The two shopping experiences in Puerto Montt are the Angelmó craft market — alpaca jumpers, mate gourds, copper kitchenware, wooden bowls, and amber jewellery from the south, mostly fair quality and reasonable prices — and the modern Paseo del Mar and Mall Costanera shopping centres in the centre, which are about what you would expect.
For Patagonian woollens of higher quality, walk along Antonio Varas where a handful of smaller shops carry the better cooperative brands. Avoid buying the much-touted bottles of "Pisco" in the airport — better and cheaper in any supermarket.