In recent years, investors have been pondering exactly when China will shift from an investment and infrastructure-fuelled, export-led economy to one more driven by the domestic consumer. As much as Australian businesses are salivating over the rise of the middle class in China, investors understand it cannot turn off its citizens' deep historical savings culture overnight.

The latest economic data, however, shows frugality is giving way to consumerism faster than many may expect. Consumption contributed a hefty 71 per cent of China's GDP growth in the first three quarters of the year, compared with 66.4 per cent in 2015, and Australian companies targeting the rising middle class in China are in the thick of it.