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"Consumers aged 23 to 38 are willing to spend on luxury brands, and financially able to do so. Fully 70 percent of China's millennials own their own homes — twice the rate of US millennials, according to HSBC's Beyond the Bricks study," the report said.

"Chinese companies need to make essential moves now including deciding where to play, developing a road map to access the tech stack and deciding the right alliance and ecosystem strategy," Thomas said.

"China's not going anywhere," he said.

"Compared to new homes, pre-owned home prices better reflect the market situation," said Zhang.

"Chinese consumers have shown a higher requirement in terms of quality of food. The improvement of quick-frozen technologies will help enhance the taste and nutritional values. There is an expectation of more varieties of frozen food in the future," Wang of Frost & Sullivan said.