Chinese tech giant Tencent retained its first spot on Kantar BrandZ’s Top 100 Chinese Brands 2022 list.
What Happened: On August 25, Kantar BrandZ’s Top 100 Chinese Brands 2022 outlined the country’s leading players. According to the report released by global research firm Kantar, the top 100 homegrown brands amount to $1.24 trillion (8.51 trillion RMB) in overall brand value, surpassing the monumental $1 trillion (6.86 trillion RMB) mark for the second year in a row. While total brand value fell by 20 percent, local leaders in the technology, media, and retail sectors showed strong resilience through consolidating their core business while exploring growth opportunities of emerging trends.
Kantar BrandZ’s report, released by Kantar, is a recognized currency when it comes to accessing brand value and quantifying brand assets and performance.
The Jing Take: China has long been known as the factory of the world with strong manufacturing capacity but low brand-building capability. However, this stereotype has been diluted by local conglomerates — dynamic newcomers which are fast risers. As per Kantar, the top Chinese brands present a well-developed cultural intelligence, which have been proven in their “responsibility towards mental health,” “holistic approach towards sustainability,” and the development of “a closer community.” The report also pointed out many local brands’ investment in the metaverse which illustrates their forward thinking.
This report not only gives credit for the featured brands’ performance, but also offers guidance for global brands to find qualified and trusted local partners in China (especially in the face of global uncertainties, such as supply chain disruptions, inflation, rising energy prices, and the fallout from the pandemic). Take Tencent; though the tech titan logged its first-ever revenue decline in the second quarter of 2022, its belief in technology innovation secured the group’s leading position in China. Continue to read the full article here