TikTok has been named the World’s Fastest-Growing Brand, while Apple holds on to world’s most valuable brand title with a record valuation at more than US$355 billion, followed by Amazon and Google.
New entrant TikTok was the world’s fastest-growing brand, up 215%, leading a global revolution in media consumption. Tech remains the most valuable industry, while second-ranked retail crosses the US$1 trillion mark, following 46% brand value growth during the COVID-19 pandemic.
The development of COVID-19 vaccines sees pharma named as the fastest-growing industry, while the tourism sector remains below pre-pandemic valuation.
USA and China continue to dominate, claiming two thirds of brand value in ranking, while India sees the fastest-growth over the course of pandemic among the top nations, up 42%.
Amazon and Google saw good levels of growth, both keeping their spots in the Brand Finance Global 500 ranking behind Apple in 2nd and 3rd place respectively. Amazon joined Apple in crossing the US$300 billion brand value mark with a 38% increase to US$350.3 billion, navigating global supply chain issues and a labour shortage in the process. Since June 2021, it has hired 133,00 new employees and recently announced plans to hire a further 125,000 hourly workers in anticipation of continued growth.
Amazon sees logistics as key, developing its own end-to-end supply chain through a growing fleet of trucks, vans, and aeroplanes. Across 2020 and 2021, the brand has invested an estimated US$80 billion in its logistics division, compared to a combined US$58 billion in the previous five years.
Google saw a similar brand value growth of 38% to US$263.4 billion. The brand relies on advertising for the vast majority of its revenue, and was hurt at the start of the pandemic as advertising spend dropped due to uncertainty. However, as the world adjusted to the new normal, and with people spending more and more time online, advertising budgets opened back up and Google’s business rebounded, resulting in a healthy uplift in brand value.
TikTok is the world’s fastest-growing brand. The entertainment app’s brand value has increased from US$18.7 billion in 2021 to US$59.0 billion this year. Claiming 18th spot among the world’s top 500 most valuable brands, it is the highest new entrant to the Brand Finance Global 500 2022 ranking.
With COVID-19 restrictions still in effect across the globe throughout 2021, digital entertainment, social media, and streaming services saw continued growth, and TikTok’s rise is testament to how media consumption is changing. With its offering of easily digestible and entertaining content, the app’s popularity spread across the globe, however, it also acted as a creative outlet and provided a way for people to connect during lockdown.
The tech sector is once again the most valuable in the Brand Finance Global 500 ranking, with a cumulative brand value of close to US$1.3 trillion. Technology and tech brands have become of ever-increasing importance in the modern world, a trend that has only been exacerbated by the COVID-19 pandemic.
Retail continues to thrive
The retail sector has cemented its position as the second most valuable in the Brand Finance Global 500 ranking, crossing the US$1 trillion mark for the first time.
Prior to the pandemic, retail was the third most valuable sector behind banking, but a boom in e-commerce has seen it pull away whilst banking has remained stagnant. Over the course of the pandemic, retail has been the fastest-growing large industry in the Brand Finance Global 500 ranking, with a brand value increase of 46% – outpacing the tech and media sectors which grew by 42% and 33% respectively.
This year, one of the sector’s top performers, Walmart, continued to see brand value growth and reclaimed its spot in the top 5, with the retailer climbing from 6th to 5th following a 20% increase in brand value to US$111.9 billion.
Retail also saw the most new entrants in the ranking this year at nine brands, meaning almost one in four new entrants have come from the sector. The majority of the new retail brands are supermarkets – many of which adapted to the new normal by making themselves more accessible through online shopping and click and collect. Germany’s Edeka is the highest ranked of the nine, entering the ranking at 340th place with a brand value of US$6.5 billion.
The initial impression of lockdown may have been that retail would suffer, but those that have shown the agility to adapt and utilise technology have impressed with solid gains. The transformation of the industry to meet its customers’ evolving needs has sown the seeds for both short- and long-term prosperity.
Woolworths most valuable brand in Australia
Woolworths has maintained its spot as the most valuable brand in Australia and the wider region of Oceania for the third consecutive year, following a 9% boost to its brand value to reach US$10.2 billion. Holding a 33% market share, Woolworths is Australia’s biggest supermarket chain and has been pivotal in keeping the supply chain going throughout the pandemic. Over the last year, the brand has demonstrated an ability to adapt to the shifting retail landscape, expanding its online capability to better serve its strong customer base. The brand’s strong reputation, loyal customers, and lower risk over the last year helped to navigate any potentially detrimental effects to its brand value caused by Endeavour Group’s demerger, of which Woolworths owned 15%.
Source: Brandfinance.com
