Prophet, a global brand and marketing agency has released its second China Brand Relevance Index - a ranking of the most relevant brands in consumers' lives. And it makes for interesting reading.
50% of the top ten and close to half of the top 50 brands in China are in the tech field - a finding that highlights that the needs of the Chinese consumer mirror what we see happening across the world.
It's about providing compelling brand experiences on demand across channels and devices. The need for brands to constantly stay fresh and accessible is the overriding message that comes through from the study.
Among the emerging trends also found in the study was the rise of the "experience economy" with 20% of the brands in the top 100 coming from luxury hotel and auto brands.
Perhaps of more interest is the inferences through the study that China is a happy and healthy country. Music, gaming, entertainment and sporting goods brands have higher relevance to the consumer than ever before. An indication perhaps that the working ethic so long rooted in Chinese economic growth is perhaps adapting to more western ideals?
So the study provides an insight into the world's 2nd largest economy. It's rather fascinating that with the exception of Alipay, WeChat and NetEase, the most relevant brands in China are all international. This highlights the success western companies enjoy in this huge market but also shows that as in the rest of the world, brands that integrate into our everyday lives enjoy greatest relevance.
According to Shanghai based Prophet partner Leon Zhang, "brand that are relevant in the moments that matter most to the consumer will grow the fastest".
Now that's a mantra we can take away from the report.
Five of the top 10 and almost half of the top 50 brands are in the tech field, while the rest have all invested substantially in digital to better connect with consumers – proving that the most compelling brand experiences happen on demand, across devices and channels – not in one space or during one interaction, the consultancy said in the report.