Tencent is China's Most Valuable Brand for 4th Year in a Row
Tap "ChinaWire" above ↑↑↑ to follow us！
source: thedrum.com
Tencent has retained the title of China’s most valuable brand for a fourth consecutive year, beating out Alibaba, ICBC and Baidu, according to BrandZ Top 100 Most Valuable Chinese Brands rankings.
The report, which is created by WPP and Kantar Millward Brown, revealed Tencent’s brand value increased 25% to be worth $132.2bn.
The achievement came in a bumper year for Chinese brands which combined achieved record growth in brand value of 23% to be worth $683.9 billion, up from $557.1 billion a year ago.
The growth represents the largest one-year growth since the China ranking was first published four years ago and reinforces the surging strength of Chinese brands.
Tencent, which recently overtook Facebook in terms of market value, was miles ahead of the second most valuable brand Alibaba, which grew 53% year-on-year to achieve a brand value of $88.6bn, while China Mobile held on in third place, despite a 15% decrease in value to $49.2bn
Financial services company ICBC is China’s fourth most valuable brand, worth $37.2bn after an 18% increase in value, and tech giant Baidu, grew 5% to be worth $24.9bn to rank in fifth place.
In a sign of the strength and dominance of China’s e-commerce market, this year’s report welcomed five new logistics companies, in a reflection of the increasing volume and sophistication of the market's package deliveries. Among the new entrant's was SF Express which is ranked the 11th most valuable brand.
WPP’s David Roth said, “The game is changing for brands that want to compete successfully in China. The country’s leadership expects brands to pursue a higher purpose; one that improves the lives of Chinese people, helps drive greater economic equality and strengthens the nation.
“Chinese consumers appear more willing to pay a premium for innovative products and services. More sophisticated in their purchasing decisions, consumers are responding to brands that grab their attention and meet their needs in relevant ways with products and services that are both innovative and different,” said Roth.
The annual BrandZ report combines financial data with interviews with over 400,000 Chinese consumers to create a monetary value for brands.
Doreen Wang, Global head of BrandZ, Kantar Millward Brown said: “Chinese brands are quickly learning how to raise their profile through impactful and memorable advertising. A combination of having the right media mix, message and memorable communication is a sure bet towards accelerating brand value growth.
"The importance of ‘brand’ to Chinese consumers is proven by our Brand Power index, with only those brands with a high Brand Power score, a measurement of consumer predisposition to buy a brand, managing to stay in this competitive ranking, indicating the importance of brand to sustain success in China’s rapidly changing market," said Wang.
Patrick Xu, China CEO, WPP, said: “It’s a really exciting time in China right now with many ambitious businesses recognising the opportunities abroad and the importance of investing in building their brand outside of the region. Many enterprises are responding to China’s Belt and Road initiative and strengthening their overseas expansion momentum. Combined with market dynamics and millions of consumers embracing the China Dream, we believe the overall perception of Brand China is evolving, with Chinese enterprises enjoying a growing reputation within the global competitive landscape.”
Check out www.echinawire.com for more content!
Subscribe by scanning below QR codes to get started.
A convenient way for foreigners and Chinese to buy real foreign imported products while living in China. Stay with ShopWire as we expand our products range. You can use either WeChat wallet or PayPal to purchase our products!
ChinaWire is the largest English WeChat Official account in China with over 150k subscribers. We post articles related to china and around the world as well as a survival mandarin section to help foreigners improve their Chinese skills.
WorldWire is a diversified account which mainly publishes breaking world news, entertainment, lifestyle, culinary and sports news from around the world.
Shop在线 is the Chinese version of ShopWire mainly for Chinese Customers. You can also use it if you are a foreigner with great chinese skills or introduce it to your Chinese friends. We guarantee only real imported products are sold on our shop.