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"Consumers continue to place importance on celebrating our traditional holidays, even if by untraditional standards," federation CEO Matthew Shay said in a statement.

"Consumer demand of the 1.4 billion population is changing, and the Chinese people need more imported goods to meet their demands, which means a huge potential for growth," said Victor Gao, vice-president of the Center for China and Globalization.

"Consumers these days are fastidious and want better quality and stylish products," said Xu Hui, a former clothing merchant from Yantai in eastern China's Shandong province, noting that the tendency appears in other sectors such as food, furniture and electronics.

"Considering the billions of doses needed, and the risk [of] falling at the back of a very long line for Western vaccines, the appeal of the Chinese vaccines is apparent," Taimur Baig, chief economist and managing director at DBS Group Research, said in a note to US business news channel CNBC.

"China today is roughly where South Korea, Japan were when they began the period of rapid economic growth," he said. "There should be a substantial potential for further convergence."