Flew through Shanghai yesterday.
Terminal 2's stores are well stocked with the usual Perfumes, Liquors and Cigs, with a good range of deluxe fashion brands.
Terminal 1's stores are older and have a smaller range than terminal 2.
A good range of Pandas and other 'destination' products are available, at much higher prices than downtown. These should be bought before arriving at the airport. If the flight is full that panda might have no room in the overhead luggage bins anyway!
Chinas airport stores tend to open to suit the staff rather than the customer, so if you are travelling late at night you could be left buying a plastic model of a KLM 747 onboard.