The costs of luxury spending are booming

Chinese shoppers caused a stir when they won their own gold in London during the Olympics, spending on average 203 pounds sterling ($255) per purchase and beating runners-up from the oil-rich United Arab Emirates by a whopping 10 percent.

This is not the first time Chinese consumers have earned such a dubious distinction abroad. The media frenzy over the Olympics simply thrust the big spenders into the spotlight. Slamming the raging luxury fever, sociologists and critics had pieced together the picture of a young, flaunty and huge luxury consumer class and an even larger fan base, which spans most groups in society.

One of the most startling revelations was that most Chinese luxury consumers are aged between 25 and 35 years, considerably younger than their US or European counterparts.