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"Consumers have become more conservative spenders," said Xu Ruyi, head of research for Mintel China, which tracks spending across the country's 15 major consumer markets and releases the report annually.

"Consumers look for high-end consumption environment and experience. They want to eat good food in a pleasant environment, demonstrating upgraded consumption demand," said the report.

"Customers get to have a direct touch and feel of the paper textures at our booth. I am not sure how they can tell subtle differences between our products and those of our competitors by just watching online," he said. "Also, we aren't ready for the online livestreaming game yet."

"Compared with other brands, own-label products of supermarkets are usually cheaper, and they can help supermarkets to get higher gross profits. They can even set up specialized labs to research and develop more innovative products in their own brands, as this will help to lower the costs, raise customer loyalty and brand awareness," Wang said.

"Considering the cases of Argentina, Brazil and Mexico well explains almost two-thirds of Latin America's economic growth," said Coutino.