Alibaba did not disclose the transaction volume via its platforms until the festival concluded on Friday－a departure from previous years, where each sales milestone was celebrated in real time.

Jason Yu, general manager of consultancy Kantar Worldpanel and an expert on China's consumer market, said that this year e-commerce platforms focused on reporting category-based revenue changes in order to assess consumption trends.

However, the passion for the festival is here to stay, as it is a pivotal event in unleashing consumers' potential to spend more and pursue quality lifestyles, he added.

Yu's remarks are supported by the results of a survey conducted by global consultancy Bain & Co. Of some 3,000 people asked about their attitude toward this year's festival, 52 percent of respondents said they planned to spend more than last year, while only 8 percent said they were slashing their budgets.

As the festival has grown to become an international event, global labels have long cashed in, with the sales list topped by companies such as cosmetics manufacturer L'Oreal Group and electronics giant Apple.

Meanwhile, newcomers are looking to the event to make themselves more relevant to the Chinese market.

At this year's event, upscale extreme weather clothing brand Canada Goose debuted its footwear collection ahead of the global launch, a move aimed at celebrating local culture, according to the company's president and CEO, Dani Reiss.

"We are excited to celebrate this launch during a pivotal time in the market from a business perspective… and we know consumers are in the mindset of exploration and discovery," Reiss said, explaining the thinking behind launching the new product line in China.