Definitely not all.
From *MY* genuine observation lol, the older generation (like my mom) prefers more "meaningful" things in life (or that's how she puts it, not my opinion, just again observation from my mom and her people). My mom's the kind of person who values intelligence, knowledge, and talent over material items. She admits that if she were born in my time, ie a time of relatively no war, peace, love, financial stability....etc, then she would also look into buying bags, jewelry, shoes, clothing...etc. My mom came from a pretty high social status, but growing up in China (ahem... *cough* communism and all that chinese cultural revolution stuff) has kinda changed her and molded her into thinking "poor is good". There's a lot of history involved. Basically my mom said that the wealthy people back then were considered "bad" and therefore were beaten and so ya... my family didn't do so great at this time. Thus, anyone coming from this period would not be interested in material items, or at least I think logically.
As for the younger generation, they're much influenced by the past two decades of China's economic rise and global status. I can't speak for other Asian countries, but China has been soaring economically (duh... lol) and a LOT of people have become very wealthy. So... money changes people's perspectives about life. The youngsters no longer worry about food, shelter, clothing, and other struggles to survive. Many parents also spoil their kids directly or indirectly especially if their child does well in school (education is a huge motivation factor imo....). So as kids grow up, they become competitive, thinking something like "if I do well in school, parents will reward me with money which I can then use to buy that bag/shoe!" Then later in life when they're no longer dependent on their parents, the kids still retain that competitiveness but instead make a "transfer" of competing in school for marks to competing for the best bags/shoes....etc.
I personally don't see a problem with any of this and I don't always agree with people saying Asian people are superficial and materialistic. I don't doubt that a lot are, however at the same time a lot of asian woman own these luxury products because they DESERVE them and have WORKED hard to achieve them. Thus when I see *some* Asian women, I'll think of them being very CAPABLE people rather than judging them in a negative manner.
There are also a lot of downward spirals for *some* other Asian women. Luxury items can be a motivation for one to work hard, but they shouldn't consume your mind, morals, and other personal values.... I know a few people very close to me who are so obsessed with material items that they'll end up along the paths of prostitution (or that's what *I* think they're doing...). Bleh... maybe they're proud of what they do and that's their choice in life...
Hmm... ya, sorry for the political stuff in the beginning... but it's true for my family
EDIT: Oh ya, I'm kinda over my LV obsession now! WOOHOO!!! lol The feeling is amazing! I went from being able to spend like 5000$ on one bag to now being content in carrying my 100$ no name bag lol. We all go through phases I guess and I started feeling the need to not wear LV bags for work/school... so that's how the obsession ended, but then along came the shoes..... lol