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"China's gifting culture is also different from other markets. In China, a lot of products we sell are used for gifts. This is not a big trend in the Western markets, where more products are for personal use, so we have adjusted our portfolio to fit Chinese consumers in these areas," he said.

"Consumption downgrade is more relative as it is just about a certain period of time or a certain group of people," said Wang.

"China sales account for 6 percent of our total revenue, and we hope to increase the figure to 15 percent in the near future," said Pharoah, adding that consumers are evolving with individual demands.

"China will not waver in its efforts to implement property market regulation and will maintain continuity and stability of policies in 2018," said Wang Menghui, minister of housing and urban-rural development.

"Consumers are becoming wiser and they need strong reasons (product advantage) for the purchase," said Jin.