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"Despite the decline, consumers continue to view current conditions quite favorably, Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement.

"Even five months ago, we could barely earn 60,000 yuan (,935) per month as there were not many tourists due to the fear of the COVID-19 contagion," Lu said. "We were worried and came up with ways to save our business. Luckily, we survived.

"Despite their differences, neither side is willing to cut the other off as a trading partner," said Xu Yingxin, vice-president of the China National Textile and Apparel Council, adding consumer sentiment may potentially add political pressure to broker a deal.

"Fang's remark signaled more reforms which feature less administrative controls and intensified crackdown on illegal market behaviors," said Dong Dengxin, director of the Finance and Securities Institute at the Wuhan University of Science and Technology.

"Digitalization has allowed us to more easily personalize content or entice the consumer through targeted offers, which was harder to do in the past," said the president. "Digital marketing, or engaging with consumers via digital media, is one strategic area where Coca-Cola is seeing success."