Toyota, State Grid, and ICBC are listed as the top three; the national brand loyalty of China continues to grow
NEW YORK, NY / ACCESSWIRE / September 24, 2024 / The "Asia Brand Summit" was held in Hong Kong on September 25 by the World Brand Lab. The "Asia's 500 Most Influential Brands of 2024" list was released at the summit. Toyota, State Grid, and ICBC are listed as the top three influencers. Haier, Honda, Samsung, Sony, China Life, MUFG and Huawei are also listed in the top 10. China, Japan, and South Korea are the three countries with the most selected brands. Steve Woolgar, Emeritus Professor of Marketing at Saïd Business School at University of Oxford, Steve Evans, professor at the Institute for Manufacturing at University of Cambridge, Sara Kim, marketing professor at University of Hong Kong, and Jane Wang, chair professor of Marketing at Fu Jen Catholic University, participated in the conference and delivered keynote speeches.
The selection criterion is the brand's Asian influence. Steve Woolgar, Chairman of the World Brand Lab Academic Committee and marketing professor at University of Oxford, concludes that the indicators used by World Brand Lab to evaluate the influence of Asian brands include market share, brand loyalty, and Asian leadership. Among them, brand loyalty is measured using the rating data from iTrust Rating, and Asian leadership, especially ESG scores, is referenced from Super Finance's ESG database. The 2024 list includes brands selected from 20 countries and regions. China has 219 brands, accounting for 43.80% of the entire list, ranking first among all countries; of these, 178 brands were from mainland China. Japan ranked second with 128 brands, while South Korea ranked third with 46 brands. Professor Woolgar believes in the Asian market, foreign brands investing in China can gain more returns than investing in India because China has a strong infrastructure, a large middle class, and a well-established supply chain system.
In recent years, there have been significant changes in global consumer trends and industry development patterns. This year's list includes brands from 41 industries. Finance is the largest industry with 70 brands. The second to fifth most popular sectors were information technology (50), media (45), food and beverage (44), and automobiles (27). Among the Chinese brands that performed well are State Grid, Haier, Wuliangye, China Southern Power Grid, Beidahuang, Tsingtao Beer, Changhong, Tongwei, Hengli, Shenghong, Bosideng, HBIS, Feihe, Zoomlion, JOMOO, Doublestar, Yanjing, and GCL. According to World Brand Lab, technology brands in Asian countries are generally weaker compared to those in the U.S., while luxury brands in Asia lag behind those in Europe.
World Brand Lab has conducted a survey on consumer loyalty across Asian countries for 12 consecutive years. Japanese consumers continue to have the highest national brand loyalty at 84%. South Korea ranks second with 75%. The enthusiasm of Chinese mainland consumers for domestic brands has continued to rise, increasing from 36% more than a decade ago to 70%, ranking third. There are 37 new brands on the list this year. Mainland China leads with the highest number of new brands on the list, totaling 15. These new additions include prominent industry names such as Poly, King Long and FSL. In terms of industry distribution among the newly listed brands, four are from the automobile sector, highlighting the robust industrial strength that Asian car manufacturers have exhibited in the global automobile market in recent years. In this year's list, Moutai, Wuliangye, and Tsingtao Beer ranked as the top three brands in the food and beverage sector, and these brands already have significant global influence.
The topic for this year's Asia Brand Summit is "Sustainable Leadership: The Rise of Asian Brands in Global Markets." Dr. Steve Evans, Professor at the Institute for Manufacturing at University of Cambridge, believes that the connection between sustainability and brand building is becoming increasingly close. People no longer expect companies to merely minimize their environmental impact; now, they also demand that businesses actively drive change and demonstrate a true commitment to sustainable practices. This shift is not just a trend but a fundamental change in how brands operate and engage with stakeholders, moving towards greater authenticity. For example, European brands like BMW and Chanel, as well as Chinese brands like State Grid and Haier, are all transitioning towards sustainable brands. Brands that fail to fulfill their sustainability commitments may risk losing consumer trust and loyalty.
Dr. Sara Kim, Professor of Marketing at University of Hong Kong Business School, contends that Asian brands are having a transformative impact on the global economic landscape. As these brands rise, they reflect a shift towards sustainability-oriented leadership, which is crucial for establishing a resilient global identity. Although the ESG strategies of Toyota and Hyundai have their respective strengths and weaknesses in promoting sustainability, both are striving to prioritize governance within the ESG framework to enhance brand reputation. Furthermore, there is growing intolerance for "greenwashing." Consumers are becoming increasingly discerning, demanding transparency and accountability from brands. This means that brands not only need to adopt sustainable practices but also communicate these practices in an authentic and effective manner.
Dr. Steve Woolgar, Emeritus Professor of Marketing at the University of Oxford and Chairman of the World Brand Lab Academic Committee, said scholars and corporate executives worldwide are exploring the complex relationship between sustainability, technology, and branding, studying how these elements intertwine to shape modern enterprises. Nearly 80% of Generation Z consumers and investors prioritize ESG factors in their purchasing and investment decisions. Advances in new technologies play a crucial role in sustainability. In the field of brand communication, digital tools enable companies to effectively share their sustainability initiatives with audiences, thereby strengthening connections with customers.
Dr. Haisen Ding, founder of World Executive Group and World Brand Lab, believes that there is an invisible hand guiding the economic system, which he refers to as the reputation ecosystem. Sustainable brand building is about adapting to, establishing, and maintaining a reputation ecosystem. It requires companies to align their values with broader global social and environmental responsibilities, integrating ethical practices into all aspects of the business-from supply chain management to product development. Brands that successfully navigate this framework can not only enhance their reputation but also create a competitive advantage in markets with growing ecological awareness. Sustainable development encourages companies to develop new products that support environmental goals, which undoubtedly attracts environmentally conscious consumers and investors.
World Brand Lab, wholly owned by the leading strategic consulting and business communication company World Executive Group, is an international brand value research institution, founded on the initiative of and first chaired by Professor Robert Mundell, winner of the 1999 Nobel Prize in Economics. The current chair is Professor Steve Woolgar from the University of Oxford. The experts and consultants of World Brand Lab come from Harvard University, Yale University, MIT, Columbia University, University of Oxford, University of Cambridge, INSEAD and other top universities around the world. Its research results have become an important basis for intangible asset valuation in the process of M&A of many enterprises. The Asia's 500 Most Influential Brands list has been published annually since 2006.
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SOURCE: World Brand Lab
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