Why are Chinese obsessed with luxury goods?

Mrok (Japan)

I would like to say that it is also a trend when a group of people become rich from being poor in a short time. So, most of them are eager to show their "success" (in the economic aspect) in order to earn respect from others, and luxury goods seem to be the best "symbol of success".

Another reason for this is highly-valued competition in Chinese society (as well as in other East Asian neighbors), that is why those people buy Prada by day while sleeping in a 2-star hotel by night (they don't wanna be "the loser" in the "competition"). It also happened in Japan 20 years ago.