Materialism has been at the centre of the consumer behaviour literature for decades. Despite a huge number of studies that have shed light on its antecedents and consequences, it is still not clear how a materialistic orientation evolves and becomes prevalent in line with socioeconomic transitions in a country. The current research aims to analyze possible reasons why different generations of consumers in China have become more or less materialistic. Data were collected from 613 consumers in two cities, representing three focal generational cohorts, labelled, in chronological order, the Cultural Revolution Generation, the Economic Reform Generation and the Social Change Generation. Traditional Chinese cultural values are shown to still play a significant role in the formation of materialism in China, serving to curtail the prevalence of materialism. At the same time, secular values serve as a driving force for a materialistic orientation.