Interbrand released 2024 Best China Brands (BCB 2024), marking its 16th brand value ranking for the domestic market. BCB continues to provide strategic implications for growth of local brands.
Summary
The total brand value reached RMB 3.371 trillion, with over 60% of brands increase in value, showing the strength of Chinese brands navigating through economic cycles.
Tencent has been at the top of the list for 9 consecutive years, followed by Alibaba and China Construction Bank. Kuaishou and Huazhu Group have made a strong entry on the list, ranking 25th and 33rd respectively.
The fastest-growing brands this year are mainly from the consumer goods, technology, retail, and automotive industries, indicating that brands satisfying the daily consumption and technology upgradation tend to have higher resilience.
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Interbrand has found that in response to cyclical pressures, Chinese brands have adopted four new paths to value growth: outward expansion, downward deepening, precise targeting, and strengthened leadership.
Brand horizons are turning to external industries or overseas markets. Haier has gone global with its own brand, enhancing the global influence of Chinese brands through a “three-in-one” strategy. Midea is gradually focusing on B2B business to enhance the brand’s high-end technology image, playing the “B+C” complementarity game.
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Kuaishou embraces the “老铁” culture, Moutai penetrates the young demographic, and Yili deepens its local channels. ToC brands are more adept at focusing on the needs of the lower-tier market population and establishing connections with users.
Anta and Mengniu delve into segmented populations, responding to “small” insights with “refined” needs, achieving proactive “brand-to-person” services.
Tencent and Mindray combine innovative technology and AI with core industry technologies, leveraging technological innovation to strengthen their own capabilities and lead new industry trends.
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Source – Interbrand
