Why are Chinese obsessed with luxury goods?

Felix (US)

China has imposed high import tariffs, partly for protectionism of their local products -- which is understandable. However, it skews (downwards) China's consumption metrics for how well these foreign stores are doing due to the strong demand from China travelers from abroad. When living in Hong Kong and Singapore, I used to wonder why the mainland Chinese would be so ready to spend big money on luxury goods when traveling -- I now understand that some of it is due to practicality (cheaper, more variety, better service) and also is attributed to pent-up demand.