APPLE/GOOGLE/MICROSOFT/AMAZON/

MCDONALD’S/ VISA/TENCENT/LOUIS
VUITTON/MASTERCARD/COCA-COLA/
ARAMCO/FACEBOOK/ORACLE/ALIBABA/
AT&T/ VERIZON/IBM/MOUTAI/HERMÈS/
THE HOME DEPOT/NIKE/ACCENTURE/
UPS/NVIDIA/TESLA/TELEKOM/T-MOBILE/
STARBUCKS/ WALMART/INSTAGRAM/
MARLBORO/CHANEL/QUALCOMM/
COSTCO/YOUTUBE/ADOBE/NETFLIX/
LINKEDIN/CISCO/DISNEY/XFINITY/
TIKTOK/TATA CONSULTANCY SERVICES/
TEXAS INSTRUMENTS/INTUIT/L’ORÉAL
PARIS/SPECTRUM/AMERICAN EXPRESS/
SAP/SALESFORCE/AMD/RBC/INTEL/
WELLS FARGO/SAMSUNG/MEITUAN/
HDFC BANK/UNITEDHEALTHCARE/
HUAWEI/HAIER/XBOX/PAYPAL/TOYOTA/
VODAFONE/JD/GUCCI/INFOSYS/TD/
J.P. MORGAN/ICBC/SHEIN/MERCEDES-
BENZ/MERCADO LIBRE/CHINA MOBILE/
BCA/CHASE/AIRTEL/SIEMENS/COMMBANK/
EXXONMOBIL/KFC/NONGFU SPRING/
BANK OF AMERICA/LOWE’S/NTT/PING AN/
IKEA/BMW/BUDWEISER/LANCÔME/AIA/
PEPSI/DHL/RED BULL/ZARA/COLGATE/
UBER/FEDEX/SHELL/SONY/PAMPERS
 1 2 3 4
W E LC O M E I NT RO D U CTION HOW BR ANDS M O ST VA LUA B L E C AT EG O RY THOUGHT
& AN ALYS IS C R E AT E VA LU E G LO B A L B R A N D S F O CU S LEADERSHIP

03 — INFOGRAPHIC 13 — OVERVIEW 31 — A SENSE OF DIFFERENCE 48 — TOP 100 GLOBAL BRANDS 55 — THE CATEGORY STORY 63 — BRAND STRATEGY
04 — WELCOME 16 — THE BIG PICTURE 35 — SUSTAINABILITY FOR ALL 50 — NEWCOMERS 58 — ALCOHOL 77 — CREATIVE
07 — WHAT IS KANTAR BRANDZ? 21 — KEY RESULTS 38 — SUSTAINABILITY 52 — TOP RISERS 67 — APPAREL 85 — GROWTH STRATEGY
23 — STOCK PORTFOLIO 41 — INFLATION & PRICING 72 — AUTOMOTIVE 93 — TECHNOLOGY & HEALTH
24 — CROSS-CATEGORY TRENDS 44 — PRICING 80 — BUSINESS TECHNOLOGY 111 — INNOVATION
AND SERVICES PLATFORMS
125 — MEDIA
88 — CONSUMER TECHNOLOGY
AND SERVICES PLATFORMS 133 — AI

96 — FAST FOOD 143 — CUSTOMER EXPERIENCE

5 6
101 — FINANCIAL SERVICES
106 — FOOD AND BEVERAGES
114 — LUXURY
119 — MEDIA AND ENTERTAINMENT

C LI E N T RE S O URCE S 128 — PERSONAL CARE

138 — RETAIL
P E R S PEC T IV E S
146 — TELECOM PROVIDERS

152 — AIA 172 — BRAND VALUATION

METHODOLOGY
155 — COCA-COLA
176 — REPORTS & PUBLICATIONS
158 — HAIER
178 — ABOUT US
162 — HDFC BANK
180 — OUR BRAND EXPERTS
165 — L’ORÉAL
186 — KANTAR BRANDZ TEAM
168 — MONDELĒZ
189 — CONTACT US

Itallics denote THOUGHT LEADERSHIP features

TH E TO P 100 M O ST VALUAB LE
G LO BAL B R AN DS TH E TO P 10 TO P 10 RI S E R S C ATEG O RY CO M P O S ITI O N

B R A N D VA LU E (U S $ M) B R A N D VA LU E C H A N G E B R A N D VA LU E (U S $ M) B R A N D VA LU E C H A N G E
2023 V S . 2022 2023 V S . 2022
1
APPLE 51
RBC $880,455
2
GOOGLE 52
INTEL
3
MICROSOFT 53
WELLS FARGO
-7% 2023
+24%
4
AMAZON 54
SAMSUNG $577,683
$501,856
$22,332 M
5
MCDONALD’S 55
MEITUAN 2022
TELECOM PROVIDERS
$220,672 M
-30% $468,737
6
VISA 56
HDFC BANK -18%
7
TENCENT 57
UNITEDHEALTHCARE
8
LOUIS VUITTON 58
HUAWEI
-34%
+17%
9
MASTERCARD 59
HAIER $191,109 $18,826 M
$171,709 M
$169,092
10
COCA-COLA 60
XBOX -3% $141,020
FOOD AND BEVERAGES

11
ARAMCO 61
PAYPAL -11%
F I N A N C I A L S E RV I C E S
$110,631
12
FACEBOOK 62
TOYOTA -34%
$124,822
$728,383 M
13
ORACLE 63
VODAFONE -6% $106,109 +15%
14
ALIBABA 64
JD $8,234 M
15
AT&T 65
GUCCI 0%
FOOD AND BEVERAGES BUS I N E S S T EC H N O LO GY
16
VERIZON 66
INFOSYS +8%
A N D S E RV I C E S P L AT F O R M S
17
IBM 67
TD $1,616,787 M
18
MOUTAI 68
J.P. MORGAN +12%
19
HERMÈS 69
ICBC $22,684 M AU TO M OT I V E
20
THE HOME DEPOT 70
SHEIN FINANCIAL SERVICES
$200,501 M
21
NIKE 71
MERCEDES-BENZ
22
ACCENTURE 72
MERCADO LIBRE N E WCO M E R S & RE-E NTR ANT S TH RE S H O LD FO R E NTRY
23
UPS 73
CHINA MOBILE +12% C O N SU M E R T EC H N O LO GY
A N D S E RV I C E S P L AT F O R M S
24
NVIDIA 74
BCA
25
TESLA 75
CHASE
B R A N D VA LU E (U S $ M) B R A N D VA LU E (U S $ M) $7,409 M
FOOD AND BEVERAGES
$1,078,324 M
26
TELEKOM/T-MOBILE 76
AIRTEL
27
STARBUCKS 77
SIEMENS
28
WALMART 78
COMMBANK +11% $340,480 M
29
INSTAGRAM 79
EXXONMOBIL $6,633 M
30
MARLBORO 80
KFC $24,250 M $21,764 M FOOD AND BEVERAGES

31
CHANEL 81
NONGFU SPRING
32
QUALCOMM 82
BANK OF AMERICA $289,278 M
33
COSTCO 83
LOWE’S +9%
34
YOUTUBE 84
NTT $30,938 M
35
ADOBE 85
PING AN FINANCIAL SERVICES

36
NETFLIX 86
IKEA $329,500 M
37
LINKEDIN 87
BMW $22,684 M $22,332 M $22,068 M
38
CISCO 88
BUDWEISER +9%
39
DISNEY 89
LANCÔME
40
XFINITY 90
AIA
$11,442 M
LUXURY
$1,004,273 M
41
TIKTOK 91
PEPSI
42
TCS* 92
DHL
43
TEXAS INSTRUMENTS 93
RED BULL $18,826 M $18,554 M $18,360 M +8% $175,424 M
44
INTUIT 94
ZARA $106,109 M
45
L’ORÉAL PARIS 95
COLGATE FOOD AND BEVERAGES
46
SPECTRUM 96
UBER
47
AMERICAN EXPRESS 97
FEDEX
48
SAP 98
SHELL +8% $608,333 M
49
SALESFORCE 99
SONY $17,952 M $17,814 M $17,376 M $10,652 M
50
AMD 100
PAMPERS 2006 2023 ALCOHOL

$435,746 M

* Tata Consultancy Services

Welcome

CHALLENGES AND BREAKTHROUGHS

TOP BR ANDS REPOSITION FOR
LONG-TERM GROW TH

This year, the Kantar BrandZ Global Top 100 Most And yet, with this volatility comes
transformational change. Even after
Standing still is not an option. This
decade, in the face of immense difficulties
Valuable Brands fell by 20% year on year, in a partial recording a 20% year on year decline for and considerable risk, top brands have
2023, the $6.9 trillion total value of Global nevertheless revamped and digitalised
downward correction following two years of record highs. Top 100 still sits well above the rankings’ their operations with unprecedented speed
2020 level of almost $5 trillion. And this – with huge implications for best practices
$6.9 trillion also comes out higher than around marketing, operations, and
In 2021 and 2022, by contrast, Kantar Unique among brand valuation metrics, the value predicted by the rankings’ customer experience.
BrandZ’s Global Top 100 posted yearly Kantar BrandZ has always paired up- pre-pandemic growth trajectory.
growth rates of 42% and 23%. During this to-the-moment financial analysis with Fast food brands, for instance, pivoted
time, investors pushed beyond the shocks brand equity – the strength of a brand’s This year strong brand equity has also decisively toward delivery formats in
of the COVID-19 pandemic to invest heavily connection with consumers. And what likely functioned as a bulwark against even the wake of COVID-19 lockdowns, while
in big-name businesses – while consumers we’ve found this year is that from a brand steeper financial declines – especially during automotive brands shifted toward
gravitated toward the reassuring safety of equity perspective, consumers have the skittish early days of 2023. At the same electrification in response to consumer
the brands they believed in. retained their faith in the world’s biggest time, strong brand equity has also given and government demands – all at the
brands. These brands have remained businesses the runway they need to make same rapid pace that tech brands are now
That was a good time to be a strong marketplace standard-bearers of powerful bold bets about the future of their industries. remodelling themselves around natural
brand. But so, too, is 2023 – even if consumer connections – not in spite of this language processing AI.
branded businesses have seen their stock era’s financial upheavals, but in many ways Indeed, this year’s Global Top 100 and
prices affected by the investor worries because of them. category rankings feature many stories of So far, regardless of category, the
and macroeconomic pressures that have brands embracing evolutionary change operational pivots that have fared best
dampened markets more broadly. In every market, in every region, branded to grow beyond the trajectories of their share one thing in common: They have
businesses continue to chart their course categories. In particular, the data suggests married breakthrough innovations with
through a new age of disruption and outsized benefits in today’s business longer-term, emotionally resonant
volatility. Only in the tumultuous 2020s climate for brands that excel on pricing brand building.
would the two biggest-ever yearly increases power and differentiation – while
in the value of the Global Top 100 be continuing to meet evolving business
followed – immediately – by the ranking’s standards around sustainability.
biggest-ever decline.

4
Welcome

A proven approach Reaffirming the fundamentals

This winning formula is based on a For the past 17 years, through our work Section 1: Introduction
profound business truth: one that has with the Kantar BrandZ database, we have Here we connect the dots, summarising
been tested and re-tested, challenged and been testing and refining a unique model of the key developments and findings,
re-confirmed, across all the work that we brand value. We start by examining relevant suggesting brand building actions, and
do. We began our Kantar BrandZ Global corporate financial data and stripping identifying cross-category trends.
Rankings back in 2006. Over the years, away everything that doesn’t pertain to the
Kantar’s data and modeling has indicated branded business. Then we take the unique Section 2: How Brands Create Value
how brand value – and branded business step of conducting ongoing, in-depth A deep dive into three core topics that are
growth – derives from three core ‘building quantitative consumer research with more essential to brand building today: the role
blocks’: Meaningfulness, Difference, and than 170,000 consumers annually, across of Difference, Sustainability, and Pricing in
Salience. Brand attributes like Creativity, more than 50 countries. inflationary times.
Innovation, Sustainability, and Trust – all of
which are measured in the Kantar BrandZ The category-spanning, insight-laden report Section 3: The Global Top 100
database – ultimately contribute to a you have before you is the fruit of these
brand’s Meaningful Difference. considerable labours. How you read the Here you’ll find the full, detailed roster of
report, whether from front to back or by this year’s top brands, plus analysis about
Just two years into our project, in 2008, skipping around, depends on your needs year-on-year changes.
the global economy ground to a halt, and time available. Whatever way you
and brands were tested in unprecedented choose, I guarantee that your time will be Section 4: Category Focus
ways. So, too, was Kantar’s theory of well spent. To help you navigate through it, Here we examine the dynamics and brand
brand value growth. But the data didn’t here is a guide to the major components: performance of 13 categories, alongside
lie: when the dust settled, it was clear that cutting edge insights and thought
Meaningfully Different brands had retained leadership from our global brand experts.
more of their value during the initial period
of the market crash, and captured more of Section 5: Client Perspectives
the gains from the ensuing recovery once Hear directly from our clients on not
the economy got back on track. just how to survive, but thrive – whilst
navigating the current economic and
Since then, our proprietary Kantar BrandZ consumer markets.
database has expanded to include
information from over 4.2 million consumers Section 6: Resources
regarding their attitudes toward (and The report concludes with all the
relationships with) 21,000 brands across resources, solutions, and contacts you
540 categories in 54 markets. All of that has need to support you on your brand-
produced more than 5.4 billion data points. building journey.

5
Welcome

We can help
This report is a starting point. I urge you to Please feel free to contact me directly or
follow up with the experts who contributed reach out to any of our Kantar leaders
to it. We also have an extensive library listed in the Resources section at the end
of Kantar BrandZ country reports that of this report.
sit alongside our annual Global Top 100
report; in them, you will find intelligence Sincerely,
about brand building in key markets such
as China, India, the UK, and the United
States. I invite you to access the reports
with our compliments at Kantar.com/
campaigns/brandz.

As the world’s leading marketing,

data, and analytics company, Kantar’s
expertise and technology resources are
substantial, and include over 25,000
people working with Kantar worldwide.
As an indispensable brand partner to the
world’s top companies, our holistic brand
guidance approach combines innovation,
experience, creative content, and media
Chris Jansen
insights to optimise the marketing Chief Executive
strategies that shape their future. Kantar
Using the vast Kantar and Kantar BrandZ [email protected]
reservoirs of intelligence, we can help you
successfully navigate any challenges and
fully seize emerging opportunities.

I am available to personally discuss how

we can help you and your brand succeed
– building valuable brands that enrich
people’s lives.

6
WHAT IS ?

5.4 BILLION
DATA
POINTS

4.2 MILLION
CONSUMER
INTERVIEWS
THE
DEFINITIVE
21,000
BR ANDS
GUIDE
TO BR AND
540
CATEGORIES Kantar BrandZ ranks the most valuable This brand valuation series began in
BUILDING brands in the world... and shows you
how to become one of them.
1998 to help researchers, planners,
and strategists better understand
the brands they worked on. Our

54
It is the world’s largest, consumer- reports rank, analyse, and honour
MARKETS focused source of brand equity insight, the world’s top brands.
which also powers our proprietary
brand valuation methodology. Kantar BrandZ has become a
global standard brand value
Kantar BrandZ brings you industry- ecosystem, featuring our flagship
leading brand valuations, along Global Most Valuable Brands
with research from the world’s most ranking and report. It also features
extensive brand equity study: over country and regional rankings
4.2 million consumer interviews across six continents, and world-
covering 21,000 brands across 540 class thought leadership on building
categories in 54 markets. strong brands.

7
H OW D OE S WORK?

We start by examining relevant

corporate financial data and stripping
away everything that doesn’t pertain to
the branded business.

We also conduct ongoing, in-depth

quantitative consumer research with
more than 170,000 consumers annually,
and globally, to assess consumer
attitudes about, and relationships with
thousands of brands.

Then a team of our analysts combine

those inputs with a financial model of
the business to determine the brand’s
ability to generate value.

The proportion of the total $ value of the parent company The proportion of financial value generated by the brand’s The amount that the brand contributes to the overall The result is a holistic portrait of brand
that can be attributed to the brand in question, considering ability to increase purchase volume and charge a premium. business value of the parent company. Kantar BrandZ
equity: one that incorporates how the
both current and future performance. valuations isolate the value generated by the strength of
the brand alone in the minds of consumers i.e. with all market values a company’s brand assets
other elements removed. – and how ordinary people do, too.

