World Brand Lab Publishes '2023 China's 500 Most Valuable Brands' List
NEW YORK, June 15, 2023 (Newswire.com) - On June 15, 2023, World Brand Lab unveiled the 20th edition of "China's 500 Most Valuable Brands" list, with State Grid topping the list at a value of 626.87 billion RMB. The top five spots also included ICBC, Haier, PetroChina, and China Life. Esteemed experts from prestigious institutions including Harvard, Yale, Oxford, Stanford, and UC Berkeley attended the World Brand Summit in Beijing, where they discussed 'Global Branding in the Age of AI and Web 3.0'. The annual report showcased analysis of financial data, brand strength, and consumer behavior, highlighting China's top brands.
In 2023, China's 500 Most Valuable Brands achieved a total worth of 34,331.18 billion RMB, representing a significant 10.84% increase from the preceding year. Dr. Steve Woolgar, Chairman of the Academic Committee of the World Brand Lab, commended the swift progress of Chinese brands such as State Grid, Haier, China Life, Sinochem Group, China Resources, China Southern Power Grid, China Huadian Corporation, Wuliangye, Tsingtao Brewery, Beidahuang Group, XCMG, Tongwei, Bosideng, Feihe, Power Dekor, Hengli, DoubleStar, JOMOO, and GCL as they continue to spread their influence worldwide. The 20th edition of the report highlights the remarkable 1289.08% surge in the average value of the top 500 brands, reaching over 68.66 billion RMB. Furthermore, 72 Chinese brands have a value exceeding 100 billion RMB.
This year's "China's 500 Most Valuable Brands" list features brands from a diverse array of 25 industries, spanning food and beverage, light industry, construction materials, media, and textiles and apparel. The food and beverage sector dominates the list with 83 brands, representing 16.60% of the total. In measuring brand loyalty, the World Brand Lab utilized iTrust Rating's brand database and SuperFinance's ESG database to gauge brand leadership. Additionally, Carboncare International's measurements of branded companies' carbon emissions were incorporated to introduce a "carbon score" label. This underscores that companies or industries with low ESG scores or a lack of environmental and climate-friendly initiatives have comparatively lower brand value, as exemplified by the tobacco industry.
Based on research by the World Brand Lab, a region's competitive strength is linked to its comparative advantages, with brand benefits serving as a catalyst for growth and development. Brands signify regional progress, driving economic advancement and local brand emergence. Beijing clinches the top spot in this year's "China's 500 Most Valuable Brands" report with 87 brands, attributed to the strong profitability of central enterprises headquartered there. Guangdong and Shandong follow closely behind with 84 and 45 brands, respectively. Of the 500 brands listed, 437 hold national influence (87.40%), and 63 have global influence, indicating a slight increase compared to last year.
Dr. Elie Ofek, from Harvard Business School, emphasizes AI's transformative potential in rebranding and highlights that entrepreneurs must explore how intelligent technologies reshape brand management. AI goes beyond efficiency and can shape brand identity, fostering customer relationships. Establishing a framework to identify AI's roles in brand management is vital for success across industries.
Dr. Jennifer Aaker from Stanford believes AI should deepen meaning, not just generate short-term happiness. Essential questions include human values, trust-building AI, and what it means to be human. Dr. David A. Aaker from UC Berkeley recognizes AI's role in marketing, emphasizing personalized interactions with stakeholders and the need for expertise in data-driven software.
Dr. Ravi Dhar, from Yale School of Management, notes the impact of the metaverse on brand strategy. Brands can build trust through user experiences and influencers, while creating immersive virtual experiences and offering virtual goods. As AI tools like ChatGPT grow, brands must address the challenge of disinformation, considering effective responses to avoid negative consequences.
Dr. Haisen Ding, CEO of World Executive Group, believes that AI and Web 3.0 will disrupt global brand building. This era offers equal innovation chances for Chinese and foreign brands. Using AI, companies can revolutionize marketing by analyzing data, predicting consumer behavior, and personalizing messaging.
World Brand Lab is an internationally recognized brand value research institute that is wholly owned by World Executive Group, a leading digital business and strategy consulting firm. The institute was co-founded by Nobel Laureate Robert Mundell, who served as its first chairman. Its research is widely used to evaluate intangible assets during mergers and acquisitions.
Source: World Brand Lab
