You just reminded me of this hilarious video I watched some time agoI'm not sure if it's an Asian thing as there are snobs everywhere IMO. From where I am, just look down the street at the whole Hollywood, celebrity crowd.
For Chinese people, there's a lot of importance put into the face concept - honor, respect and prestige. I think sometimes that manifests itself into purchasing these super rare, exclusive items that no one has. I do think that this helped propel luxury brands like Rolex, AP and Patek in China in recent years. From what I understand, Rolex is become so popular in China that many have one, even to keep up with the status or appear to be rich, while the wealthy have moved onto AP and Patek.
Personally because my Dad was half-Cuban and I grew up here in the US, I'm far more "americanized" whatever that means and my personality is more aligned with the Hispanic culture than the Asian part of me. Mrs Mav and my close friends always makes fun of me saying that I only look Chinese, but I'm actually a raging Cuban inside.