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China Fund News reporter heard

On July 23, the "2024 Shenzhen Yantian District Hurun Top 100 National Trend Brands List" was released. Kweichow Moutai, Huawei, and Wuliangye were listed as the top three national trend brands with the highest value. Among them, Kweichow Moutai's corporate value reached 2.12 trillion yuan, far exceeding other companies.

The Ministry of Commerce has designated 2024 as the "Year of Consumption Promotion", and policy measures mention promoting the consumption of "domestic trendy products". It is estimated that the market size of China's domestic trendy economy will reach 2.05 trillion yuan in 2023, and is expected to exceed 3 trillion yuan in 2028.

Xiaomi becomes the first emerging national trend brand

The top ten emerging domestic brands include Xiaomi, Pop Mart, Ideal, PROYA, and Cha Baidao, and the companies behind them are all listed companies.

"Xiaomi is a successful example of innovation for young consumers." Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, said that the launch of Xiaomi Motors in March this year was a milestone for the company to cross over from the consumer electronics sector to the automotive sector. The Xiaomi brand has gained market reputation and traffic accumulation, and has been recognized by the capital market and consumers.

Emerging national trend brands are changing people's lifestyles and consumption habits. The list introduces emerging national trend brands that provide emotional value to consumers, including IP trendy toys that represent personalized and diversified spiritual consumption lifestyles, represented by Pop Mart, X11 and TOP TOY.

In a broad sense, national trends can refer to new local consumer brands or old brands that have regained new vitality. The list shows that the top five classic national trends are Huawei, BYD, Li Ning, Kweichow Moutai, and Chow Tai Fook.

"The classic brand can be called the 'godfather of national fashion'." Hurun introduced that the golden brand focuses on the "IP co-branding" track and the liquor brand is good at integration and innovation.

For example, Wuliangye’s innovative product, the “Wu Gu Ronnie” cocktail, has created a new paradigm of Eastern-Western fusion of Chinese liquor and cocktails.

From the perspective of social influence, the list mainly examines the brand's dissemination and discussion volume on mainstream social media such as Weibo, WeChat, Xiaohongshu, and Douyin, as well as the Baidu search index. The top brands include Huawei, BYD, OPPO, Guyu, etc.

Food and Beverage Industry Prominence

"What surprised me was that among the top 100 domestic brands, the food and beverage and daily chemical industries contributed the most, rather than the clothing industry as we traditionally understood. This is the biggest difference between Chinese and American domestic brands," Hurun mentioned.

The list shows that there are 24 brands in the food and beverage industry, including Yili, Chabaidao, Wanglaoji, Nayuki, Bestore, Bright, Three Squirrels, Yanjinpu, etc.

The big consumption industry is a representative industry of the national trend. The list shows that the big consumption industry has innovated its products by integrating traditional cultural elements, the most typical of which is the cross-border collaboration of brands with different advantages.

Judging from the regions where domestic trend brands are active, 30% of the listed brands are concentrated in Guangdong, including BYD, Huawei, Honor, Wanglaoji, Nayuki Tea, etc.

Hurun believes that this demonstrates the overall manufacturing strength and innovation of Guangdong and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as its leading ability to promote the development of national trend brands.

Three factors are needed for the success of national fashion brands

Hurun believes that a successful national trend brand needs to be supported by three key factors, namely local culture or technological background, the brand's own hard power that can demonstrate China's confidence, and the ability to attract young consumers.

In this regard, Hurun Research Institute divides national trends into two categories: fast-moving consumer goods and hard technology.

The fast-moving consumer goods sector calls it the Cultural National Trend, which can be understood as cultural empowerment, which refers to integrating the symbols, patterns, and techniques of traditional Chinese culture into products and brands, giving traditional culture new vitality. For example, tea, the 24 solar terms, Peking opera, paper-cutting and other United Nations intangible cultural heritage and national intangible cultural heritage elements.

The hard technology field calls it the national trend of science and technology, which can be understood as technology empowerment, referring to unique Chinese technology. For example, self-developed chips and new energy vehicles represent China's new quality productivity and lead the development of the industry.

The list shows that in terms of national trend innovation, the top five brands include cultural national trend brands HEYTEA, Bawang Cha Ji, and technological national trend brand Ideal Auto.

Editor: Captain

Review: Chen Mo

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