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"Chinese consumers are looking for superior quality, safety and efficacy, they want formula transparency and are passionate about acquiring professional knowledge," he said.

"Consumers used to make purchase decisions via pictures and texts. But the late 1990s were a different era. Only insightful companies that understand change can succeed," said Chen Zhongqi, founder of Xingcheng Qianzi swimsuit company. As the flagship company of Xingcheng, Qianzi opened 10 online stores on Taobao, eBay and Amazon to cater to individualized demands.

"Consumption via bank cards accounted for 48.7 percent in China's total retail sales of consumer goods, rising for a fourth year, giving a strong boost to consumption growth and upgrades," said Huang Runzhong, secretary general of the association.

"Chinese consumption for fine fragrance is still at its early stage. It may take another five to 10 years for the Chinese market to become mature enough, which in turn provides many opportunities for Chinese and international brands to exploit," Cai said.

"China's trade deficit in tourism is a case in point, in which domestic tourism services do not satisfy consumer demand. By taking measures such as cross-regional coordination to strengthen infrastructure networks, the strong domestic demand for travel may transform into higher output for the tourism sector," Tang said.