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 the fu’erdai really as bad as their rep?

In China, calling someone a diaosi – which directly translates as ’penis hair’ – isn’t an insult. On the contrary, millions of Chinese in dead-end jobs, with no car, house or girlfriend identify with the term, wearing it as a badge of honour. But could self-deprecation be a danger to society?

Renowned for an insatiable appetite for luxury, within ten years China will account for 50% of global luxury purchases. But as discretion becomes the mark of distinction, who are these luxury consumers, how are their tastes evolving and what compels them to part with their cash?

A generation of Chinese women have grown up without sisters to confide in, share their experiences with, or tell them what’s cool. They might be using social media as a stand-in; social commerce and photo-sharing site Itugo now has 15 million users. But what makes it so popular?