This year has seen a substantial fall in the value of UK brands, which could disappear completely from the list of top 100 global brands within three years.
The annual BrandZ list of the UK’s top 75 most valuable brands, produced by data, insights and consulting company KAntar, reported a fall of 13% in UK brand value over the past year, and 15% since 2017. This amounts to a total loss of $32 billion in value.
In stark contract, the global top 100’s value increased by 5.9% this year, with a total value of nearly $5 trillion, which amounts to more than the GDP of Japan, the world’s third largest economy.
If UK brands continue to experience a loss in value, Kantar has warned that they could see themselves disappearing completely from the BrandZ list as soon as 2024.
Vodafone continues to be the UK’s biggest brand, with a value of $23.1 billion. However, Vodafone has seen a decrease of 13% in its value over the past year, putting it at just 55 in the global rankings. All of the other UK top 10 brands have also seen a decrease in value, with the exception of Lipton, whose value has remained steady.
The effects of the pandemic are noticeable in this year’s list, with entertainment, food and drink, and personal care brands seeing an increase in value while sectors such as retail, cars, and luxury have taken a significant hit.
Ocado is the UK’s fastest growing brands, having increased its value by 63% to $3.3 billion and coming in at number 18 on the UK list. JustEat and Deliveroo have also seen significant increases in their value.
The conclusion of the report is that only brands which can anticipate change and adapt to new consumer behaviour patterns will be able to maintain their value in such uncertain times.