8
WHAT C AN D O FO R YOU?

Kantar BrandZ research data

is uniquely linked to financial 414%
outcomes. Our analysis has STRO NG
repeatedly proven that businesses
that invest in their brands BR ANDS:
outperform the market… and that 321%
investing in your brand remains
the most powerful way to grow.
DELIVER SUPERI O R
SHAREH O LDER
What’s more, we can show you 231% RE TURNS
how. Our data and frameworks
work to create a forensic ARE M O RE RESILIENT
portrait of a brand’s strengths, IN TIMES O F CRISIS
weaknesses and opportunities,
within one or many categories 107%
and markets. RECOVER M O RE
QUI CKLY
Get essential insight on category
trends and macroeconomic
shifts – and how brands compare
across crucial building blocks of 2006 2023
brand value like Trust, Meaning,
Innovation, Difference, and
Responsibility.

9
THE BUILDING BLOCKS OF BR AND EQUITY

The most valuable brands in the world have built KANTAR BRANDZ ANALYSIS PROVES THAT STRONG
BRAND EQUITY IS GROWING SHARE PRICES FASTER Don’t just take
powerful connections allowing them to create AND HIGHER OVER THE LONG TERM

shareholder value faster, resist market downturns, % Growth vs. 2006 our word for it
To February 2020 and to April 2023
and recover sooner from recessions. Brands with
powerful connections have three essential qualities: University of Oxford’s Saïd Business School has
February 2020 April 2023
studied Kantar BrandZ brand valuations and
they are Meaningful, Different, and Salient. 321
compared them against the real-world ups
and downs of business.
231 228
Behavioural science has taught us that Brands with powerful connections are...
our brains store memories using three They found that Kantar BrandZ equity metrics
162
types of mental connection: knowledge, Meaningful: The extent to which
feelings, and experience. Brands with brands create clear and consistent are an excellent predictor of ‘abnormal’
a balance of each come to mind most functional and emotional connections business returns – those not explained by
easily – quickly activating the brain’s with consumers. Meaningful brands
memory-retrieval processes. meet people’s needs in a way that historical share price performance and
demonstrates warmth. company results alone – and that adding
Effective marketing delivers all three:
informing us of what a brand is or does; Different: The extent to which a brand
S&P 500 Kantar BrandZ Kantar BrandZ measures to their models
Strong Brands
providing an emotional context and is seen to offer something that others allowed them to predict business performance
tapping into our emotional needs; and don’t and lead the way. Different brands with 99.5% accuracy.
ensuring a positive experience of the are hard to substitute and often offer Kantar BrandZ strong brands portfolio had grown
brand when used. something new. +228% vs. 2006 share prices by February 2020
What they also found was that Difference
The strongest brands – ones that have Salient: The mental availability of the
built up deeper and broader connections brand - how quickly and easily it comes In the absolute terms, over the next 3 years it has
contributed most to the best business results.
over time – end up with three essential to mind when choosing between options. added a further
qualities: they are Meaningful, Different, A brand’s most fundamental role is as a
and Salient to consumers. short-cut for decision-making.
+93% growth
Compared to +69% for the S&P 500

10
DISCOVER YOUR
TOP BRAND EQUITY
INDICATORS IN SECONDS
Explore Kantar BrandZ data with a free brand
assessment tool on Kantar Marketplace.
Kantar BrandSnapshot powered by BrandZ delivers:
— Intelligence on your brand’s strengths and weaknesses
in an interactive dashboard
— Access to data from Kantar BrandZ, the world’s
most extensive brand value study
— Quick reads on the performance of your own
and competitor brands

Keep brand equity insights within your reach to build a strong brand
and create powerful connections in the minds of consumers.
Explore for free at kantar.com/marketplace
I N T RO D U C T I O N
& A N A LY S I S

13 — OVERVIEW

16 — THE BIG PICTURE

21 — KEY RESULTS

23 — STOCK PORTFOLIO

24 — CROSS-CATEGORY TRENDS
Overview

RESTART, RELAUNCH, RE-ENGAGE

KANTAR BRANDZ TOP 100 DECLINES AS BRAND VALUATIONS
FALL BACK TOWARD HISTORICAL BASELINES OF GROWTH

The Kantar BrandZ Top 100 Most Valuable Global Brands declined by 20% Brand value declines in the short-term but outperforms
long-term growth trajectory
this year in the face of strong macroeconomic headwinds. Its total value
now stands at $6.9 trillion.

That figure represents a step down from the In other words, the brand value growth This advancement reflects several
record $8.7 trillion valuation achieved by of 2021 and 2022 represented an permanent, structural advances around
the Global Top 100 in 2022. That high water unprecedented, and temporary, growth digital transformation, all of which were
mark was achieved following two successive spike. It was a period characterised by easy accelerated during the pandemic: as
record-breaking years in which the Global money policies that buoyed brand values consumers were stuck at home, brands
Top 100 grew by 42% (from 2020 to 2021) generally, and high valuations of tech rolled out new efficiencies, new services,
and 23% (from 2021 to 2022). brands in particular (both of which have and new forms of experience based on
now come down to Earth). true omnichannel thinking.
But at the same time, the world’s top brands
are worth considerably more in 2023 than But even as this bull market has receded, top And top brands’ overall progress this
the $5 trillion in total value they achieved in brands have still come out ahead of where decade also reflects a new consumer
2020. What’s more, the Global Top 100 is they were at the dawn of the decade. calculus around trust and value, as people
currently worth some $1.8 trillion more than responded to upheaval by flocking to the
the projected value suggested by the top tried and true reliability of the world’s
brands’ pre-pandemic growth trajectory. best-known companies.

13
Overview

The Global Top 100’s short and mid-term It was inevitable that the effects of these But a focus on financial market
growth trajectories are consistent with challenges would show up in the brand performance alone risks overlooking the
what we at Kantar have observed of valuation data this year - especially in larger story of how top brands have
branded businesses over the past year: the absence of the kind of large-scale found their way through a difficult year.
macroeconomic stimulus programs seen Firstly, it risks overlooking other aspects
• Top brands are by no means immune at the height of the COVID-19 pandemic. of brands’ overall business performance.
to market swoons or economic shocks. (Indeed, the current inflationary moment You might not know it from looking at
• At the same time, however, strong has called for monetary tightening.) The the stock market, but many top brands
brands’ long-term equity with consumers IMF now predicts a global GDP growth rate had strong or even record earnings this
can serve as a counterweight to more of 2.8% for 2023, down from 3.4% in 2022; past year – because of the ways that
short-term drags on growth: forces like major stock indices, meanwhile, have their brand equity allowed them to
investment jitters, supply shortages, swung down much more steeply. protect and even increase their profit
and price pressures. margins, even in the face of more volatile
Unique among brand valuation metrics, volume dynamics.
• This same brand equity can also Kantar BrandZ combines up-to-the-
give businesses the runway they moment financial analysis with measures In the FMCG categories, especially, analysts
need to innovate at the vanguard of of more resilient forms of brand equity. kept waiting for the moment when
the disruptive technologies that are This year, much of the brand value consumers would balk at price hikes for their
reshaping modern life. declines in the Global Top 100 come from favorite branded products – but as of press
the financial side of the equations, as stock time, that moment has not yet arrived.
Indeed, what the data around the Global market prices and investor sentiment have
Top 100 doesn’t suggest is that large, both trended downward. It’s no accident that this year saw the
strong brands have lost ground to smaller re-entry of five FMCG brands into the
challenger brands or commoditised This stock market downswing has been Kantar BrandZ Global Top 100 – or that
alternatives. Instead, top brands have especially pronounced in the tech sector, the luxury, fast food, and food & beverages
been affected by system-wide challenges which has faced setbacks across the categories proved the most resilient
that have dragged down businesses large board - whether in the form of increased among this year’s category rankings lists.
and small. These challenges include the regulatory scrutiny in the Chinese market; All of these achievements are testament
ongoing war in Ukraine and rising raw declining subscriber growth in the to what Kantar calls Pricing Power: a
material costs, as well as the knock-on streaming entertainment sphere; or the measure of brands’ ability to set their own
effects of higher interest rates and disruptive impact of natural language AI prices (thanks to consumers’ willingness to
slowing global growth rates. across search and social media brands. pay a premium for that brand’s goods).

14
Overview

Brands that improved their Pricing Power What’s more, thanks to their strong Brands offer resilience but there’s no silver bullet
over the past four years grew twice as fast brand equity, these strong brands are Marketing is a complex balance
as those that declined – and also proved also the players who are best positioned
more resilient in 2023. to convince consumers to actually
embrace new innovation and sustainability
Demand Power, or the ability to drive breakthroughs.
volume, proved less important to brand
value resilience over the past 12 months. The next few years, then, should not be
But it was an important driver of mid-term a period where brands hunker down,
value growth, as brands with high Demand suspend their brand building investments,
Power increased in value by 146% over the or otherwise ‘wait it out’ until sunnier
past four years. economic forecasts emerge. Instead, the
time is right for strong brands, especially, to
Another big reason why top brands look beyond the challenges of the moment,
have been able to contain – and lessen and make strong investments in their own
– the impact of negative stock market futures, and the future of society at large.
sentiment, is because they have continued
to invest in positive consumer sentiment: in
other words, in their brand equity.

This year, the Global Top 100 are as

Meaningful, Different, and Salient as ever.
And it’s this very brand equity that will
allow strong brands to thrive – and lead –
in the years to come.

Indeed, one underappreciated consequence

of 2023’s high interest rates – and sluggish
stock markets – is that startup and
challenger brands now face diminished
access to venture capital and IPO funding.
As a result, it is the large, established
brands who are now best positioned to
advance the state of play in their respected
categories. Over the next several years,
these large brands will have the chance
to widen their advantages in areas like
innovation and sustainable leadership.

15
Global Results – The Big Picture

To frame the context behind this What has been the wider context influencing this year’s
Kantar BrandZ global valuation results?
Mar tin Guerrieria year’s Kantar BrandZ Most Valuable
Head of Kantar BrandZ Martin Guerrieria: Walker, what’s your view on wider consumer
Insight s Division, Kantar Global Brands results, Global Head attitudes and the global marketplace generally at the moment?
What’s been their impact on this year’s results?
of Kantar BrandZ Martin Guerrieria
[email protected]
met with Kantar Knowledge Lead J. Walker Smith: Well, Martin, it’s clear we’re in a moment of
great volatility and uncertainty. The turn of the century left behind
J. Walker Smith in New York to discuss a long period of relative stability – a period economists refer to as
the Great Moderation. Now, the events of the past few years have
the implications for brand owners and given consumers a foretaste of where the future is headed.
J. Walker Smith some common misconceptions of For consumers, volatility means different expectations and needs,
Knowledge Lead,
Global Consulting Division,
brand valuation. The following is an and in particular, there is a greater need for a strong, clear equity
position from brands. But for brands, volatility means that old
Kantar extract of their conversation. operating models may or may not align well with the marketplace.
These models were largely developed during the latter half of the past
[email protected] century, during greater stability. We have seen already that in times
of volatility, things like logistics, customer service, and forecasting
fig. 1 will not work as efficiently as before. And this is not just because of
down-swings. Too much business can be just as disruptive as too little.
Consumers are concerned about... Volatility is about the swings from highs to lows.
(Unaided Mentions, 2022)
When faced with disruptions, lots of economic research has shown
May August October that consumers tend to minimise their exposure to uncertainty
by becoming more prudent and thoughtful. These downshifting
effects can be long-lasting if nothing is done by brands to

C O N T E X T UA L I S I N G 2023 39%
47%
50% backstop consumer caution. This was seen in Kantar’s Global Issues
Barometer tracking last year. Worldwide, consumers have been
showing more prudence – not less shopping, just more demanding
THE CONSUMER FOUNDATION 24%
31% 32%
shopping. After an initial bump in worry as inflation took off,
consumers began to pull in and adopted a ‘wait-and-see’ attitude

O F ST RO N G B R A N D S A N D about shopping. To bring consumers out of their shells, brands

must step up with more powerful value propositions rooted in the
surety of strong brand equity. (See figure 1)
BUSINESSES Economy
(In general)
Inflation
(specifically)
Martin: We’re certainly seeing this volatility reflected in our global
Kantar Global Issues Barometer valuation results this year, Walker; as a collective, Kantar BrandZ’s
All 19 Tracking Markets Global Top 100 Most Valuable Brands have declined by 20% in
brand value versus this time last year. That’s the largest single
Australia, Brazil, China, Colombia, Egypt, France, Germany, India, Kenya, Mexico, Nigeria,
year of brand value decline we’ve seen since our global valuations
Philippines, Poland, Saudi Arabia, South Africa, South Korea, Spain, UK, USA launched in 2006.

16
Global Results – The Big Picture

What does a brand’s value really mean though? With most So, brand valuation very much has an instructive role to play
fig. 2 Kantar BrandZ Global Top 100 brand values down, surely there’s for brand owners. The crucial part, though, lies not just in
not much growth insight available from this year’s results? understanding a brand’s point in time dollar value, but how to
Market shocks have reversed the optimistic market perceptions post-COVID diagnose it and create future value. That’s done by improving the
... while brand equity and consumer perceptions have sustained brands Martin: Well, interestingly, this year’s results are continuing the part most influenced by marketing investment – the brand’s equity
previous growth trend we were seeing, which began following the – which, if strong or improving in strength versus competitors,
Kantar BrandZ portfolio vs S&P 500 vs MSCI World global financial crisis of 2008 and continued through to the point provides the brand with the best opportunity to generate dollars
April 2006 – April 2023 when COVID-19 struck the global economy in 2020. If you look at the for the owning business.
321% time series share price performance of Kantar BrandZ’s most valuable
Linear Trendline
global brands (see figure 2), there’s a continuous trend line running This is where Kantar BrandZ’s valuation system really comes into its
through this entire period, which you can see extends through own – providing a counterpoint to the tendency of brand valuation
231% this year’s results too – the outlying period was, in fact, the COVID to lean heavily towards measuring the market perspective only.
inspired plummet in 2020 through to the all-time high in 2022. Our valuations methodology uniquely combines rigorous financial
analysis alongside a best-in-class brand equity measurement system
Walker: Long-term patterns always show ups and downs. There (the Meaningful, Different, Salient Framework), all powered by a
107% is variability along the way as the trend line goes up. That is colossal historical database to provide actionable recommendations
clearly the pattern here. The pandemic created an extraordinary that can be practically applied by marketing teams.
premium on strong brands, and public markets piled in behind it.
But this market exuberance has now calmed. Walker: That’s interesting, and it’s in that duality of the market
2006 2023 and the consumer that we find the nuance that matters. As you
The importance of brand equity has NOT declined. Consumers note, the majority of brands in Kantar BrandZ’s Global Top 100
are drawn to strong brands more than ever. But the overreach of this year have been adversely affected by the market side of the
Source: S&P Capital IQ and Kantar BrandZ public markets has come back to trend if you will. That does not equation—the market reflects the wider financial environment,
mean brand equity has declined! It means that the temporary not just brands. And reactions to the broader economy are
‘bubble effect’ has abated, and markets have corrected. dragging aggregate brand values down. However, the core
consumer-driven brand equity of all brands has not been
Martin: Yes, we should remember that there are two key inputs to a impacted, at least not in a uniform way.
Kantar BrandZ brand valuation, which combines the perspective of
both the market and consumers. Market perspectives are the most
volatile and are greatly impacted by the global macro-economic
picture; these factors are much less in the control of marketing teams.

The consumer perspective, however, is typically less volatile, less

impacted by macro-economics and reflects the consumer view of the
brand versus competitors (the brand’s ‘equity’). This is much more
within the control of marketing teams and is dependent on their
strategy, level of marketing investment, quality of content, and so on.

