The 100 most valuable Chinese brands boasted a combined brand value of US7.1 billion last year, up 6 percent from 2015 as consumers focused more on premium instead of price, according to a latest study.
The BrandZ China Top 100, a study done by WPP and Kantar Millward Brown, revealed technology firms, banks and telecom providers were the biggest contributors by absolute size in boosting the brand value in China.
Technology giant Tencent remained China's most valuable brand, growing its brand value 29 percent to US6 billion. Education and travel were the fastest growing sectors, up 46 percent.
“The strong brand value growth we have seen this year in the technology, travel and education sectors demonstrate that brands that clearly meet a defined consumer need will thrive,” said David Roth, CEO for Asia, Europe, the Middle East and Africa at The Store — the global retail practice of WPP.
The ranking combined financial data from Bloomberg News and Kantar Worldpanel with consumer opinions gathered from interviews with over 400,000 Chinese consumers since the ranking was first launched in 2008. The first China ranking with the top-50 brands was published in 2011.
The need to provide for the aspirations and growing sophistication of consumers in China has changed the competitive dynamic for many brands, the study showed.
Roth added that there “are still massive opportunities for strong distinct brands to address the aspirations of the rising urban middle class and drive superior value for shareholders.”
Lenovo was the most export-focused brand in the BrandZ China Top 100.