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Compared to the last China Luxury Forecast, "the purchasing attitude of luxury consumers on the Chinese mainland has shifted from 'showing off to outsiders' toward 'improving quality of life for oneself', underscoring the fact that the personal tastes of luxury consumers on the Chinese mainland are increasingly sophisticated," Gao said.

Companies are also supporting the scheme.

Coming third was Future Forward Party with some 5.2 million votes, followed by Bhumjaithai (proud Thais) Party which has gained about 3.2 million votes.

Cohen echoed Wang's view, saying there's a big incentive for China to develop its own system. "This is what people keep talking about — 'decoupling'. When you start saying you can't use our software and chips, then they start developing their own software and chips," he said.

Cocktail bars put fiery liquor to the test as demand grows for drinks with difference