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"It is the end of ostentatious spending and flashing designer labels," she said yesterday.
A crackdown on ostentatious spending by government officials in the country has hit sales of products including watches and expensive spirits such as cognac.
Today, any discomfort with luxury brands and ostentatious spending has all but disappeared, she said, because "people have to get on with their lives".
But the move is also part of a broader campaign against ostentatious spending recently announced by China's new leader, Xi Jinping.
But as the city's fortunes have grown, and cultural mores that once made ostentatious spending unseemly have shifted, companies selling luxury goods are also seeking out these newly flush consumers.
But some sociologists say such ostentatious spending, especially on weddings, is rooted in the desire of lower castes to show off their social mobility, partly by emulating the practices of the upper castes.
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"Even if you're O.K. financially, you don't want to be flamboyant or ostentatious and spend money on a yearling," said Nick Nicholson, chief executive of the Keeneland Association, which has had a 50 percent drop in sales from more than $800 million in 2007.
In addition, the ostentatious raising and spending of soft money, including lavish parties at the Republican and Democratic conventions for big check writers, drew more attention to the issue and helped stoke public concern over money-besotted federal elections.
Through Eastern Europe and the incredible renaissance happening in the former Soviet countries, where conspicuous spending, ostentatious displays of wealth and a renewed patriotism are perhaps understandable reactions to 50 years of austerity.
For civilian readers, there is the thrill of witnessing the workings of a surreal, ostentatious universe where rich people spend $350 on blue jeans.
Who, apart from people who brandish ostentatious watches or "statement" bags or spend their free time restaurant box-ticking, is going to welcome this?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com