I like this topic too, despite it`s edge to potentially offend some people...
When I lived in SZ, I loved my trips to HK - things just seemed more civilized, I could relate more, I felt more at home, things were more westernized, I could speak English. I wanted to live in HK and I hated SZ.
Now, thinking back, I realise that it depends where you`re coming from. I was coming from mainland (from apparently the most civilized and progressive city in China), so HK looked civilised. I`m from Toronto and we have a huuuuuge Chinese population and a large Chinatown. MOST of the Chinese in Toronto area and even in Canada are from HK. They came over at various times, more notably before the China takeover in 97(was it?). And when you`re in Chinatown, boy do you stand out from the Chinese. People regard THEM as barbaric, uncouth, wild, in comparison to your regular joe canuck. So I just think it`s funny to see how I myself placed the HKers above the mainlanders, whereas when I was in Canada, the Chinese were just that - the Chinese, not the HKers or the Mainlanders.
Now I see HK in a different light, bc I`m living here, but also because I`m not spending my time in TST or Central. Life`s a lot different outside of the centres.
But materialistic or not... in my experience people over here (east asia) love brand names. I wouldn`t think twice if I saw someone carrying a LV bag. In Japan, if you don`t have something LV hanging off of you, you just don`t get it. If I see that in Thailand, I think it`s a copy, but the same thought prevails - they love the brand names. Is that materialistic? I don`t know, I don`t think so. But I do think it`s an Asian thing. Not an I-grew-up-in-Aus-but-my-grandmother`s-Korean thing, but a `born-and-bred` kinda thing.