Gift-giving is an important part of social interactions in China, oiling the wheels of a relationship system between friends, family and colleagues. Yet recent years have seen Western influence, digital platforms and rising wealth reshape the practice, creating new opportunities for brands in the process.

Whether driving Lamborghinis or splashing out at Louis Vuitton, the 20-something sons and daughters of China’s wealthiest business moguls are living the life. But as a nation in the midst of an anti-austerity drive, no one in China likes a show-off. Are thefu’erdaireally as bad as their rep?

With Chinese Gen Yers and Zers inheriting considerable wealth from a rapidly expanding middle class, luxury fashion consumption is increasingly driven by streetwear instead of catwalks. Yet while global brands remain highly valued, why are young shoppers investing in local labels?

Chinese authorities will be clamping down on "extravagant and wasteful" wedding celebrations, as they believe they're at odds with traditional Chinese values. But with China's youth using their weddings as status symbols, tradition could give way to a growing wave of individualism.