According to the National Bureau of Statistics, the total retail sales of consumer goods in mainland China will reach 47.1 trillion yuan in 2023, a year-on-year increase of 7.2%. Entering the first quarter of 2024, the national consumer confidence index climbed to 105.8, up 3.5 from the previous quarter. It can be seen that the mainland's national economy is steadily improving, and the consumer market continues to be active.
In today's highly competitive world, branding, as one of the key factors in consumer choice, not only represents the quality and characteristics of a product or service, but also a symbol of trust, recognition and emotional connection. In the age of information explosion, it is only natural that consumers will have more choices. The value of a brand is to provide consumers with guidance and help them make informed purchasing decisions.
Therefore, many enterprises attach great importance to and are committed to continuously improving their brand value, and they win the trust and support of consumers by establishing a good brand image, providing high-quality products and services, conveying positive brand values, and actively fulfilling social responsibilities.
Forbes China has long been concerned about the transformation and progress of China's business sector, and recognizes the empowering value that brands bring to enterprises. In order to further promote the high-quality growth of Chinese brands, Forbes China and Bingo Consulting have joined hands to jointly launch the "2024 Forbes China Brand Value Series", aiming to discover and witness those leaders who promote the power of Chinese brands, and provide reference and guidance for the Chinese brand market.
Introduction to the selection
There are two awards in this selection: "Top 50 Good Brands of the Year" and "Top 20 Innovative Brands of the Year". Participating companies must meet the following conditions: they must have been in stable operation for more than three years, be a Chinese brand that is original to Chinese enterprises and provide products or services in China, and have no major negative news or dispute records in the history of the brand. These conditions guarantee the excellence and representativeness of the award-winning brands.
There are four core dimensions in this selection, including:
- Brand market performance
- Brand reputation
- Brand communication influence
- Brand innovation
In terms of brand market performance, we comprehensively consider the brand's revenue in the past three years, the market share of its core products, and the brand's unique advantages. The dimension of brand reputation mainly refers to the service quality provided by the brand and its relevant honors in the industry. The dimension of brand innovation focuses on the achievements and breakthroughs of enterprises in digital transformation. In terms of brand communication influence, more attention will be paid to the comprehensive performance of the brand in terms of advertising and marketing, advertising strategy and consumer feedback. Finally, Forbes China also focuses on the brand's product planning, market development strategy, and corporate strategic decision-making in the next five years to comprehensively assess the brand's long-term development potential.
The following are the results of the "2024 Forbes China Brand Value Series":
Core findings
1
Selection
The market size of the selected brands in the "Top 50 Good Brands of the Year" is significant, and 36% of the companies have been successfully listed. In terms of performance in 2023, 33 companies have achieved revenue of more than 10 billion. In terms of geographical distribution, these excellent brands are mainly concentrated in Shanghai, Guangdong, Beijing and Zhejiang.
In the "Top 20 Innovative Brands of the Year", the selected brands performed very well, despite their relatively recent years, with an average age of about 12 years. In particular, it is worth mentioning that these enterprises have outstanding performance in the dimension of innovation, and most of them are committed to the exploration of cutting-edge technologies and digital transformation, showing significant innovation vitality and huge development potential.
2
Cultural inheritance promotes development
The cultural heritage of the brand carries the past and future of the brand, and is also the source of consumer identity. In this selection, through excellent brand reputation and brand communication influence, there are also a large number of companies that stand out, such as Emma Electric Vehicle, which has been inherited for 25 years and has won the top spot in China's Customer Satisfaction Evaluation (CCSI) for 8 times; White Elephant, which adheres to national feelings, employs disabled employees, and has won wide praise from all walks of life and made its sales surge in 2023; Fat Donglai, with a good reputation for good service attitude and humanized management, has grown from a small grocery store to a large-scale multi-format supermarket with 35 chains。 These selected brands demonstrate the close connection between cultural heritage and brand development.
3
A new trend in online consumption
According to the National Bureau of Statistics, online consumption will continue to grow in 2023, with national online retail sales reaching 15.4 trillion yuan, a year-on-year increase of 11.0%. Among them, the online retail sales of physical goods were 13 trillion yuan, a year-on-year increase of 8.4%, accounting for 27.6% of the total retail sales. Judging from the results of this selection, many brands are emphasizing keywords such as "digitalization", "online" and "e-commerce expansion", among them, among the companies selected as good brands of the year, pure online platforms account for as many as 8, and the main service areas include e-commerce retail, local life and medical health. Through online channels, brands can gain in-depth insight into consumer needs, keep up with market trends, and formulate more precise marketing strategies accordingly.
4
New applications of cutting-edge technologies
Driven by a new round of global scientific and technological revolution and industrial upgrading, disruptive scientific and technological innovation achievements are emerging. As the core driving force, cutting-edge technology is regarded as a key evaluation factor in the evaluation of brand innovation and forward-looking dimensions. In the "Top 20 Innovative Brands of the Year", the selected companies have demonstrated their outstanding innovation strength with the help of cutting-edge technologies, such as realme launched multiple "1+5+T" ecological products through AIoT technology, SYCORE-TEX developed disruptive intelligent temperature control materials to combat climate change, and YCYW, founded more than 90 years ago, creating future schools and future education departments, breaking the boundaries of traditional education. In addition, other selected companies have also shown outstanding achievements in many emerging fields such as unmanned driving, 3D printing, AIGC, and digital human, injecting strong impetus into the vigorous development of future industries.
Disclaimer: The selection is a business cooperation content, part/all of the data used for the research comes from partners and third parties, and the relevant views and conclusions are based on the above data research, and do not make any investment guidance and reference.