17
Global Results – The Big Picture

So, if brand value is a combination of the wider financial Walker: If I could paraphrase what you’re saying, a stronger
picture and the strength of consumer relationships, does connection with consumers puts a floor under a brand’s position fig. 4

that mean that this year’s results show that the marketing in the marketplace. Or to put it another the way, brand equity
community hasn’t been performing, and that marketing is built with consumers is the ballast that stabilises the ship. It is Brands retaining strong equity are able to outperform
becoming less of a worthwhile investment for brand owners? the baseline that is unaffected by the swings of investors. their category peers – even in categories where average
brand value has declined
Martin: No, absolutely not! If we look at the brand equity of Martin: Precisely!
the Global Top 100 as a benchmark, the overall equity of these
brands remains strong, suggesting that overall, good consumer Walker: Remember though, Martin, that equity-building should Global brand Brand equity
value % (Meaningful Difference Index)
relationships have been maintained by effective marketing be more than just defensive. The other side of the disruption coin
2022 vs. 2023 Average brand = 100
investment. (See figure 3) is dynamism. Disruption opens up opportunities. New realities
mean that consumers want and need new solutions. Yet novelty is
We know that strong brand equity provides not only a platform a risk. So, the paradox for consumers is finding something better
for growth, but also a way to minimise the impact of a volatile without adding more uncomfortable risk and uncertainty. Brands Telecom
market when times are tough. A key role of marketing therefore
is to establish, improve, and maintain brand equity.
with strong equity address this tension – these brands can achieve
that unique balance of being ‘the safe choice for doing something
Providers
Top 10
-10% 93
new’. I predict that volatility will usher in a new era for big brands.
Importantly, the goal is not stronger brand equity compared to But they must move fast, because medium-sized brands are
all brands, but advantageous equity compared to brands already making a run that could catapult them forward if they
competing to meet the same consumer need. lead with equity-building.
Returns to Top 100
in 2023
+24% 140
Martin: Yes, that makes a lot of sense, Walker. Despite all of this,
it has still been possible to achieve brand value growth in any
fig. 3 category with the right balance (or ballast!) of existing brand
equity alongside quality marketing strategy and investment.
Despite volatility in brand value, Global brand Brand equity
And we’re seeing examples of brands with strong equity
Top 100 brands retain strong brand equity value % (Meaningful Difference Index)
outperforming categories where brand value has typically 2022 vs. 2023 Average brand = 100
Equity pillars defined by Kantar’s Meaningful, Different, declined, and still achieving brand value growth. India’s Airtel
Salient framework. Global Top 100: 2019 vs 2023 and China’s TikTok (Douyin) are two great examples.

2019 2023 Media &

138 136 Entertainment
Top 10
-32% 95
122 121 123 121

Average 100

Returns to Top 100

in 2023
+2% 142

Meaningful Different Salient

Source: Kantar BrandZ – Global Top 100 brand values, Communications providers India 2023,
Source: Kantar BrandZ – All brands in global Top 100 2019 and 2023 Online Sharing & Networking China 2022

18
Global Results – The Big Picture

What are the implications of this year’s results for brand Walker: The other question is the sort of value that consumers
owners and their marketing teams? are looking for now. Without getting into the long story, the
answer is ’the human’: the human connection, or analogue
Walker: The context of the moment calls for brands to focus on balance, in a digital world. That puts a premium on human-
strengthening equity. And this is the challenge. Consumers look to centricity from brands (the next step in customer-centricity)
brands for some sense of stability during times of volatility. Brands and human-infused experiences.
must double down on de-risking volatility, and that happens
through stronger equity. A priority on all things human also elevates the importance of trust
and of social purpose, both of which are tied to stronger equity.
This is an opportunity for brand owners to educate investors on
the power of ‘brand’. Investors seem to place less value on ‘brand’ Martin: Thanks for your time today, Walker. Different perspectives
than consumers, and this is a missed opportunity. Investors lose on these ever-changing results from year to year provide
confidence in brands quickly while consumers do not. Indeed, some continuously important and fascinating insights – the
consumers act as a bedrock foundation for brand owners. The measurement and interpretation of the brand equity picture
market perspective is best regarded as a multiplier for the value is clearly the key to unlocking movements in brand value and
foundation created with consumers. When everything is working creating an action plan. This year we’ve uncovered yet again,
in sync, brand equity is strongest. But even when investors and that even in tough times establishing and maintaining strong
consumers are out of sync, strong equity with consumers persists. brand equity is critical to resilience and future success.

Martin: Yes, exactly – you’re saying that strong consumer Walker: Couldn’t agree more, Martin, and let’s not forget that
confidence (brand equity) should be the catalyst for market we’ve been discussing the higher-level insights. Each individual
confidence and investment! brand’s story is more nuanced, but with the depth of data and
expertise at our disposal, we can advise any business on how to
And let’s also not forget the role of brand in justifying price. build their brands for maximum impact. See you next year!
Strong brands are able to create and grow value share by
supporting a comparatively high price – another reason that
strong brands should inspire confidence and investment.

19
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Key Results

KEY
RE SILIENCE NE WCOMERS
RESULTS Finding safety in Eleven brands join the
strong branding Top 100
This year, some of the world’s most resilient top brands include This year features an incoming class of eleven newcomers to the
Pepsi, BCA, UnitedHealthcare, Coca-Cola, Nongfu Spring, and Global Top 100. Of these, two brands are making their Top 100
Costco, all of which grew their brand value in challenging conditions. debut – led by Chinese apparel brand Shein, which is the top new
By and large, consumer perceptions of the world’s strongest brands entrant at number 70 in the 2023 rankings. Another nine brands
remain steady and strong despite stock market volatility. Without are returning to the list after a hiatus. This group includes such well-
this brand equity edge, it’s likely that year-on-year brand value known names as Pepsi, Red Bull, Colgate, and Sony among others.
declines among the Global Top 100 would have been steeper,
perhaps wiping out medium-term brand value gains entirely.

TOP RISER
Airtel’s strong year
This year, brands retaining strong equity were able to outperform
their category peers – even in categories where the average brand
value has declined. This is especially true of this year’s top riser,
the Indian telecom brand Airtel. Airtel’s strong brand equity has
enabled the brand to justify its premium price – at a time when
hundreds of millions of Indians are adopting 4G smartphones.

21
Key Results

PRICING E XPANDING
P OWER THE MAP
Unlocking premium growth Geographic diversity,
Over the past decade, brands have increased their worth US predominance
perceptions in consumers’ eyes. In other words, they have
strengthened their ability to justify their price levels – and their This year, American brands account for 55 of the world’s Top 100
ability to justify price increases. This year, and throughout the brands – and 75% of the Global Top 100’s total brand value.
2020s, this kind of Pricing Power has proven especially crucial: The UK and Japan each grew their presence in the rankings by a
brands with higher Pricing Power – those that are seen as being brand apiece – while Austria and Indonesia both returned to the
worth more – have consistently outperformed their lower Top 100 this year.
Pricing Power peers.

Rest of World

15 +2

BR AND EQUIT Y CATEGORY Europe

The engine of PERFORMANCE 17 -1

# of
brands
sustained growth Resilient year for food in Top 100
In good times and bad, brand equity building blocks like
Meaningfulness, Difference, and Salience remain the key to and luxury
durable success. What works best is constant innovation,
investment, and improvement: Over the last four years, The fast food, luxury, and food and beverages categories
the brands that have seen the most pronounced increases retained the greatest share of their 2022 values in a year when China
in overall value are the ones that have improved their brand all returning categories saw year-on-year declines. Luxury also
equity most dramatically. stands out for demonstrating both short-term resilience (over the 13 USA
past year) and mid-term growth (since 2019) – a dynamic also -1 55
present, to a lesser extent, in the performance of the consumer
technology and alcohol categories.

22
Stock Portfolio

ALL-WEATHER VALUE
Strong brands provide stock market The value of the Kantar BrandZ Strong This decade, after optimistic market
resilience during periods of volatility. Brands Portfolio increased 321% between perceptions bid up stock market prices in
When turbulence drives markets down, April 2006 and April 2023, while the value 2021 and early 2022, a series of market
strong brands tend to decline more slowly, of the Kantar BrandZ Top 10 Most Powerful shocks led to a period of downward

STRONG BRANDS ARE and when markets recover, strong brands

rebound more quickly. Strong brands
also turbocharge gains during periods of
sustained economic growth.
Brands Portfolio increased 414% – in both
cases, well outperforming both the S&P
500 and the MSCI World Index (a weighted
index of global stocks). What that means is
adjustment. During this time, strong
brands were able to put a floor on the
negative business effects of stock market
volatility by relying on the steadier forces

MORE RESILIENT IN A CRISIS Over the 17 years in which we have been

tracking the world’s strongest brands,
that $100 invested in 2006 would be worth
$207 based on the MSCI World Index growth
rate, and $331 based on the S&P 500
of brand equity and consumer perception;
without these more resilient business
drivers, it’s likely that brand’s bottom lines

AND RECOVER FASTER

the companies behind the top-ranking growth rate. But that $100 invested in the – and market valuations – would have
brands have outperformed stock market world’s strongest and most powerful brands fared far worse during the most volatile
benchmarks. would be worth $422 and $514, respectively. moments of 2022.

Strong brands do far more than win press accolades and Market shocks have reversed optimistic market perceptions post-COVID
... while brand equity and consumer perceptions have sustained brands
consumer recognition. The value of a brand has a clear,
Kantar BrandZ Portfolios vs S&P 500 vs MSCI World Index (2006 - 2023)
measurable link with the share price of the company behind it. 414%

321%

231%

107%

2006 2023

Source: Kantar BrandZ, Bloomberg and S&P Capital IQ

23
CROSS-CATEGORY TRENDS
— A D I F F E R E N T P E R S P EC T I V E

— AI CHANGES THE GAME

— I N F L AT I O N A N D I N T E R E ST

— VA LU E F RO M A L L C O R N E R S

— D RO U G H T EC O N O M I C S

— THE CHINA CHALLENGE

— G E T R E A DY F O R G E N E R AT I O N A L P H A

— E X P E R I E N C E F R E E - F O R-A L L

— I N D I A R IS I N G

— RETHINKING SEASONALIT Y

— BUNDLED UP

24
Cross-Category Trends

OT H E R
E L
PAR BU
AP 98 97 SIN
L 92
O NA ES
ST
R S RE EC
PE C A 94 HN
79 OL
E 100 95 77 OG
IV
OT 59
52 Y
&
M
UTO 89 70
SE
RV
A 50
I
87 C

ES
L
O
49

PL
H
CO

AT
45 30
71 BRAND BRAND VALUE (US$M) BRAND BRAND VALUE (US$M)

F
38

AL

O
62

RM
66
88 24 48

S
23 1
APPLE 880,455 51
RBC 33,744
S 21
2
GOOGLE 577,683 52
INTEL 33,253
RA &
81
GE
25 22
44 3
MICROSOFT 501,856 53
WELLS FARGO 32,466
VE D

35
B E FO O

4
AMAZON 468,737 54
SAMSUNG 32,303
91
11
5
MCDONALD'S 191,109 55
MEITUAN 32,029
13 43 6
VISA 169,092 56
HDFC BANK 31,159
93
7
TENCENT 141,020 57
UNITEDHEALTHCARE 30,938
18
17
32 8
LOUIS VUITTON 124,822 58
HUAWEI 30,847
3 9
MASTERCARD 110,631 59
HAIER 30,485
42 10
COCA-COLA 106,109 60
XBOX 30,404
RY

10
$501,856 M 11
ARAMCO 61
PAYPAL
LUXU

65 31
105,800 30,296
1
12
FACEBOOK 93,024 62
TOYOTA 28,513
19 $106,109 M 13
ORACLE 91,992 63
VODAFONE 27,030
14
ALIBABA 91,898 64
JD 26,601
8 15
AT&T 88,999 65
GUCCI 26,306
5 $880,455 M
60 16
VERIZON 88,976 66
INFOSYS 26,156
$124,822 M 17
IBM 87,662 67
TD 25,969

FORMS
27 18
MOUTAI 87,524 68
J.P. MORGAN 25,429
FA ST FOOD

$191,109 M
80
2
19
HERMÈS 76,299 69
ICBC 25,419
20
THE HOME DEPOT 70
SHEIN

RVICE S PL AT
16 74,954 24,250
58
4
21
NIKE 74,890 71
MERCEDES-BENZ 23,978
$577,683 M 22
ACCENTURE 73,640 72
MERCADO LIBRE 23,241
63 40 99
23
UPS 73,598 73
CHINA MOBILE 23,231
15 $468,737 M 24
NVIDIA 72,685 74
BCA 22,684

Y & SE
26 6
7
55 25
TESLA 67,662 75
CHASE 22,431
26
TELEKOM/T-MOBILE 65,103 76
AIRTEL 22,332

LO G
73
27
STARBUCKS 77
SIEMENS
TELE

46 14 $169,092 M 61,534 22,167

96
9 28
WALMART 78
COMMBANK

HNO
$141,020 M 59,873 22,069
CO M

20
76 54
29
INSTAGRAM 58,947 79
EXXONMOBIL 22,068

T EC
28
$110,631 M 12
30
MARLBORO 57,576 80
KFC 22,056
PRO

36 31
CHANEL 55,939 81
NONGFU SPRING 21,764

ER
QUALCOMM BANK OF AMERICA
VID

32 82

UM
54,013 21,548
84 33 33
COSTCO 83
LOWE'S
ER

53,383 21,500

NS
34 41
YOUTUBE NTT
S

34 84

CO
64 53,007 21,385
53 29
35
ADOBE 51,247 85
PING AN 21,183
47 39
36
NETFLIX 49,763 86
IKEA 21,049
83
72 37
LINKEDIN 48,529 87
BMW 20,944
56
51
38
CISCO 47,171 88
BUDWEISER 19,888
68
37 39
DISNEY 46,970 89
LANCÔME 19,400
86
57
40
XFINITY 44,354 90
AIA 19,231
41
TIKTOK 44,349 91
PEPSI 18,826
RE

69
A
IL
61 42
TATA CONSULTANCY SERVICES 92
DHL
T

41,964 18,723
85
74
67
43
TEXAS INSTRUMENTS 41,276 93
RED BULL 18,554
75
44
INTUIT 38,617 94
ZARA 18,395
90
78 T
45
L'ORÉAL PARIS 38,084 95
COLGATE 18,360
EN 46
SPECTRUM 37,346 96
UBER 18,329
82
I NM
TA
47
AMERICAN EXPRESS 37,219 97
FEDEX 18,231
ER
E NT 48
SAP 34,874 98
SHELL 17,952
DI A& 49
SALESFORCE 34,709 99
SONY 17,814
FIN
ANC ME
IAL S
50
AMD 33,796 100
PAMPERS 17,376
ERVIC
ES

25
Cross-Category Trends

AI CHANGE S INFL ATIO N

THE GAME AND INTERE ST
The first big announcements came in the Inflation became a top concern for governments – and consumers –
business technology and media realms: throughout 2022 and the early months of 2023. Inflation’s impact on
from Microsoft to Google to Meta, major top brands has been more mixed, as many category leaders found that
brands announced plans to fundamentally shoppers were actually willing to pay elevated prices for the things they
revamp their operations via the use of natural loved most (for now). This year, the inflation story will be closely entwined
language processing AI. Then, brands in with the trajectory of banking interest rates (as central banks have turned
categories like personal care, retail, and to higher rates to bring prices down). If both high borrowing rates and
apparel began to tout their own forays into high prices persist, consumers around the world will be more likely to
generative AI – with promises of new advances delay big ticket purchases like cars and homes – with large downstream
(and forms of personalisation) across customer effects on the wider market. Already, in the financial services sector,
service, design, innovation, and marketing. high interest rates have pushed retail consumers toward CD and money
AI isn’t new, of course: Kantar has incorporated market accounts, and away from stock market investment products.
AI into its market research and testing tools
for some time now. But it’s clear that the pace
of technological progress in the AI realm has
kicked into a new gear – at the same time that
the technology has reached a kind of cultural
tipping point in the public imagination.

26
Cross-Category Trends

VALUE FRO M DROUGHT

ALL CO RNERS ECO NOMIC S
How can it be that in this era of elevated price inflation and Climate scientists dubbed 2022 the ‘year of the drought’ as countries
recessionary scares, the sales of both fast food and luxury goods are around the world all saw some of their worst water shortages in decades
proving resilient? One category, fast food, is known for its budget- – and in the early months of 2023 the pattern began to repeat in regions
priced indulgences – while the other, luxury, is a budget-buster for like Southeast Asia. Last decade, some top brands in the FMCG and
all but the most affluent consumers. But what top brands from both apparel industries made water use a cornerstone of their sustainability
categories share is a tendency to excel in consumer perceptions of strategies. This decade, water use is poised to become a broader-based
value: fast food is a ‘great value for the money’ – but so, too, are top sustainability ‘must-do’ – not least because of the brand reputation
luxury brands, because of the way their products represent a ‘justified consequences of being deemed a ‘water waster’ in markets where
premium’ that will retain their value over successive years. This year, aquifers are running dry.
across most consumer-facing categories – from autos to alcohol –
brands’ luxury and low-cost propositions thrived, while offerings with
more muddled value propositions struggled.

THE CHINA
CHALLENGE
In their search for growth, many top global brands are planning
renewed pushes to woo Chinese consumers in the coming years.
But they will confront an altered competitive landscape now that
China has opened up following the end of its Zero-COVID policy.
Chinese apparel and personal care brands have gained ground on
their foreign competitors – and China’s tech marketplace has become
more inward-looking as well, in both the business and consumer
spheres. In short: the days when Chinese consumers automatically
associate foreign brands with higher quality are over. Instead, foreign
and local businesses alike will instead have to rely more on their own
strong brand propositions – and will be judged on the depth of their
commitment to China’s culture and consumers.

