Multinational brands give their place to local firms in China

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Multinational brands give their place to local firms in China

September 13, 2018 - 11:50
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Multinational brands give their place to local firms in the most populous country’s market, Bloomberg reports referencing to report of consulting company Prophet. Chinese brands took 30 positions out of 50 most popular brands in China.

Photo By Raysonho @ Open Grid Scheduler / Grid Engine - Own work, CC0, via Wikimedia Commons

Multinational brands give their place to local firms in the most populous country’s market, Bloomberg reports referencing to report of consulting company Prophet.

Chinese brands took 30 positions out of 50 most popular brands in China. The leading place is taken by online payments operator Alipay. And this a big change compared with 2016, when only 18 positions were occupied by Chinese firms.

Analytics assume that Chinese brands are more effective in reaching Chinese customers through social media.

Survey involved 13000 Chinese customers that rated companies taking into account innovativeness, practicality, focus on customers.

Report revealed obvious problems for Apple Inc. in China, which is the second largest market for iPhone maker. Local rivals, such as Huawei and Xiaomi, continue gaining popularity.

Many other Western companies were pulled out of first 10 places by Chinese buyers. Nike fell to 44th place, BMW AG to 46th. Ikea that took 4th place last year did not even make it into first 30.