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"China is developing so fast and that is the biggest draw for them," Wang said.

"But ultimately ... the data drives that decision. That's where the transmission is. It's not in cafes and restaurants, but it is, in small numbers, in people's homes. One family to another."

"China is definitely a highly dynamic market for luxury brands, which see growth momentum largely coming from the country," Zhang told China Daily in an interview. "With the younger Generation Z consumers shaping up to be the backbone for luxury brands, their desire for socializing, interaction and sharing are propelling us to delve into the realm of social retail."

"But the trend to innovate and apply 5G in a wide range of industries will motivate them to move fast," Wang said.

"China has been investing in infrastructure in South America for a while," Leeds said. "So, from our perspective, we don't think that's news - just additional competition. Brazil and Argentina still have a long way to go, but these investments are certainly closing the gap on their ability to compete with the US."