27
Cross-Category Trends

GET READY FOR

GENER ATIO N
ALPHA
The oldest members of Generation Alpha
were born in 2010, meaning that they are just
entering their teens – while also entering a world
transformed by cascading disruptions. Even more
than their Gen Z predecessors, the occasions that
define Generation Alpha’s adolescence will be
defined by public and private digital platforms.
Their learning will take place not just in schools,
but within the interfaces of ed tech platforms
that blur the lines between schooling, gaming,
and entertainment.

Their socialising will take place within gaming

arenas and private messaging servers. And
their influence on families’ shopping habits

E XPERIENCE will occur not through grabbing items off of

shelves, but by adding items to digital carts.

FREE-FO R-ALL
What’s more, Gen Alpha stands poised to
become the first generation to be ‘AI native’
with respect to how they learn to think, create,
travel, and socialise.
It’s no secret that for FMCG and retail brands, especially, the COVID-19
pandemic further hastened the transition away from traditional
experience formats: while well-designed, right-sized stores aren’t going
away, omnichannel commerce is now the dominant paradigm.
But the same has been true in other categories as well. This suggests
that when all is said and done, the 2020s will be the decade when sales
and service channels changed forever, and all at once. In the telecom
industry, for instance, a combination of the pandemic and eSIMS has
lessened the need for traditional showrooms – just as accelerated
digital banking has affected bank branches in the finance category –
while a slew of new electric vehicle startups have disrupted dealership
models in the auto category.

28
Cross-Category Trends

INDIA RETHINKING
RISING SE A SO NALIT Y
India, which recently surpassed China as the world’s most populous As weather patterns change, societies’ patterns and rituals of
country, is now also poised to grow the fastest of any G20 country in seasonality are being scrambled around the world. This holds true for
the next several years. That’s good news for India’s strong collection brands as well. In the entertainment and media sphere, consistent
of homegrown brands in sectors like finance and business technology. year-round ‘drops’ make more sense for audience retention in the age
But India has also become key to the ambitions of many global of streaming than the old ‘Fall-Spring’ release calendars do. In both the
brands as well. And so European luxury brands are now staging luxury and apparel categories, brands have found that they can reduce
fashion shows in India’s largest cities, as personal care brands work the need for sales by carrying more ‘seasonless’ offerings. And in the
to reach new consumers in the country’s high-potential rural areas retail category, brands have been trying to launch new sales periods
and small cities. In the past, navigating India’s local ownership and and promotions outside of the traditional shopping festivals –
manufacturing rules has proven difficult for some global businesses in an effort to lower the make-or-break stakes of performing well
(retailers especially) – but top global brands are now making big bets during these holiday periods.
on activities like auto manufacturing, smartphone assembly, and
entertainment co-productions.

BUNDLED UP
The trajectories of two major business trends – the rise of splashy
multi-brand collaborations on one hand, and consumers’ reinvigorated
search for value on the other – have come together to shape the
contours of a third emerging practice: the rise of the cross-category
bundle. Telecom brands now entice customers to their services by
tying smartphone airtime to a bevy of entertainment subscriptions,
banking offers, and even food discounts. Retail giants, meanwhile,
have gone beyond free shipping to tie their membership programs
to gas deals, streaming passes, and healthcare benefits (including
pharmacy discounts and wellness app passes). It’s a playbook
that was pioneered by banks’ top-shelf, travel-oriented credit card
offerings, as well as membership programs like Amazon Prime and
Costco Gold – but that is now more available to all.

29
HOW BR ANDS
C R E AT E VA LU E

31 — A SENSE OF DIFFERENCE

35 — SUSTAINABILITY FOR ALL

38 — SUSTAINABILITY

41 — INFLATION & PRICING

44 — PRICING

Itallics denote THOUGHT LEADERSHIP features

Thought Leadership – Differentiation

Why Difference?
Graham Staplehurst
Thought Leader,
By their very nature, brands build
Kantar BrandZ mental connections with consumers.
[email protected]
When strong enough, these mental
connections encourage people to buy
the brand again, on a more frequent
Ellie Thorpe basis – and potentially for a higher price.
Direc tor,
Kantar BrandZ
These connections can be quantified, too, by using Kantar’s
[email protected]
‘Meaningful, Different, & Salient’ framework. Through this
framework, we can measure how well brands are: meeting
emotional and functional needs (Meaningful); coming readily to
mind (Salient); and standing out from competitors (Different).

This last element, Difference, might seem like a tall order for brands
in our connected age, in which good ideas can spread (and spawn
imitators) at warp speed. But in fact, to be rated as Different, a
brand doesn’t have to be absolutely unique in every way.
A SENSE OF DIFFERENCE But what the data does show, is that for growing businesses,

L E A R N I N G S F RO M there does have to be something in people’s memory separating

this brand from that brand – and brands that fail to articulate
these distinctions risk falling behind.
K A N TA R B R A N DZ

f Learn more about Kantar’s brand growth solutions to

understand your opportunities, measure progress,
and create value for your business.

31
Thought Leadership – Differentiation

A predictor of share growth

Drawing on Kantar BrandZ’s vast database of consumer Over-performance of growing brands on brand equity pillars
perceptions, we tracked a group of 1313 brands over a period of (Versus expected levels of growth for size of brand)
three to four years. Among those that increased their market share
during this time, there is a clear pattern in the brand equity they
had to start with. Namely: this growing group started out with a
higher Difference compared to their Meaningful and Salient scores.

In other words, these were the brands that, from the start of 101
our measurement period, had the strong potential to stand out
memorably in consumers’ minds – and had huge upsides for
growth once this difference become better known and more 93
meaningfully articulated.
86 86
From there, we looked at the relationship between initial Difference
scores and growth – and found that brands with strong Difference
were twice as likely to grow as brands with weaker Difference.

But Difference alone only gets you so far. In order to grow,

brands need to:
• Ensure their Difference is relevant to people and can play
a role in their lives
Demand Power Meaningful Different Salient
• Ensure people know about these emotional and
functional benefits

Take Tesla. Relatively unknown until recent years, Tesla always had
a very strong point of Difference. Its EV expertise and innovation
credentials were clear, but people didn’t see how these cars
could work for them. That changed as Tesla gradually became
more relevant to people, helped along by the evolution of EV
infrastructure: it grew +42 Meaningful index points and +26 Salient
index points over four years in the USA. Today, Tesla continues to
strengthen its brand equity to support longer term growth.

32
Thought Leadership – Differentiation

Difference is important – but how do brands These many different factors interact with each other. For example,
the price point, provenance, or exclusive distribution of a brand
The many dimensions of Difference build it? might connote quality. Similarly, a promotion using a celebrity
athlete endorser might simultaneously highlight a key ingredient
Recently, an even wider investigation by Kantar Analytics Practice
of a brand, which in turn can be leveraged to connote superior
looked at 11,000 brand cases to uncover insights about brand
speed or performance.
growth. And what Kantar found was that there are many
different ways brands can drive Difference.
Communications are clearly essential to educating consumers
about the physical qualities of a brand’s offerings: qualities like
In particular, brand structures analysis identified four leading
ingredients, pack design, promotions, or even where to find the
strategies:
brand. But communications can also tell stories and continue
Origin, provenance • Category Leadership: Setting the trends and challenging to build important associations, whether that’s around superior
the status quo performance, category entry points, identification with user
groups or simply a recognisable personality. Similarly, we find
Distribution channels • Distinctiveness: A highly distinctive look and feel and a
Sustainability that innovation, CX management, and pricing policy can create
and locations suite of assets to reinforce this difference in the mind of the consumer.
• Emotive clarity: Building clear and strong emotional
Promotions Pride, security, status connections with consumers
• Functional benefits: Superior qualities that can help to
Exclusivity Partnerships, ecosystem Users, endorsers set them apart from others

But there are many other ways to drive Difference beyond this
‘big four’. Some of these aspects are physical, perceptible, and
Logo Range easily measured. Others are mental, existing in the minds of
consumers: their memories, knowledge, feelings, and experiences.
Quality
Characteristics that contribute to a sense of Difference can be
CEPs intrinsic: baked into the design, formulation, and intent of the
Pack, format Price point(s) brand. But they can also be extrinsic, drawing on associations
borrowed from the outside world and consumers’ social context.

Formulation,
ingredients

33
Thought Leadership – Differentiation

Difference in action Do people sense anything different about

your brand?
What are some real-world examples of the many dimensions
of Difference? Difference is one of the biggest challenges facing marketers today.
It’s about more than simply being distinctive to aid your physical
Category leadership: There are many brands in our global Most availability. Instead, brand marketing needs to build and
Valuable Brands set that have strong leadership credentials. But consistently activate the many ‘differences’ that bring a brand
TikTok is the media and entertainment brand in our global ranking to mind more easily.
that is best known for ‘shaking things up’ and really leading the
way with its creativity, superior algorithm, and association with Over the longer term, as well, brands must work to refresh and
‘viral’ trends. reinforce those particular aspects of Difference that support
higher margins in their categories. That’s because Difference is,
Distinctiveness: Louis Vuitton has some of the most distinctive in addition to all of its other virtues, also a major driver of
assets in the world, and successfully leverages these ‘brand icons’ Pricing Power – as we show elsewhere in this report.
across its many ranges and partnerships (and also within its
emerging forays into spaces like the metaverse). Luxury brands
in general tend to have strong assets – and the brands that
leverage theirs effectively tended to demonstrate more resilience
over the past year.

Functional benefits: Superior taste has an important role to play

in supporting Difference for food and beverages brands. Doritos is
particularly known for its superior flavour, standing out from other
snacking brands in this regard. At the same time, Doritos also has
strong distinctive assets, like its triangle shape – demonstrating
that brands can simultaneously leverage multiple aspects to build
their Difference.

Emotive clarity: Brands that clearly embody one or two distinct,

emotionally-driven personality types tend to do better than brands
that straddle too many personalities, or that don’t have much of
a strong personality at all. Disney+, for example, has stood out
by mirroring its parent brand’s consistent personality archetypes.
Thanks to its strong heritage, Disney is known as a ‘Joker’ or a
‘Free Spirit’ in every market covered by the Kantar BrandZ
database. Ultimately, brands with strong emotive clarity are
seen to be far more different than others – and are hence more
likely to justify their prices.

34
Thought Leadership – Sustainability

Jonathan Hall Throughout 2022, as Kantar tracked the salient concerns of people in
Managing Par tner, 19 countries around the world, we saw a consistent pattern. War, the economy,
Sus tainable Trans formation
Prac tice, Kantar and climate and environmental issues were a consistent top three, with
inflation and social issues tracking close behind. In September 2022, following
[email protected]
an astonishing period of natural disasters across the Northern Hemisphere,
concerns around climate and environmental issues leapt by 50%. In the third
year of the UN’s urgent ‘Decade of Action’, sustainability is a mass concern.
Sarah King
Senior Par tner,
Sus tainable Trans formation
Prac tice, Kantar
[email protected]

SUSTAINABILIT Y FOR ALL

M O V I N G TO WA R D A N E W
P R I C I N G PA R A D I G M

f Kantar Sustainable Transformation Practice: Access a global

network of experts who will support you on your Sustainability
strategy, innovation, activation, and measurement. In 2022
we worked with 400 clients, including some of the world’s
largest companies.

35
Thought Leadership – Sustainability

Foresightful brand owners have done well by identifying the

need for sustainable options and have enjoyed the rapid growth This suggests huge opportunity for brands that are prepared to look
that sustainable propositions deliver. Recently, researchers at beyond niche audiences – for brands, in other words, that are able
New York University reported that the six-year CAGR (2015-2021) to price sustainable options more accessibly to reach a wider
of sustainably marketed CPG in the US was nearly three times range of consumers.
greater than that of conventionally marketed equivalents.
The fact that not everyone buys sustainable is not for want of concern
When marketing sustainable options to consumers, brands have or appetite. 70% of consumers surveyed by Kantar agree that:
typically focused on a segment we call ‘Actives’, who represent
around 30% of people in most countries we survey. Actives are
strongly motivated to act; feel they can make a difference through
their choices and actions; and see living more sustainably as part of
their identity. They are also relatively affluent, which is no surprise: ‘Although I can’t afford to buy
our grocery panels show that across five major European countries,
the supermarket products most distinctly favoured by sustainably
products that are better for the
active people retail at almost twice the category average. environment and society, it doesn’t
What does this economic skew mean for sustainable brands mean that I am less concerned
during tougher economic times? People know sustainable options
are expensive, and make their own decisions – but elevated
about these issues.’
price positions ‘everyday sustainability’ products as a luxury.
And in a downturn, items we view as luxuries are typically more
vulnerable to ‘trading down’ and other consumer cutbacks. Sure
The need for sustainable action exists at scale, but is frustrated;
enough, ‘everyday sustainability’ sales have suffered, as people
people are left with their increasingly distressing concerns, but
everywhere tighten their belts.
limited avenues through which to address them.
Even so, 75% of shoppers from all economic backgrounds tell us,
In response to statistics like those seen above, commentators
often talk of consumers’ ‘value-action’ gap. But this framing
can be unhelpful because of the way it places responsibility for
change squarely on the end user – even though many of those
‘I want to buy environmentally end users do not have genuine access to solutions. People are
prepared to play their part, but resent shouldering the blame for
sustainable products, but brands a lack of progress on sustainability – especially when they feel that
governments and businesses created this mess in the first place.
will have to make sure I can still
afford to do that’.

36
Thought Leadership – Sustainability

A different way
It is time to address the value-action gap in business itself – with Ultimately, wider audiences need to be addressed with more
the goal of finding new ways to make sustainable solutions more relevant propositions. Beyond the Actives lies a vast middle
widely available. ground, the 59% comprised in our segmentation of ‘Considerers’
and ‘Believers’. These groups are ripe for conversion if we can
One option is to take a different view of costs. In 2020, for instance, address the frictions they encounter – and if we can innovate
management consultancy Kearney showed that the modest premium products, services, and business models that fuel adoption of
driven by more sustainable practices in production was then hugely sustainability as part of the entire proposition.
amplified by mark-ups added to more sustainable goods at every
subsequent step of bringing a product to market. These practices The truth is that very few people, Actives included, are driven
resulted in the huge disparities we have just discussed. primarily by sustainability. But very many are at least partly
driven by it – and sustainability becomes very powerful when
Elsewhere in this book, Kantar colleagues demonstrate that aligned with category drivers such as performance, quality,
justifying a premium is one of the superpowers of a strong brand. efficacy, safety, health, and design excellence.
And it is clear there will always be a market for premium offers
in sustainability where the customer sees value. But if ‘justified In the long run, moving fast to democratise sustainability is
premium’ is the only pricing model available for sustainable goods, less costly than moving slowly. This is about a mindset change,
brands will miss out on the mass market opportunity that lies before about how we perceive the world we now live in. When the digital
them. And they will also fail to meet the strongly expressed needs transformation came, how many still-successful businesses decided
of the many. There are clear risks to brands, both financial and they need not engage with it?
reputational, for overlooking these needs: indeed, there is already
evidence of people turning away from brands and categories where Sustainability is not a niche or a fad. And ultimately, it is not
there are no affordable sustainable solutions that satisfy them. negotiable. This future is already here; brands that grasp the disruptive
change this implies, and work with it, can win in the marketplace.
Alternative strategies need to be considered for selling
sustainability. For starters, portfolio owners have an opportunity
to defray costs across a range of price points. Mass market brands
have the opportunity to drive revenue through demand power
and increase their volume share: cost models demonstrate that as
volume increases, costs fall dramatically and predictably.

37
Creating Brand Value – Sustainability

SUSTAINABILIT Y
First, though, it’s worth understanding just what it means to be
a ‘sustainable brand’ in 2023. Kantar’s analysis team segments
brands into four sustainability buckets based on consumer
perceptions: Focused; Leading; Lacking; and Fair Share.

INSIGHTS Sustainability Type

LESSONS FROM Whilst you are known for one aspect

of sustainability, you may need to
Whilst you are ahead of others in
this area, you will need to continue

THE K ANTAR adopt a broader approach in order to

be seen as a Sustainability leader.
to evolve and communicate your
Sustainability credentials to maintain
your leading position.

