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"Consumers are more willing to spend money this year. Whether it is filial piety to the elderly or rewarding children or themselves, trading volume has kept growing. Spending on entertainment and travel also grew fast," said Chen Han, a data analyst at China UnionPay.

"China welcomes both domestic and global companies to actively participate in the exhibition and sign more deals," Gao said at a regular news briefing.

"Clearly, artificial festivals like Dec 12 play a role in boosting discretionary spending. Elements of the festival, such as countdown shows and celebrity endorsements help to drum up the mood for spending," Qi noted.

"Concert tours and music festivals are very important points of revenue and music consumption," said Lai. "The months of May, September and November are the peak periods for live performances. There's a festival almost every weekend through those months," she added.

"Chinese customers are much more demanding of quality, of making sure the product lives up to expectations," he said. "That's why we look for good partnerships in China like Alibaba to make our products available and relevant to them."