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"Despite the slower start, economic momentum is supporting rising passenger demand in 2018," said Alexandre de Juniac, IATA's director general and CEO. "That said, concerns over a possible trade war involving the US could have a serious dampening effect on global market confidence, spilling over into demand for air travel," the IATA CEO noted.

"Each participating household received 1,500 yuan profit," Jiang said.

"Cutting taxes when the (US) economy is seeing full employment is likely to suck in more imports to satisfy some of the extra demand. The (US) trade deficit is already running at a 10-year high (and half of that is with the Chinese mainland) and is set to increase. The risk of trade friction seems likely to intensify in the coming year," cautioned Richard Jerram, chief economist at Bank of Singapore — the private banking arm of OCBC Bank.

"Different from the previous two consumption upgrades, the third one focuses on service consumption growth, which is much faster than the commodities unit," he said.

"Digitalization is changing commerce in a number of ways. We are seeing some businesses disappear or evolve over time, but at the same time the creation of new brands and types of operational modes are eliminating some traditional roles," said Sun Fuquan, a researcher at the Beijing-based Chinese Academy of Science and Technology for Development.