BR ANDZ DATA With Sustainability as a small but

important lever to drive volume share
and justify pricing, its time to consider
With Sustainability as a small but
important lever to drive volume share
and justify pricing, settling for a fair
if Sustainability merits a higher profile share could be a missed opportunity.
within your organisation.

As Sarah King and Jonathan Hall note in their The exact initiatives that separate ‘Leading’ brands from ‘Fair Share’
brands on sustainability varies from category to category and
thought leadership piece on sustainability, consumer market to market, and is driven by both consumer preferences and
research shows that while very few consumers are government standards. Globally, however, across all brands analyses by
Kantar BrandZ, the prevalence of each segment breaks down this way:
‘driven primarily by sustainability… very many are at
least partly driven by it – and sustainability becomes Sustainability Type: Kantar BrandZ global database
very powerful when aligned with category drivers
such as performance, quality, efficacy, safety, health,
and design excellence’. Kantar BrandZ data bears
this conclusion out.

38
Creating Brand Value – Sustainability

By and large, the brands with the highest sustainability credentials Interestingly, relative to all brands globally, more global most valuable
tend to be smaller challenger brands that are not necessarily seen brands rated as ‘lacking’ in sustainability. That could change going
as more expensive. However, brands that focus on sustainability forward as sustainability becomes increasingly a matter of brand
but lack brand building basics are unable to justify the higher price reputation ‘hygiene’ (for both consumers and investors).
that sustainability otherwise affords.
Already, during a year in which the Global Top 100 and global
Within the 2023 Kantar BrandZ Global Top 100 more specifically, category rankings all saw brand value declines, doing one’s fair
the sustainability math varies widely. On average, sustainability share for sustainability – or better – made a difference when it
perceptions contribute 3.3% to the average brand value in the came to one of the year’s biggest themes: resilience.
Global Top 100; that nets out to a total sustainability contribution
of $193 billion in brand value for the world’s top brands.

But on the level of individual Global Top 100 brands,

sustainability’s importance as a value driver can fall anywhere Lacking consumer perceptions of
within a range of .5% to 10%. For brands at the top and middle sustainability decreased resilience by 5%
of that range, sustainability functions exactly as hoped: as an
additional value boost for already strong brands. Brand value change %

Today, the breakdown by segment for this group is as follows:

Sustainability Type: Most Valuable

Global Brands 2023

VS 2% FOR ALL BRANDS

JUST GETTING A FAIR SHARE OF

SUSTAINABILITY HELPS BOOST RESILIENCE

What this data suggests is that while sustainability alone cannot

inoculate brands against negative economic cycles, it can help them
from falling farther behind during tough times – especially when
sustainability is paired with other brand-building fundamentals.

39
THE KANTAR SUSTAINABLE
TR ANSFORMATION
PR ACTICE

Kantar’s Sustainable Transformation

Practice helps you identify and realise the
opportunity in sustainability across your
business and around the world.

There’s a huge opportunity for brands in delivering products and services that
are better for people and better for the planet. Our data shows that consumers
want to take action and they expect brands to step up.

We have a unique understanding of brands, people and social and environmental

issues. Last year we partnered with more than 400 of the world’s largest brands,
in 50 markets, helping deliver transformation in every sector.

We act as a catalyst for change, provoke new thinking and enable you
to unlock new opportunities.

We want to partner with you on your sustainable transformation journey.

And help you shape the brands of tomorrow.

Find out how we can help you make a difference

kantar.com/sustainability
Thought Leadership – Inflation and Pricing

Inflation and rising prices are a key

Jamie Williams concern for both brands and shoppers.
Senior Direc tor of Produc t,
Innovation, Kantar With historic levels of inflation and
ongoing supply shortages, consumers
[email protected]
are reminded of shelves being empty
during the start of the pandemic.

People are especially feeling the pinch of inflation at the supermarket.

Jan-Marc Baeumler In the US, grocery store inflation is at its highest level since 2008,
Client Ser vice Direc tor, according to both Kantar and government sources. But make no
Innovation, Kantar mistake: consumers are seeing rising costs everywhere they go.

[email protected] If shoppers are lucky enough to stumble upon full shelves for a
particular category today, they often are surprised with sticker
shock, seeing higher prices for their favourite products than they
may remember. Price increases that don’t feel necessary can
frustrate shoppers and potentially hurt repeat purchasing. Already,
recent Kantar BrandZ analysis shows that many brands are failing

OPTIMISING YOUR PRICING to justify their perceived price – consumers see them as being worth
less than they cost.

ST R AT EGY D U R I N G Brands face a decisive moment around pricing. Ultimately, success

will lie in better understanding category shoppers and making
I N F L AT I O N A RY T I M E S mindful pricing decisions. Now more than ever, it’s crucial to get
consumer input before making any price changes.

H O W TO M A K E M I N D F U L
P R I C I N G D EC I S I O N S

f Learn more about how you can optimise your price strategy,
set prices for new products or line extensions, and balance
your portfolio with Value Manager and Kantar Innovation.

41
Thought Leadership – Inflation and Pricing

Strategies for success

Kantar recommends taking four important steps to ensure you are making smart pricing decisions with your
consumers in mind. Here’s how we approached performing these investigations for a global beverage brand.

01 02
Understand your consumer segments: It’s important to Understand price sensitivity: Inflation does not affect everyone
understand your brand’s buyers. How predisposed are buyers to equally, and shoppers are more price sensitive in certain categories.
your brand versus other brands in the category? Understanding If your category is more of a commodity – or you lack brand equity
this dynamic can provide critical direction for pricing. For – consumers will be more price sensitive. Additionally, within a
example, for the global beverage brand, we were able to category, price sensitivity can vary by brand, across specific price
determine that this brand had higher repeat purchase rates with points and by SKU. Working with the beverage brand, Kantar was
more routine buyers for the brand. This means the brand may able to conduct research to understand price elasticity for this
have more room to manoeuvre when making price decisions. brand’s specific products and determine that some SKUs were more
price sensitive than others. This helped the brand determine how
volume share could be impacted at different price points.

fig. 1 fig. 2

Buyer typologies Price elasticity by SKU

30% SKU 1
EXCLUSIVE BUYER ORIENTATION BUYER SKU 2
Highly involved, and committed Highly involved, but not SKU 3
Category Involvement

to one favourite brand committed to one SKU 4

favourite brand
Market Share

20%

ROUTINE BUYER INDIFFERENT BUYER

10%
Uninvolved, habitually buying Uninvolved and uncommitted
the same brand(s)

0%
1.00 € 1.15 € 1.35 € 1.49 € 1.60 € 1.85 € 2.00 €
Brand Switching Disposition
Price

42
Thought Leadership – Inflation and Pricing

03 04
Understand Pricing Power: Understand what consumers value Understand price reactions: Test price changes with conjoint
most about your brand and products. Conduct research to research methodology to understand impacts to volume as you
understand whether your brand‘s equity is justifying its price point. adjust prices. Leverage this understanding for retailer negotiations
This insight provides guidance about whether a brand can offer to raise prices in a mindful way that balances rising costs with
a higher quality product in a reduced package size versus raising making the right decisions to keep your customers loyal. With
prices. Make sure to highlight what consumers value in your this beverage example, Kantar was able to see that Brand A
product and keep quality high. would benefit from a price increase – and if a 5% price increase
happened across the category, then Brand A and the private label
In the example below, Pepsi Max is well positioned with an brand would both gain share.
average price point, justifying its choice vs. cheaper competitors.
Coca-Cola is also well positioned as a premium brand with strong
brand equity that justifies its price point. Dr Pepper has margin
opportunity, which means it can resist pressure to reduce pricing. fig. 4

Simulation of future ‘what-if’ scenarios

fig. 3
Base Case Price Increase
Strategic pricing type
Strategic pricing position for Beverages brands Current prices All prices +5%
determined by perceived price and Pricing Power
Volume Value Change Change
Share Share Volume Volume
Great Value Margin Opportunity Justified Premium
Share in %P Share in %P
IRN BRU DR PEPPER COCA-COLA
LUCOZADE Brand A 37.9% 51.4% 0.6 1.2

Brand B 37.4% 29.9% -1.0 -0.6

Value Average High-Priced
Brand C 15.2% 14.0% -0.2 -0.9
SHOPS OWN PEPSI MAX SANPELLEGRINO
LABEL FANTA RED BULL Prviate Label Brand 9.6% 4.6% 0.6 0.3
PEPSI MONSTER

Commoditised At Risk Overpriced

7 UP DIET COKE FEVER-TREE

If you approach pricing considerations in a mindful way, with

consumers at the heart of your strategy, you can create extra
value from your brand. By following these mindful methods
Source: Kantar BrandZ, Soft Drinks, UK, 2022
and getting consumer input, you can navigate the new normal
of inflation while also maintaining your business.

43
Creating Brand Value – Pricing

PRICING BY Average brand value change over four years

2019 - 2023

THE NUMBERS
UNDERSTANDING
97% 81%

Pricing Power
KANTAR’S STRATEGIC 18% 55%

PRICING MODEL Demand Power

And what, in turn, drives Pricing Power? Broadly, across all brands,
Meaningfulness and Difference – but not Salience.

Over the past four years, brands with the strongest

ability to justify and set their pricing (Pricing Power) –
even at the expense of losing volume share (Demand
Power) – have seen the greatest increase in brand value.

PRICING POWER
DRIVERS

44
Creating Brand Value – Pricing

On the level of individual brands, the most successful pricing The top row in this model encompasses the three different ways
strategies start with an understanding of two variables: that brands can benefit from high Pricing Power.
Most Valuable Global Brands
• How much tangible and intangible value a brand provides First, at the extreme top left, are the brands that are seen as a
in consumers’ minds, above the basic commodity level ‘Great Value’. These are brands that, in Kantar’s BrandZ’s data,
(that is, Pricing Power) have a lower Perceived Price relative to their competitors – while
• How much a brand is perceived to cost relative to competitors performing as well as or better than costlier alternatives.
11% 17% 23%
These two attributes form the basis of Kantar’s Strategic ‘Great value’ brands are seen as being ‘worth more than they
Pricing Model: cost’. And this is what helps them during inflationary periods,
especially: even if great value brands are forced to raise prices
somewhat to protect their margins, consumers will likely continue
to regard these brands as offering a fair and attractive deal. 18% 20%
5%
Our stategic pricing model Then, at the top right, are the ‘Justified Premium’ brands. These
are seen as having a higher cost than their peers. But they are also
seen as having exceptional products or services – so consumers
remain willing to pay higher prices for them, and are reluctant to
give them up. Even in tough times, these brands are able to raise 0% 3% 3%
their prices, maintain their margins, and increase their profits –
even in the event that their overall sales volume declines.

Finally, let’s add a third type of ‘inflation-proof’ brand into the mix.
These are brands that are currently seen by consumers as having
average prices in the market – but also have high Pricing Power.
We call these brands ‘Margin Opportunity’ brands, because
under normal economic conditions, they have an untapped
opportunity to charge more for their goods and transition into a
more high-margin business strategy. During volatile times, these
brands also have ample leeway to adjust their prices upwards in
line with inflation (and maintain or expand their existing margins),
without having to worry about alienating customers.

In 2023, half of Kantar’s most valuable brands (i.e. those appearing

in the Global Top 100 and/or the category rankings) have some
form of ‘top-tier’ Pricing Power. In good times and bad, they are
able to drive higher value from better margins – by being valued
by consumers.

45
OPTIMISE YOUR PRICING
AND DRIVE GROWTH
THROUGHOUT YOUR
PORTFOLIO
Simulate the impact of pricing decisions
to maximise your commercial success
ValueManager uses the latest modelling techniques to
uncover what customers are willing to pay for your new and
existing offers. Using this foundation you can create value-
based products and features that people really want.

By building your offer on a clear understanding of perceived

value, and basing your pricing strategy on insights from the
shopper groups that matter most to your business, you will
be able to maximise volumes, revenue, and profits.

Find out more or contact:

[email protected]

46
MOST VALUABLE
GLOBAL BR ANDS

48 — TOP 100 GLOBAL BRANDS

50 — NEWCOMERS

52 — TOP RISERS
2023 MOST VALUABLE GLOBAL BRANDS
Rank Brand Brand Value % Brand Value Category Rank Market Rank Brand Brand Value % Brand Value Category Rank Market
(US$ M) Change vs 2022 change of Origin (US$ M) Change vs 2022 change of Origin

1
APPLE 880,455 -7% Consumer Technology and Services Platforms 0 US 26
TELEKOM/T-MOBILE 65,103 1% Telecom Providers 6 Germany

2
GOOGLE 577,683 -30% Media and Entertainment 0 US 27
STARBUCKS 61,534 0% Fast Food 8 US

3
MICROSOFT 501,856 -18% Business Technology and Services Platforms 1 US 28
WALMART 59,873 -3% Retail 9 US

4
AMAZON 468,737 -34% Retail -1 US 29
INSTAGRAM 58,947 -36% Media and Entertainment -9 US

5
MCDONALD’S 191,109 -3% Fast Food 1 US 30
MARLBORO 57,576 -1% Tobacco 9 US

6
VISA 169,092 -11% Financial Services 1 US 31
CHANEL 55,939 6% Luxury 14 France

7
TENCENT 141,020 -34% Media and Entertainment -2 China 32
QUALCOMM 54,013 -13% Business Technology and Services Platforms 1 US

8
LOUIS VUITTON 124,822 0% Luxury 2 France 33
COSTCO 53,383 8% Retail 15 US

9
MASTERCARD 110,631 -6% Financial Services 3 US 34
YOUTUBE 53,007 -39% Media and Entertainment -10 US

10
COCA-COLA 106,109 8% Food and Beverages 7 US 35
ADOBE 51,247 -45% Business Technology and Services Platforms -16 US

11
ARAMCO 105,800 7% Energy 5 Saudi Arabia 36
NETFLIX 49,763 -32% Media and Entertainment -6 US

12
FACEBOOK 93,024 -50% Media and Entertainment -4 US 37
LINKEDIN 48,529 -16% Media and Entertainment 3 US

13
ORACLE 91,992 2% Business Technology and Services Platforms 9 US 38
CISCO 47,171 -17% Business Technology and Services Platforms 3 US

14
ALIBABA 91,898 -46% Retail -5 China 39
DISNEY 46,970 -22% Media and Entertainment -1 US

15
AT&T 88,999 2% Telecom Providers 8 US 40
XFINITY 44,354 -28% Telecom Providers -4 US

16
VERIZON 88,976 -13% Telecom Providers -1 US 41
TIKTOK 44,349 2% Media and Entertainment 12 China

17
IBM 87,662 -10% Business Technology and Services Platforms 1 US 42
TATA CONSULTANCY SERVICES 41,964 -17% Business Technology and Services Platforms 4 India

18
MOUTAI 87,524 -15% Alcohol -4 China 43
TEXAS INSTRUMENTS 41,276 -26% Business Technology and Services Platforms -1 US

19
HERMÈS 76,299 -5% Luxury 8 France 44
INTUIT 38,617 -22% Business Technology and Services Platforms 3 US

20
THE HOME DEPOT 74,954 -11% Retail 5 US 45
L’ORÉAL PARIS 38,084 -20% Personal Care 5 France

21
NIKE 74,890 -32% Apparel -8 US 46
SPECTRUM 37,346 -25% Telecom Providers 3 US

22
ACCENTURE 73,640 -11% Business Technology and Services Platforms 4 US 47
AMERICAN EXPRESS 37,219 -14% Financial Services 7 US

23
UPS 73,598 -19% Logistics -2 US 48
SAP 34,874 -49% Business Technology and Services Platforms -17 Germany

24
NVIDIA 72,685 -41% Business Technology and Services Platforms -13 US 49
SALESFORCE 34,709 -37% Business Technology and Services Platforms -6 US

25
TESLA 67,662 -11% Automotive 4 US 50
AMD 33,796 -24% Business Technology and Services Platforms 2 US

Source: Kantar/BrandZ (including data from S&P Capital IQ). 1The Brand Value of Coca-Cola includes Lights, Diets and Zero, 2Brand Value of Tencent includes QQ, WeChat, WeSing, WeChat Pay, WeBank, v.qq.com, Tencent Cloud,
3
Brand Value of Alibaba includes Ant Financial, Aliexpress, Freshhema, Taobao and Tmall, 4Brand Value of Amazon includes Amazon Music, Amazon Prime Video and Amazon Web Services, 48
2023 MOST VALUABLE GLOBAL BRANDS
Rank Brand Brand Value % Brand Value Category Rank Market Rank Brand Brand Value % Brand Value Category Rank Market
(US$ M) Change vs 2022 change of Origin (US$ M) Change vs 2022 change of Origin

