BRANDING

‘Best Global Brands Report 2023’ finds that brand growth is slowing

By our News Team | 2023

Interbrand study says lack of growth mindset, weaker brand leadership and poor forecasting are among the key reasons.

Interbrand recently published it ‘Best Global Brands 2023’ ranking, which reveals that many of the world’s top 100 brands are in a state of stagnation.

The rate of growth in the overall brand value of the ranking slowed sharply after last year’s significant increase – rising by a modest 5.7% this year compared to last year’s 16% increase,

Apple continues to dominate Interbrand’s latest Best Global Brands Report. Photo credit: Josh Sorenson from Pexels

Interbrand cites lack of growth mindset, weaker brand leadership and poor forecasting as being behind the slowdown. This follows a longer-term trend in which brands operating exclusively in one sector, taking an incremental approach, have experienced slower brand value growth.

Says Gonzalo Brujó, Global CEO of Interbrand: “After a few years of strong brand growth, we have entered a period of stagnation, with this year’s table showing moderate growth in overall brand value.

Top brands have all transcended their established category norms

“Businesses which have witnessed a rise in brand value – including Airbnb (#46), Lego (#59) and Nike (#9) – have all transcended their established category norms and play a more significant and meaningful role in society and consumer’s lives.

“As we continue to navigate economic and environmental headwinds, there is a need for improved business cases and better brand management in order to drive future investment and sustain growth within traditional sectors and beyond. Those who can successfully leverage their brand into new consumer pools of potential will reap the rewards of strong brand growth.”

The consultancy’s Global Chief Strategy Officer, Manfredi Ricca, says a brand like Apple can no longer be ascribed to a sector. “It competes across different arenas, helping its customers Connect (the iPhone), but also Thrive (the latest Apple watch is positioned as a health device), Fund (Apple’s new savings account drew nearly US$1-billion in deposits in the first four days), and much more.”

Among the key takeaways from the study:

Apple remains the #1 brand for the 11th year in a row. It is the first brand to rise above half-a-trillion USD in brand value.

Companies that operate across multiple sectors continue to dominate the top of the table – making up 50% of the total value.

Airbnb (#46) is the fastest riser in value (+21.8%), despite only entering the table last year.

The strongest performing sectors are automotive and luxury, with sector values rising 9% and 6.5% respectively. BMW (#10) entered the top 10 for the first time, with Porsche (#47) Hyundai (#32) and Ferrari (#70) also performing well.

For the complete Top 100 ranking and report with industry trends and the full methodology, visit www.bestglobalbrands.com.

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