Alibaba is closely followed by telecoms firm China Mobile with a brand value of US$57.9 billion, inching up 1 per cent year on year.
The rankings are based on the companies’ financial performance, as well as opinions gathered from interviews with more than 400,000 Chinese consumers.
The sectors that enjoyed the fastest growth benefited from serving China’s urban middle class, the report said, adding that brands that clearly meet a defined consumer need will thrive.
“The brand power – which tests consumer inclination to select a given brand – of Chinese brands continues to grow and for the first time has started to surpass that of multinational rival brands,” said Deepender Rana, chief executive officer, Greater China, at Kantar Insights. “We expect this trend to accelerate in future years as Chinese companies realise they need to build differentiated brands to command a premium in a competitive market, where penetration-led growth is plateauing off in many categories.”
As China pivots to a consumption-led economy, the most impressive performances have been posted by brands providing products and services for the growing middle classes, according to the report.