51
RBC 33,744 -15% Financial Services 6 Canada 76
AIRTEL 22,332 24% Telecom Providers N/A India

52
INTEL 33,253 -47% Business Technology and Services Platforms -18 US 77
SIEMENS 22,167 -24% Conglomerate -4 Germany

53
WELLS FARGO 32,466 -25% Financial Services 2 US 78
COMMBANK 22,069 -17% Financial Services 2 Australia

54
SAMSUNG 32,303 -40% Consumer Technology and Services Platforms -10 South Korea 79
EXXONMOBIL 22,068 N/A Energy N/A US

55
MEITUAN 32,029 -29% Consumer Technology and Services Platforms -4 China 80
KFC 22,056 -1% Fast Food 15 US

56
HDFC BANK 31,159 -12% Financial Services 5 India 81
NONGFU SPRING 21,764 8% Food and Beverages N/A China

57
UNITEDHEALTHCARE 30,938 9% Financial Services 18 US 82
BANK OF AMERICA 21,548 -30% Financial Services -13 US

58
HUAWEI 30,847 -6% Consumer Technology and Services Platforms 9 China 83
LOWE’S 21,500 -12% Retail 3 US

59
HAIER 30,485 -13% IoT Ecosystem 4 China 84
NTT 21,385 -15% Telecom Providers 0 Japan

60
XBOX 30,404 -23% Consumer Technology and Services Platforms -4 US 85
PING AN 21,183 -23% Financial Services -8 China

61
PAYPAL 30,296 -62% Financial Services -33 US 86
IKEA 21,049 -10% Retail 5 Sweden

62
TOYOTA 28,513 -14% Automotive 4 Japan 87
BMW 20,944 -24% Automotive -11 Germany

63
VODAFONE 27,030 -19% Telecom Providers 2 UK 88
BUDWEISER 19,888 -14% Alcohol 5 US

64
JD 26,601 -28% Retail -4 China 89
LANCÔME 19,400 -19% Personal Care -2 France

65
GUCCI 26,306 -31% Luxury -7 Italy 90
AIA 19,231 -15% Financial Services 4 Hong Kong

66
INFOSYS 26,156 -22% Business Technology and Services Platforms -2 India 91
PEPSI 18,826 17% Food and Beverages N/A US

67
TD 25,969 -13% Financial Services 5 Canada 92
DHL 18,723 -31% Logistics -14 Germany

68
J.P. MORGAN 25,429 -32% Financial Services -9 US 93
RED BULL 18,554 4% Food and Beverages N/A Austria

69
ICBC 25,419 -28% Financial Services -7 China 94
ZARA 18,395 -28% Apparel -11 Spain

70
SHEIN 24,250 N/A Apparel N/A China 95
COLGATE 18,360 1% Personal Care N/A US

71
MERCEDES-BENZ 23,978 -21% Automotive -1 Germany 96
UBER 18,329 -32% Consumer Technology and Services Platforms -17 US

72
MERCADO LIBRE 23,241 -22% Retail -1 Argentina 97
FEDEX 18,231 -26% Logistics -12 US

73
CHINA MOBILE 23,231 -2% Telecom Providers 15 China 98
SHELL 17,952 N/A Energy N/A UK

74
BCA 22,684 12% Financial Services N/A Indonesia 99
SONY 17,814 N/A Consumer Technology and Services Platforms N/A Japan

75
CHASE 22,431 -30% Financial Services -7 US 100
PAMPERS 17,376 -12% Personal Care N/A US

Source: Kantar/BrandZ (including data from S&P Capital IQ). 1The Brand Value of Pepsi includes Diets, 2The Brand Value of Budweiser includes Bud Light, 3Brand Value of Mercado Libre includes Mercado Pago,
4
Brand Value of JD includes JD Financial, 5Brand Value of Red Bull includes sugar-free and Cola 49
Newcomers

SHEIN $24,250 M
BRAND VALUE (US$M)
NEWCOMERS
BCA & RE-ENTR ANTS *
$22,684 M

AIRTEL $22,332 M This year the Kantar BrandZ Global Top 100

EXXONMOBIL
Most Valuable Brands list features two brands
$22,068 M
making their rankings debut, as well as nine
brands rejoining after a hiatus.

NONGFU SPRING $21,764 M

PEPSI $18,826 M

RED BULL $18,554 M

COLGATE $18,360 M

SHELL $17,952 M

SONY $17,814 M

PAMPERS $17,376 M

Source: Kantar/BrandZ (including data from S&P Capital IQ). *Please note: Shein and Nongfu Spring are newcomers, all other brands listed here are re-entrants to the Top 100 ranking
50
Newcomers

NEWCOMERS TO P 100 NE WCO MERS

SHEIN LE ADS THE 2 brands have entered the Top 100

for the first time in 2023

CL ASS OF 2023 70 Apparel Shein 24,250

81 Food and Beverages Nongfu Spring 21,764

Five of this year’s 11 newcomers are FMCG And then there’s apparel brand Shein,
brands: Nongfu Spring, Pepsi, Red Bull, whose Global Top 100 debut is the highest
Colgate, and Pampers. Four of these FMCG ranked newcomer at number 70. Shein 9 brands have returned to the Top 100
brands are re-entries; the fifth, Nongfu doesn’t just sell its affordable clothes and
Spring, joins the Global Top 100 this year accessories on the internet; Shein’s very
after entering the Kantar BrandZ China identity – its cultural pulse – is based around
ranking in 2021. Together, they represent a connecting shoppers to the latest viral 74 Financial Services BCA 22,684
rebalancing of sorts for a Top 100 that has fashion trends as surfaced on platforms
become increasingly weighted toward tech like Instagram and TikTok. In short: it’s a 76 Telecom Providers Airtel 22,332
brands. (Energy brands also increased their clothing brand for our digital age.
Global Top 100 presence with the re-entry 79 Energy ExxonMobil 22,068
of ExxonMobil and Shell.)
91 Food and Beverages Pepsi 18,826

This is not to say that tech was absent

93 Food and Beverages Red Bull 18,554
from the Newcomers list: Sony is something
of a legacy player in the consumer tech
95 Personal Care Colgate 18,360
space, and has recently ventured more
into services via its PlayStation game 98 Energy Shell 17,952
subscription offerings; telecom brand Airtel
has been instrumental in bringing affordable 99
Consumer Technology
Sony 17,814
and Service Providers
smartphone internet connectivity to the
Indian masses; and Indonesian bank brand 100 Personal Care Pampers 17,376
BCA has seen strong uptake for the digital
app it debuted last year.

51
Top Risers

AIRTEL Telecom Providers CATEGORY

PEPSI Food and Beverages

FANTA Food and Beverages

TOP RISERS
BCA Financial Services

SPRITE Food and Beverages

Telecom, food and beverages, and luxury
GATORADE Food and Beverages brands lead this year’s list of the fastest risers
UNITEDHEALTHCARE Financial Services
in the Kantar BrandZ global rankings.

DIOR Luxury

COCA-COLA Food and Beverages

JOHNNIE WALKER Alcohol

NONGFU SPRING Food and Beverages

LAY’S Food and Beverages

COSTCO Retail

BURGER KING Fast Food

ARAMCO Energy

CHANEL Luxury

CORONA Alcohol

DOLLAR GENERAL Retail

RED BULL Food and Beverages

JACK DANIEL’S Alcohol

Source: Kantar/BrandZ (including data from S&P Capital IQ).

* The Brand Value of Coca-Cola includes Lights, Diets and Zero, **The Brand Value of Pepsi includes Diets, ***Brand Value of Red Bull includes sugar-free and Cola 52
Top Risers

TOP RISERS
AIRTEL, FMCG BR ANDS
OUTPERFORM
Among all brands in the Kantar BrandZ Beating expectations Characteristics of overperforming brands
Global Top 100 and global category
rankings, Indian telecom brand Airtel Indeed, this year is especially illuminating Ultimately, the same qualities that fuelled Underperforming Overperforming
posted the strongest year-on year brand to compare brands’ performance against more explosive brand value growth in
growth, rising 24%. Pepsi was the second- that of their wider category. For instance, previous years, also allowed brands to
fastest rising brand, as its 17% year-on- budget-minded, brick-and-mortar retail overperform this year relative to statistical
year growth propelled it back into the brands Costco and Dollar General rose expectations based on category and market:
Global Top 100. 8% and 4% this year, respectively. In Meaningfulness, Difference, and Salience.
earlier years, those growth rates wouldn’t
Both of these brands appear in both the be enough to earn Top Riser status. But
Global Top 100 and category rankings. they’re especially remarkable in a year 136
Among brands present in the category where the overall retail category declined
117 124 118 121 125
rankings only, Fanta was the fastest 27% (and ecommerce retail brands
growing, at 15%. declined even more steeply as a group).
+8 +3 +12
This year saw wide divergences in brand Similarly, media and entertainment
value fluctuations by category: while brands Disney and TikTok missed the Top
categories like fast food and luxury Risers rankings entirely this year – and
declined by low single digits overall, others understandably so, given that their brand
like apparel or media and entertainment value changes came in at -22% and +2%,
declined by more than 20%. So it’s no respectively. But they nevertheless can
surprise that many of this year’s top be considered resilient overperformers, given
rising brands hail from, better-performing that their category overall declined by 32%. Meaningful Salient
categories – notably the food and
beverages category, which placed eight
brands on the Top Risers lists.

53
C AT EG O RY
FO CU S

55 — THE CATEGORY STORY

58 — ALCOHOL
63 — BRAND STRATEGY
67 — APPAREL
72 — AUTOMOTIVE
77 — CREATIVE
80 — BUSINESS TECHNOLOGY
AND SERVICES PLATFORMS
85 — GROWTH STRATEGY
88 — CONSUMER TECHNOLOGY
AND SERVICES PLATFORMS
93 — TECHNOLOGY & HEALTH
96 — FAST FOOD
101 — FINANCIAL SERVICES
106 — FOOD AND BEVERAGES
111 — INNOVATION
114 — LUXURY
119 — MEDIA AND ENTERTAINMENT
125 — MEDIA
128 — PERSONAL CARE
133 — AI
138 — RETAIL
143 — CUSTOMER EXPERIENCE
146 — TELECOM PROVIDERS

Itallics denote THOUGHT LEADERSHIP features

The Category Story

THE CATEGORY PICTURE:

FROM GROW TH TO RE SILIENCE
FAST FOOD, FOOD AND BEVERAGES,
LUXURY CATEGORIES FARE BEST

This year, 11 of 13 major brand categories recorded year-on-year value declines

– though some categories proved more resilient than others.
The other two categories, meanwhile, The fact that all category rankings showed What is true, however, is that this financial
expanded their rankings for 2023 in a declines this year is, in a way, better for correction has hit some categories more
way that precluded exact year-on-year top brands’ future growth prospects than strongly than others. Wall Street has been
comparisons. This was the case for the a scenario in which only a few types of top much tougher on tech brands of late,
financial services category (formerly brands faltered. (Or a scenario in which for instance, at the same time that tech
‘banks’), which expanded in size and bigger, ranked brands lost significant businesses have faced stricter regulations
scope from 15 brands to 20, and for ground to unranked challenger brands.) in China. It’s no surprise, then, that the
the consumer technology and services That would suggest that the trouble this steepest short-term category value declines
platform category (formerly ‘consumer year lies with certain brands themselves are in categories with the strongest digital-
technology’), which doubled in size to 10 – and perhaps the value of branding first brands.
brands with the inclusion of consumer tech more broadly – rather than with overall
services brands like Meituan, Uber, and economic headwinds. Nevertheless, tech brands still make up the
booking.com. biggest proportion of the Top 100.
Instead, the situation is one in which, by
But these categories, too, would have and large, top brands have maintained
shown year-on-year declines this year if strong equity with consumers in the
they had stuck to their narrower roster of face of a (perhaps inevitable) downward
2022 brands. correction in financial market exuberance,
following the end of pandemic-era
monetary and fiscal supports.

55
The Category Story

At the same time, we’ve seen marked

resilience from everyday brands in categories S HARE O F TO P 100
like fast food, and food and beverages.
These categories enjoy a high weekly
frequency of purchasing occasions. Within
this context, consumers have shown a strong
desire to stick with the brands they know
and love best. Consumers have expressed
this preference despite rising prices – even if Business Technology &
they have to cut back elsewhere. Services Platforms
The food and beverages category declined
by 3%, and fast food by 4%, for 2023. That’s
notable in a year when the overall Kantar
BrandZ Global Top 100 declined by 20%.

Across the entirety of these data sets,

Kantar BrandZ’s analysis team has found
that this year, the most resilient brands
have elevated their Pricing Power – even
if that comes at the expense of overall
volume share (Demand Power).

That insight helps to explain this year’s

results for the luxury category, which
declined 4% this year. Earlier this decade,
luxury brands’ Pricing Power fuelled strong
value growth; now, Pricing Power has
provided these brands with heightened
resilience. Similarly, the alcohol and
automotive categories have also achieved
both mid-term growth and short-term
resilience – thanks to the more luxury-tier
brands in their ranks.

Consumer Technology
& Services Platforms

56
Categories Overview

ALCOHOL APPAREL AUTOMOTIVE BUSINESS CONSUMER FAST FOOD FINANCIAL

TECHNOLOGY TECHNOLOGY SERVICES
AND SERVICES AND SERVICES
PLATFORMS PLATFORMS

Category Brand Value Category Brand Value Category Brand Value Category Brand Value Category Brand Value Category Brand Value Category Brand Value
Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change

-13% -21% -13% -24% N/A -4% N/A

Top 20 Total Brand Value Top 10 Total Brand Value Top 10 Total Brand Value Top 20 Total Brand Value Top 10 Total Brand Value Top 10 Total Brand Value Top 20 Total Brand Value

$220,672 M $171,709 M $200,501 M $1,616,787 M $1,078,324 M $340,480 M $728,383 M

FOOD AND LUXURY MEDIA AND PERSONAL RETAIL TELECOM

BEVERAGES ENTERTAINMENT CARE PROVIDERS

Category Brand Value Category Brand Value Category Brand Value Category Brand Value Category Brand Value Category Brand Value
Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change Year-on-Year Change

-3% -4% -32% -15% -27% -10%

Top 20 Total Brand Value Top 10 Total Brand Value Top 10 Total Brand Value Top 15 Total Brand Value Top 20 Total Brand Value Top 10 Total Brand Value

$289,278 M $329,500 M $1,004,273 M $175,424 M $608,333 M $435,746 M

57
ALCOHOL
DEFINITION:
The Alcohol category includes global and regional
brands, and includes brands of beer, wine, spirits and
multi-category alcoholic drinks.

ALCO H O L TO P 20:

MOUTAI (US$M)

KEEPING SPIRITS HIGH/

BUDWEISER
HEINEKEN A LC O H O L B R A N D S
WU LIANG YE D I V E R S I F Y F O R G RO W T H
JOHNNIE WALKER
CORONA
JACK DANIEL’S
NATIONAL CELLAR 1573
HENNESSY
BUD LIGHT
BRAHMA
MICHELOB ULTRA *
SKOL Category Brand Value
GUINNESS Year-on-Year Change
SMIRNOFF
STELLA ARTOIS*
TECATE
LUZHOU LAOJIAO Alcohol Top 20

XING HUA CUN Total Brand Value

MOËT & CHANDON

Source: Kantar/BrandZ (including data from S&P Capital IQ)
*Brand Value is restated
58
Ca te g or y Fo c u s

ALCOHOL
The alcohol category declined 13% over the past year.
In total, the world’s 20 most valuable liquor, beer,
wine, cognac, and baijiu brands are now worth a
combined $221 billion.
These figures show that compared to When these themes are well-publicised,
other categories, alcohol brands are they give a brand like Jack Daniels the
faring somewhat better amid stock pricing power to expand offerings like its
market corrections and global economic Special Range series of limited-edition
headwinds. Only one top alcohol brand releases, which over the past year has
declined more steeply than the overall launched new single malts for sale in
20% decline for brands in the Global Top the US and travel retail channels. Just
100. And indeed, out of the Top 20, seven as importantly, strong brand equity –
brands saw an YoY increase in brand value. including a notable rise in Salience this
past year – has allowed Jack Daniels to
Those rising brands include all four expand its permanent range of more ultra-
returning Western liquor brands: Johnnie premium spirits, including Jack Daniel’s
Walker, Jack Daniels, Smirnoff, and Bonded and Jack Daniel’s Triple Mash.
Hennessy. Overall, spirits continue to fare
well in the wider alcohol market. Whiskey Indeed, it’s no coincidence that this year’s
supply crunches have not slowed down the fastest rising alcohol brand, Johnnie
spirit’s growth in popularity among global Walker, was among the first to build out
drinkers; instead, this kind of price inflation and resonantly market its premium range
has actually increased the whiskey’s of spirits, which encompasses both its
mystique as a format that takes time and ’coloured’ permanent collection (Black,
care to create – thus justifying brands’ Gold, Green, Blue) as well as limited
premium pricing. editions. It has bolstered these ranges
with strong brand experiences, from its
Indeed, as ‘premiumisation’ has become an eight-floor tourism complex in Edinburgh,
important tool for brands of all categories to a newly announced two-week voyage
in the face of a global economic slowdown, in Northern Europe in partnership with
liquor brands have been among the most Norwegian Cruise Line.
successful in tying premiumisation to
resonant brand narratives. That’s because
for spirits like whiskey and tequila, it’s
relatively easy to connect higher prices
to themes like rarity, craft, provenance,
heritage, and materials quality.

