Many of the shops around the centre of town near "Notre Dame" have great buys.
If you are dreaming of a tattoo, do make sure that you get it in Tahiti since the patterns are so special and reflect the spirit of the island. There are lots of places to get tattooed around Papeete including the market. You may also want to buy a black pearl to take it back with you. You will get some at very affordable prices on the market too.
The local currency is the Pacific Franc XPF.
Currency rates As of 14/06/2012:
1 EUR = 119.33 XPF
1 USD = 95.21 XPF
1 GBP = 148.17 XPF
1 CAD = 92.70 XPF
1 AUD = 94.69 XPF