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"Chinese consumers spend most of their leisure time on smartphones. So, recharging on a bicycle can help them always be connected to the internet," said Gao Weiwei, founder and CEO of Coolqi, which has 1 million bikes in more than 50 Chinese cities.

"Chinese consumers are trading up to higher-quality products," Jeff Walters, BCG managing director and co-author of the report said. "Digital technology is one of the underlying drivers that will continue to spur purchases."

"Customers can see whether a piece of jewelry suits them by using this app. The app is useful because some pieces are expensive and cannot be worn," said Qian Zhongjie, sales director of AISee JEWEL.

"China will also expand domestic demand to improve the quality of supply side and stimulate consumption potential, and at the same time, accelerate the development of new consumption formats and actively expand effective investment," Xin added.

"Consequently, opportunity abounds as brands seek to engage the attention of consumers in the world's most lucrative and fastest-growing luxury market," it said.