59
Ca te g or y Fo c u s

ALCOHOL
In recent years, Johnnie Walker has In the Chinese beer market, global
worked to build connoisseurship for brands have strengthened their consumer
its top-level Blue Label via a series of relationships and equity standings over BR ANDS WITH MOMENTUM
dinners and activations throughout Asia local players. In the US, top brands like
– combined with new builds in key duty- Corona continue to extend their lead on
free zones throughout China that provide brand equity, even as their wider cohort Kantar BrandZ has identified a group of brands
guided tastings and gifting stations with continues to compete with craft labels outside of the Alcohol ranking that are likely to create
personalised packaging. Hennessy has as on-trade business returns. On the value in the future, as indicated by the Future Power
pursued a similar strategy through its conglomerate level, companies like AB Index for the listed market(s).
House of Hennessy outposts and retail InBev are working to scale up their digital
stores – including its largest-ever flagship, presence, investing globally in new DTC
a ‘cultural arena’ located at a duty-free home delivery platforms and scaling
plaza on China’s tourist-rich Hainan Island. up their insights engines to create more
smartly targeted digital marketing.
China, of course, also has its own
homegrown premium spirit category, baijiu. Range diversification also remains a guiding
In recent years, China’s largest luxury principle for most alcohol brands. Non-
baijiu brands have enjoyed strong brand alcoholic and low-carb offerings continue
equity and value growth on the strength to grow on the back of new brewing
of their centuries-old heritage; pristine and innovations. And last decade’s ‘seltzer Sandels is a Finnish beer Argentinian beer brand Andes
sustainable provenance (many are located boom’ has now expanded to encompass a with branding that honours is made with meltwater from its
near, and source from, famous Chinese larger array of RTD (ready-to-drink) canned a war hero. name-sake mountain range.
waterways that they also work to protect); cocktails. In the past year, this growing
and their prominence in many culturally RTD space has seen entrants from more Future Power Index Future Power Index
important banqueting occasions. This past traditional soft drink players: these include FINLAND 160 ARGENTINA 138
year, baijiu brands have faced financial Fresca Mixed Vodka Spritz, zero-sugar
headwinds – but the biggest brands have Hard Mountain Dew, and – perhaps most
retained their underlying equity. momentously – Jack Daniels & Coca-Cola.

Flying Fish was the first Brewed in Scotland, Brewdog

flavoured beer brand to is known for its rebellious,
launch in South Africa. craft-forward offerings.

Future Power Index Future Power Index

SOUTH AFRICA 144 UK 135

60
Ca te g or y Fo c u s

ALCOHOL
B R AND ANALYSI S B R AND SP OTLI GHT

This year, spirits brands fared better, while Spirits have fared better while Baijiu brands Corona is the most Meaningful beer
baijiu brands generally saw declines. have seen declines brand in the Top 20 Most Valuable
Alcohol Brands ranking. Corona has long
Regardless of format, improving or Brand Value % change vs. 2022 been a highly Salient brand. But it also
maintaining consumer relationships continues to build meaningful consumer
(Demand Power) helped protect alcohol relationships to ensure it stays relevant
brands this year from steeper brand value to people’s everyday lives.
declines. For beer brands, Demand Power
tends to correlate with enabling fun and
sociality; for baijiu brands, it derives from
being the best and showing status; and for Meaningful Index
spirits it’s about having the right drink for
the right occasion.
126

118
Change in Brand Value vs. 2022

2023 BR AND VALUE

2009 2023

$9,107 M
Average brand: 100

2022 Brand value $8,717 M

+4.5% year on year

61
Ca te g or y Fo c u s

ALCOHOL

AC TI ON
P OINT S /
B R AND
1
E XPAND O N
2
E XPLO RE
3
PUR SUE BO LDER
H OSPITALIT Y ME ANIN GFUL CO LL ABO R ATIO N S
B UILDI NG As alcohol brands continue to invest in brewery
experiences, clubhouses, and other tourism brand
FL AVOUR S
Even as growth in the hard seltzer subcategory begins
The 2020s have seen alcohol brands take a bolder
approach to collaborations, earning new social media
extensions, hospitality has emerged as an even more notice and sales in the process.
immersive new frontier for brand building. to slow, it remains an important disruptor for the ways
that it broke down barriers around gendered drinking An early bellwether was BrewDog’s ALD IPA release with
UK craft beer and pub BrewDog now operates three full- expectations – and for the way that it has reawakened Aldi, which grew organically out of a humorous ‘spat’
fledged hotels in the US, Scotland, and England – as well consumers alike to flavour exploration. between the two brands on Twitter (the brand has also
as smaller-format ‘kennel’ concepts located above two collaborated with candy brand Parma Violets and –
of its urban pubs. US mid-major craft player Dogfish There is now a dizzying array of flavour combinations perhaps more consequentially – recently signed on to a
Head operates an inn and two restaurants around available for spirits like gin, (thus Tanqueray now offers major joint venture with Budweiser China). Moutai gained
its brewery in Milford, Delaware. And perhaps most provenance-forward range extensions like Sevilla Orange a lot of notice for its ultra-premium foray into ice cream
audaciously, Corona purchased an island off the coast and Rangpur Lime gin, while Hendrick’s emphasises alongside dairy giant Mengniu. And in the marketing
of Colombia and turned it into a boutique, sustainable creativity with its seasonal offerings crafted by its Master realm, Michelob Ultra’s Super Bowl ad joined forces with
eco-resort – a real-life Corona Island meant to bolster Distiller). In the tequila space, Don Julio’s new Rosado Netflix and the PGA golf tour to provide a humorous
its distinctive, beach-centric brand position while also release achieves a unique flavour and pink colour via teaser for Netflix’s upcoming ‘Full Swing’ docuseries.
highlighting the brand’s sustainability aims. (The resort finishing in Ruby Port wine casks from Portugal.
is billed as the world’s first ’single-use and plastic-free
island’, and was developed in partnership with the These are flavours tied to heritage materials and
sustainability non-profit Oceanic Global.) methods, in other words – which allows these brands to
not only differentiate from competitors, but also make
a meaningful play for more Pricing Power.

62
Thought Leadership – Brand Strategy

Consumers face an overwhelming range

Myles G eorge of choice in many categories. The alcohol
Direc tor, Produc t
category is no exception. Go to any
Development, Kantar
liquor store, bar, or restaurant and you’ll
[email protected]
know what I mean. The rise in ‘ready to
drink’ brands, seltzers, and craft beers
springs to mind.

Spirits such as gin and whiskey likewise offer many new craft and
boutique offerings to sample. And this decade has also seen a wave of
new low – and no-alcohol options appearing across many drink types.

RESONANT Navigating these new options has hardly been a chore for most
consumers. Novelty can be fun, after all. Often, we do like to try

C O M M U N I C AT I O N S something a bit different. But brand owners, particularly for heritage

brands, face a big challenge. Familiarity defines these heritage

E M OT I O N H E L P S
brands, not novelty. Whilst big brands can flex their market muscle
to cut through the clutter, smart brand owners also look to their
positioning to stand out.

A LC O H O L B R A N D S No alcohol brand illustrates this better than Budweiser, a brand that

B U I L D B R A N D VA LU E
regularly appears in the Kantar BrandZ Top 100 global brand list.
As a traditional, iconic US beer brand, it has a rugged, blue-collar
worker positioning. There’s a strong sense of bonding about the
brand, too.

Those with longer memories might recall the famous ‘Budweiser

True’ campaign from many years ago: this was a hugely popular
ad featuring young males connecting in a silly, light-hearted way,
characterised by their ‘wassup’ greeting. These were everyday guys in
an ordinary situation, bonding and hanging out. A Budweiser classic.
You’d be hard-pressed not to mention Budweiser’s Clydesdale horses
f NeedScope is Kantar’s proprietary solution for building an too, featuring in many campaigns over the years.
irresistible brand. Learn more about how NeedScope and
brand positioning can create Meaningful Difference for your These themes are well-used for Budweiser. But how does a well-
brand, with help from Kantar. established brand follow this success and stay consistent without
becoming boring and predictable? Fortunately, help is at hand.

63
Thought Leadership – Brand Strategy

Emotion holds the key

Emotion offers brands a powerful way to find their difference – Through this emotive lens we can then view important category Note that in these instances, neither brands primarily occupy the
particularly in categories where brands are functionally similar. themes. For example, what’s important in beer? As we’ve seen, orange emotional space (Friendly, Approachable, Open) that is
Kantar’s NeedScope framework reveals the nature of the emotive sociability and connection. But on their own, these words don’t go most often at the heart of sociability (and which every brand
needs in a category. From there, brands can occupy potential far enough in capturing the diverse emotional avenues available for needs to capture in some way, even as they cover other emotional
emotional positioning territories. portraying how people can come together over beer. territories). The takeaway, then, is that alcohol brands have more
options than you might expect to capture the important category
Based on psychological principles, these emotional territories To illustrate, we recently used our AI Decoder technology to analyse driver of sociability, whatever the dominant emotion in their
give brands a strong, human foundation upon which to build a ads from two different beer brands: Corona and Dos Equis. Both positioning may be…
meaningfully different brand positioning. This is key, as Kantar’s portrayed scenes of sociability and connection. But the Corona
brand equity research shows that brands with high meaningful ad had an air of intimate, relaxed bonding – corresponding to the
difference grow in value five times more than those without. ’Careful, Caring, Sensitive’ emotional territory. Dos Equis, meanwhile,
put forth a more assertive, provocative sociability – in line with the
NeedScope has identified six principal emotive positioning ’Self-assured, Assertive, Forthright’ emotional territory.
territories, each tied to a different colour:

The six emotive spaces Sociable expressions based on emotion

Fun-loving Bold
Carefree Dynamic Spontaneous Letting
Spontaneous Independent party loose

Friendly Self-assured
Hanging Toasting
Approachable Assertive
out success
Open Forthright

Careful Focussed
Caring Competent Intimate Savouring the
Sensitive Controlled banding moment

64
Thought Leadership – Brand Strategy

Consistency breeds success

It’s one thing to tease out the right emotional expressions for your THREE TAKEAWAYS FOR ESTABLISHED
brand. It’s another to execute these consistently over time. With so
BRANDS IN AN AGE OF NOVELTY
much change in the alcohol category, staying constant feels like
a risk! Budweiser once again provides a great example. Its recent
campaign ‘This Bud’s for you’ demonstrates this, bringing back an
iconic Budweiser tagline from the past while also making a playful
pop culture reference (’Six Degrees of Kevin Bacon’) by using Kevin
Bacon as the ad’s narrator. There is a more modern, inclusive feel
01
to this ad, but importantly there’s also a consistency in its themes, Emotion is key. With so many options, alcohol
reminiscent of their earlier campaigns. You see bonding, people brands must work hard to stand out and be different.
coming together. And you also see the familiar Clydesdale ’brand Emotion offers a way to build a meaningfully
code’ via an early cameo.
different position. But whatever path you choose,
This blend of new but familiar holds the key to long-term brand through humour or storytelling, be clear on the
building – where one campaign builds on previous ones, refreshing emotion in your brand’s positioning.
the memory structures for the brand.

02
Look for the right expression. Brands can be
more relevant by tapping into category drivers.
But don’t make assumptions on what this means.
Use the emotional lens to choose the right expression
to support your brand in a unique way.

03
Be consistent. It’s tempting to mix things up. But for
well-established brands it’s more effective to look for
ways to build on the past and refresh familiar themes
for a more modern context.

65
M O DERN MARKETING
DILEMMA S
In this thought-provoking and evidence-based guide, we provide insights
and solutions to the day-to-day challenges marketers face to help them
protect their margins. Learn how to balance performance marketing with
brand building, how to react when prices are going up, and how to prove
that marketing adds value to your brand.

And much more.

DOWNLOAD
THE GUIDE

kantar.com/modern-marketing-dilemmas
APPAREL
DEFINITION:
The Apparel category is comprised of mass-market men’s
and women’s fashion and sportswear brands.

APPARE L TO P 10:

NIKE R E FA S H I O N I N G
(US$M)

E X P EC TAT I O N S /
SHEIN A P PA R E L B R A N D S
ZARA GEAR UP
LULULEMON
UNIQLO
ADIDAS
H&M Category Brand Value
Year-on-Year Change

ANTA
LI NING Apparel Top 10

PUMA
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

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Ca te g or y Fo c u s

APPAREL
Even the world’s strongest apparel brands faced In some ways, Uniqlo’s brand strategy
also stands as counterpoint to Shein’s.
financial headwinds in the past year, as the Compared to Shein, Uniqlo’s value
proposition relies less on providing access
category worked to redefine its identity in a to an infinitude of ‘trendwear’ (although
collaborations with design labels like
post-pandemic retail environment. Marni, Lemaire, and JW Anderson have
maintained the Japanese brand’s fashion
Overall, the total value of the world’s 10 In addition to Shein, three other Asian cred). Instead, Uniqlo’s well-advertised
most valuable apparel brands in 2023 brands made the Apparel Top 10: Japan’s ‘LifeWear’ concept promises clothes durable
declined 21% year on year. That’s a reversal Uniqlo clothing brand, as well as China’s and timeless enough to be a part of
from the category’s 2022 performance, ANTA and Li Ning sports apparel brands. consumers’ life journey for years to come.
when the Top 10 had increased in value Not coincidentally, these brands represent
by 20%. Back then, investors were bullish most of the brands that declined less Timelessness – as well as related themes
on apparel brands’ COVID-era pivot than the category average (the other is of durability, repair, and personalisation –
toward greater digitalisation – and saw the Lululemon). has provided some brands with a resonant
category’s ongoing emphasis on athleisure new spin on sustainability. Denim brand
and casualwear as perfect for an age of Of the non-Chinese brands in this year’s Levi’s, for instance, has long emphasised
lockdowns and working from home. ranking, Uniqlo stands out for avoiding the water conservation as a cornerstone of
reputational backlash that has challenged its sustainability agenda. But a recent
Today, however, it’s clear that Western many Western apparel brands operating in campaign for the 150th anniversary of
legacy brands still have a way to go in China since 2021. Levi’s 501 style has also highlighted Levi’s
building out their digital commerce and enduring ‘forever’ appeal – emphasising
inventory systems – both of which also The problem, today, is not so much the ways that people have been able
continue to be challenged by supply chain that Chinese consumers dislike Western to remix and reinterpret these tough
disruptions and consumer belt-tightening. sneaker and clothing labels; most of these workwear staples over the years.
labels have, indeed, launched successful
The rise of Shein, which this year joins marketing campaigns to win shoppers Going forward, it’s clear that timeliness
the Apparel Top 10 rankings at number back. Instead, the story is that at the and trendiness will continue to coexist
two, underscores the importance of height of 2021’s global trade tensions, in tension with one another within the
digitalisation. The Chinese brand is known Chinese sportswear brands ANTA and Li apparel category – and that consumers
for its ability to bring its clothes to market Ning experienced a surge in consumer themselves will continue to contain
at especially fast speeds – and sell them interest – and they were able to meet multitudes, shopping at thrift stores in the
at high volumes via its online storefront. the moment by providing innovative, name of sustainability while also putting in
Thousands of new styles debut on the high-quality products. Ever since, these for regular ‘Shein hauls’.
brand’s site each day, at extremely low brands have continued to gain ground on
prices. It’s all part of a user experience that difference perceptions in China relative to
encourages the assemblage of sizeable their Western competitors.
‘hauls’ of clothing (which, upon arrival, can
then be shared on social media).

