China is the world's second largest economy. And in terms of lifestyle, the Mainland is now one of the major consumers of luxury goods. High-end retailers are hoping to get another boost to their bottom lines as the Lunar new year comes to a close.

Beverly Hills is the land of expensive cars and movie stars. On Rodeo Drive high-end retailers market that luxury lifestyle- but for two weeks a year you'll notice a subtle shift in what's selling and who's buying it.

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Danny Ung, Ha King Shang Jewelers, said, "We've seen a great number of Chinese tourists and tourists from Hong Kong as well.”

China's busiest travel season and biggest buying season. The World Luxury Association reported Chinese tourists spent a record $7.2 billion on "bling" during the 2012 Chinese New Year.

Shirley Xiang, Spokesperson of Ideation Agency, said, "A lot of people tend to get their year-end bonus around Chinese New Year if they work for a Chinese company."

And this year it's all about the snake sales as it is the year of the black snake, so there is no shortage of snake jewelry: bangles, earrings, brooches and rings-all fashioned in the form of a serpent.

High-end retailers have rolled-out the "red" carpet for Chinese shoppers with limited-edition, snake-themed items like these red faux snake-skin Nike Sneakers and this 60-thousand dollar Bulgari bracelet - And automobiles like the Ford Shelby "Super Snake" or the "Smart-Snake" by Mercedes Benz.

Danny Ung said, "People tend to buy more luxury items in Asian culture they're always into the quality of the merchandise. They prefer something that's higher quality-even though it costs a little bit more, it's something that holds value in the long run."

For many Chinese the New Year means new beginnings and some-new, quality merchandise.