fans are widespread among fashion, craft, and souvenir stores, and you can choose one with unique pattern and color.
You've most probably owned at least one pair of espadrilles in your life, but now's the time to buy yourself a genuine pair those original rope-soled Spanish shoes. This is a practical, affordable, and unusual gift for yourself or a friend.
As you already know, Madrid is the Mecca for football lovers. Different football-related souvenirs are available at almost every gift shop, as well as in the specialty stores of the local football teams.
Spanish embroidered shawls (or mantones de manila) are very popular both in a connection to the flamenco culture and as a unique fashion accessory for the ladies. They are a traditional, locally produced souvenir which you can't go wrong with.
Spain is also known for its tradition in making exquisite ceramic pieces. They are colorful, ornately designed, and surprisingly cheap for such little cute pieces or handcraft.