The key finding from the 2018 China Brand Relevance IndexTM by Prophet is that two years ago 64% of the top 50 most relevant brands to Chinese consumers were multinational. This year that number is down to 40%. The 24% drop in relevance reflects consumer recognition of the growing sophistication of local brands in both production quality and messaging.
IKEA, BMW and Nike were the biggest losers dropping out of the Top 10 to positions close to the list’s bottom. Notably, almost all the top 10 brands are tech companies.
Leon Zhang, co-author of the report said, “We are glad to see more home-grown brands making striking progress in being pervasively innovative while remaining ruthlessly pragmatic. However, global brands still play a leading role in ‘distinctive inspiration’ and ‘customer obsession’.” Source: Marketing-Interactive