68
Ca te g or y Fo c u s

APPAREL
Ultimately, some amount of ‘trend- According to corporate reports, Nike has
chasing’ will always be inherent to fashion also made important inroads with Gen Z
– apparel is a part of culture, and culture consumers in China – which began to pay BR ANDS WITH MOMENTUM
is ever-changing. To that end, both Zara off during last November’s 11/11 sale. It
and H&M are geared up for more outside has done so, in part, by introducing local
designer collaborations. In fall 2022, versions of its Air Force 1 and Dunk shoes Kantar BrandZ has identified a group of brands
Zara released a collection with American featuring Chinese motifs. outside of the Apparel ranking that are likely to create
designer Narciso Rodriguez, and will also value in the future, as indicated by the Future Power
partner with Chinese designer Calvin Luo And yet there’s a sense that Nike, too, is Index for the listed market(s).
for 2023; H&M, meanwhile, is re-energising in a transitional year: its top executives
its guest designer program, via a tie-up have talked frankly about the challenge of
with Mugler. clearing excess pandemic-era inventory,
and the brand recently reshuffled its
For a brand like Adidas, meanwhile, these technology team leadership.
kinds of collaborations have long been a
core business strategy. This year, the brand Going forward, expect vigorous
notched some notable successes on the competition in a category seen as
cultural front, including a collaboration newly unsettled. Puma, for example, is From Sweden, Boozt G-Star Raw is a Dutch denim
with British designer Grace Wales Bonner gearing up for renewed cultural push describes itself as ‘the Nordic brand with a worldwide
that gave new energy to its Samba shoe, – the centrepiece of which involves re- online department store’ footprint.
as well as a blockbuster collection with introducing its Fenty x Puma collaboration and outlet operator.
Puerto Rican music star Bad Bunny. with Rihanna. Lululemon, meanwhile,
But the collapse of its Yeezy sub-brand is by many measures now the world’s Future Power Index Future Power Index
has nevertheless forced Adidas into a second-largest athletic apparel brand; SWEDEN 122 NETHERLANDS 128
rebuilding period, to be led by a new in addition to a major China push that’s
incoming CEO who formerly helmed Puma. seen the brand debut on ecommerce sites
like JD.com, the brand has also moved
This year, Adidas’s Yeezy headaches have more directly onto Nike’s turf following the
given Nike the opportunity to temporarily introduction of three new shoe models.
dominate the all-important ‘sneakerhead’
market. And indeed, Nike has become
increasingly bold in moving beyond its
traditional sports-first positioning to launch
the kind of cultural collaborations more closely
associated with the ‘Three Stripes’. Building on Media brand National Longtime Japanese brand
mainstream collaborations with Drake, Tiffany, Geographic partnered with Workman Plus has evolved to
and Off-White, Nike has launched collections South Korea’s The Nature sell low-cost sportswear and
with more niche like the British streetwear Holdings to sell outdoor apparel. outdoor gear.
collective Corteiz, darkly dramatic Japanese
brand Ambush, and British streetwear Future Power Index Future Power Index
trendsetter Martine Rose (who reimagined SOUTH KOREA 116 JAPAN 137
the brand’s Shox soles as a kind of sporty
kitten heel).

69
Ca te g or y Fo c u s

APPAREL
B R AND ANALYSI S B R AND SP OTLI GHT B R AND SP OTLI GHT

Global Most Valuable apparel Newcomer Shein has built strong One clear theme this decade is that
brands maintain Demand Power by connections with younger audiences by leading apparel brands have become even
demonstrating everyday appeal, superior delivering the latest trends in record time more inseparable from entertainment
quality or a distinctive identity. – thanks to a sophisticated data collection culture; sneaker models now drop with
network and widespread influencer the regularity and hype of TV series.
strategy. After a decade in business, the One of this year’s emerging brands with
Drivers of Demand Power: Apparel category brand is already well-established in the momentum, National Geographic, makes
US – and has demonstrated clear Future this connection explicit. It is, in fact, the
Power with younger shoppers in new same 130-year old National Geographic
markets like the UK. brand which has published a leading
nature magazine for 130 years (and which
is now owned by Disney).

National Geographic’s nature-first ethos

7.1 M 10.1 B made it a smart candidate for a brand
extension into outdoor apparel, which is
FOLLOWERS #SHEINHAUL
VIEWS has accomplished in partnership South
The most valuable global apparel brands
do these things well 2023 BR AND VALUE Korea’s The Nature Holdings. With huge
appeal (and Future Power) in South Korea
DEMAND Under 35 Over 35 and a 160% jump in sales last year from

$24,250 M
its five stores in Hong Kong, National
POWER
INDEX – UK 113 34 Geographic is now poised for a major
expansion into Mainland China.

70
Ca te g or y Fo c u s

APPAREL

AC TI ON
P OINT S /
B R AND
1
RETHINK
2
GET OUTD O O R S
3
M OVE CLOSER TO
SE A SO NALIT Y D IGITAL TRENDS
B UILDI NG In 2022, some of apparel brands’ biggest inventory
challenges came from unpredictable weather patterns
A growing segment of the apparel market is
supporting athletes’ explorations of nature trails and
other rugged surfaces. Much of Shein’s success has been attributed to its
manufacturing speed and low prices, both of which
– for example, delayed and mild winter weather. For Traditional ‘off-road’ brands like Patagonia and the outpace earlier benchmarks set by the sector that used
brands, such disruptions underscore the importance of North Face have already benefitted from a surge of to be called ‘fast fashion’ (a term which, not incidentally,
sustainability – and the business risks of climate change. interest in the so-called ’gorpcore’ trend, which combines may need to be retired in reference to Western brands,
But unpredictable weather could also be a push to rethink an appreciation for 90s outdoor-wear aesthetics with now that Shein has so thoroughly changed the speed
seasonality. This could involve designing products geared to enhanced technical performance. In China, ANTA’s calculus). These attributes on their own make Shein
a greater number of climates and microclimates (already, subsidiary Arc’teryx has played an important role in highly Different and a ‘great value’ in consumers’ eyes.
clothes designed with Paris or New York in mind sometimes popularising outdoor sports in China. But the brand’s further ‘secret sauce’ may well be its
struggle to ‘translate’ into year-round tropical climates). trend engine, which seemingly identifies rising fashion
Or ’new seasonality’ could mean finding new ways to At the same time, many major running labels have memes as soon as they bubble up on TikTok and similar
decouple fashion trends from weather patterns. migrated from track to trail: you’ll now find enhanced train Gen Z cultural platforms.
running options from brands like Adidas, Asics, Puma, and
A brand like Uniqlo has given itself more leeway on Nike – the latter of which has built out its Nike Trail running As other brands work to revamp their digital offerings
this score by selling its fashion propositions alongside offering to exist alongside its more hiking-focused ACG in the years to come, digital trends work shouldn’t be
undergarments that can either be ‘winterproof’ or sub-brand. The bet is that these brands’ reputations for treated as a supplementary effort – but should instead
‘summerproof’; the same Marni x Uniqlo shirt can, for performance and style will prove distinctive in the outdoor be placed at the heart of their product, marketing,
instance, be ‘mountainised’ in combination with Heattech space. Behind this trend is a realisation that consumers logistics and ecommerce infrastructures.
long underwear – or it can be made more sweat-resistant no longer want to be tied down to set workout routines.
for humid climates in combination with an Airism camisole. According to a Puma executive, while initial work on a trail
range was spurred by pandemic-era closures of gyms and
From a sustainability perspective, such adaptations can studios, ’We knew this would be a lasting behaviour, and
reduce waste by extending the ‘saleability window’ of [that] people were looking for gear that would perform in
merchandise that may still be perfectly on-trend, ensuring the outdoor environment’.
that it can also remain ‘on-season’.

71
AUTOMOTIVE
DEFINITION:
The Automotive category includes mass-market and
luxury cars but excludes trucks. Each car brand includes
all models marketed under the brand name.

AUTO M OTIVE TO P 10:

TESLA D R I V E TO T H R I V E /
(US$M)

AU TO M OT I V E B R A N D S
TOYOTA CHANGE GEARS
MERCEDES-BENZ
BMW
PORSCHE *
BYD
FORD Category Brand Value
Year-on-Year Change

AUDI
HONDA Automotive Top 10

FERRARI
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

*Brand Value is restated
72
Ca te g or y Fo c u s

AUTOMOTIVE
The automotive category fell 13% year on year, One way to get around these economic
headwinds is to focus on the richest luxury
as top brands continued their necessary but consumers – whose budgets tend to be
more recession-proof. That’s been the play
challenging pivot toward electrification – or, in the for top brands like Mercedes-Benz, BMW,
and Audi; these brands have differentiated
case of category leader Tesla, worked to defend their their electric models by playing up the
position at the vanguard of the electric revolution. kind of traditional luxury codes that Tesla
tends to eschew even in its highest-price
offerings. Porsche, too, has been able to
Overall, the world’s top 10 automotive But today, there’s nevertheless a sense adapt its premium reputation for high-
brands are now worth a combined $201 that the category had suffered some bad performance driving to the electric age,
billion in brand value – which, while timing throughout the 2020s: Back when emphasising the format’s possibilities for
down from the category’s 2022 peak, everyone wanted a car, there weren’t lightning-fast acceleration; presumably,
nevertheless represents a 16% increase from enough to go around. But now that category newcomer Ferrari will look to do
the category’s 2021 total value. This two- inventories are recovering, many would-be the same when it debuts it first all-electric
year growth figure was achieved despite a car buyers are being forced to rein in their vehicle in 2025.
prolonged chip shortage that had begun spending thanks to economic slowdowns –
to slow down production even before the all while car prices continue to rise. Another growth strategy would be to
pandemic hit – at which point the category focus on consumers in growing Asian
was swamped by further supply chain According to J.D. Power, by the end of markets. The complication, here, is that
disruptions and manufacturing delays, 2022 the average price paid for a new the most important Asian market of all,
leading to scarce inventory in many markets. vehicle reached $47,362 in the United China, is passing into a slower-growth
States – a new record. That increase can environment, which extends to the auto
Unfortunately, this inventory crunch set in be chalked up to limited supply, as well sphere. Total passenger-car sales to
just as consumers were rediscovering the as the effects of inflation in the industrial Chinese retail buyers grew 1.9% in 2022
freedom – and safety – the car ownership chain. But inflation is also a function of over the year prior, according to data from
could provide compared to public transit brands’ focus on higher-margin premium the country’s official trade group. During
and ride-sharing alternatives. Even used models, and higher-cost EV builds. Even this same period, few top Western saw
cars were hard to come by for large as demand has slowed, brands have held any significant gains in brand equity in the
stretches of the pandemic. off on discounts in an attempt to maintain China market, though some, like Toyota
their profit margins amid still-high and Volkswagen, held steady (while others
One upside was that in this COVID-19-era manufacturing costs. lost ground with Chinese consumers).
climate of scarcity, many brands were able
to make up for lower total vehicle sales by
charging higher (often well above-market)
prices. That pricing math has kept auto
brands’ financial bottom lines in better
shape than they might have been. So, too,
has the shift toward EVs, which spurred
the launch of new brands and vehicle
categories – creating new value (and
excitement) in the automotive category
after years of decline.

73
Ca te g or y Fo c u s

AUTOMOTIVE
Going forward, Western and Japanese The exception here, again, is Tesla – which,
brands in China will also have to contend while not immune from shipping delays
with even more formidable local brands. and recalls in its own right, still retains BR ANDS WITH MOMENTUM
That’s especially true in the electric car something of a manufacturing and ‘hype’
space, which was a bright spot for growth edge over its Western and Japanese
in China last year. Sales of electric vehicles competitors. That’s thanks in part to Kantar BrandZ has identified a group of brands
and hybrids nearly doubled from the Tesla’s far-sighted, vertically integrated outside of the Automotive ranking that are likely to
year prior. And the number of all-electric sourcing methods for batteries and chips. create value in the future, as indicated by the Future
vehicles sold in China (upwards of four Indeed, with all the chatter around Elon Power Index for the listed market(s).
million) was more than five times the Musk in the past year it’s been possible,
amount sold in the US during this period. at times, to forget just how many new
innovations Tesla is juggling – including,
In all, 80% of electric and plug-in hybrid to name just one more example, its ‘giga-
vehicle sales in China last year went to press’ method of die-casting large, single-
domestic car companies, rather than piece sections of Tesla’s car models in
foreign brands or foreign-Chinese joint one go. (Volvo is now experimenting with
ventures. Brands like BYD, Geely, Nezha, a similar process, which saves time and
Bio, Hongguang, Aion (Huawei), Li Auto, energy by eliminating the need to weld lots Sweden’s Polestar is a Owned by Hyundai, Genesis is
and Xpeng all notched growth in the last of smaller parts together.) performance-driven, luxury a luxury car brand that will go
year, at all price points. (Tesla has also car vehicle brand spun off all-electric by 2025.
stayed in the mix with Chinese buyers; it At the same time, the wider competitive from Volvo.
has a unique positioning in the country landscape beyond Tesla has begun to
thanks to its Shanghai ‘Gigafactory’.) make its mark in the electric car market.
Future Power Index Future Power Index
But 2023 could be more challenging for Last year, for instance, marked the first
SWEDEN 148 SOUTH KOREA 135
the electric vehicle market in China, as time that a non-Tesla vehicle – a Rivian
government tax breaks and subsidies for electric pickup truck – placed first in J.D.
EV car buyers continue to sunset. Power customer satisfaction surveys for
electric vehicles.
Similarly, with respect to the global auto
market more generally, there remains no In January, Toyota’s incoming CEO, Koji
guarantee that 2023 will see an industry- Sato, has vowed to adopt an ‘EV-first’
wide bounce-back. It doesn’t help that mindset while also making sure that any
automobile marketing in many ways took resulting car models feel ‘uniquely Toyota’.
a backseat during the pandemic: it was Brands like Polestar and Genesis are
harder to get consumers excited about trying to carve out new codes of ‘electric One of China’s leading electric Xpeng is a pioneering Chinese
cars they couldn’t get into. luxury’ that fall in between the old- vehicle brands, Li Auto recently electric car brand with plans
world trappings of the legacy European introduced an SUV model. to expand abroad.
brands and the sci-fi stylings of Tesla.
And Chinese electric car brands have Future Power Index Future Power Index
begun to make plays for customers at all CHINA 115 CHINA 111
points on the price spectrum, from luxury-
minded Scandinavian drivers to first-time
Southeast Asian buyers.

74
Ca te g or y Fo c u s

AUTOMOTIVE
B R AND SP OTLI GHT B R AND SP OTLI GHT

Mercedes-Benz’s brand value is being sustained by a distinctive 150

50 Polestar traces its roots to a Volvo-affiliated racing team and was fully
and Meaningfully Different brand. Consistency has been key for 93
acquired by Volvo in 2015. In 2017, Volvo and its parent company Geely
the 137-year old brand, which is marked by a strong ‘emotive DI FF
E R E NT 1 69 Holding announced that Polestar would become an independent
clarity’: It is strongly associated with the ‘Ruler’ archetype in S A L I E NT 58 brand focused on high-performance electric cars; and in 2021 Polestar

140

60
13 out of 15 markets, supported by ‘Expert’. went public on the New York Stock Exchange as a public company.

Overall, the brand stands out in three areas:

52 The debut of the brand’s quick-accelerating Polestar 2 model
14 07 proved a breakout moment for the marque, as production soared

130

70
• A distinctive look and feel
from 0 to 200,000 vehicles in two and a half years. Today,
• A very clear emotional positioning Polestar’s key strength – its Difference – follows in the brand
• Superior performance and quality building tracks set down by Tesla.

120

80
Difference Index
110
90

100

THE SIX EMOTIVE SPACES

2023 BR AND VALUE

$23,978 M
Free Spirit Rebel
Joker Hero

Networker Enchanter

2022 Brand value $30,349 M Best Friend Ruler

Caregiver Expert
Innocent Sage

75
Ca te g or y Fo c u s

AUTOMOTIVE

AC TI ON
P OINT S /
B R AND
1
FINE-TUNE BR AND
2
E XPLO RE NE W
3
THINK SERIOUSLY
PRO MISE S PARTNER SHIP S ABOUT VALUE
B UILDI NG Even today, legacy and disruptor brands alike are still
struggling with long waitlists for many electric vehicle
Until recently, car brands were best known for
collaborating with each other via corporate tie-ups and
Top car brands are pushing farther and farther into
ultra-luxury spheres – betting that even if overall
models, regardless of whether delivery was meant to be shared platforms. But the EV revolution has created personal mobility declines, they can still grow by selling
fulfilled through traditional dealership networks or direct- new, more wide-ranging brand linkups, starting from more expensive cars to the swelling ranks of the global
to-consumer. The fact remains that most brands are still the earliest days of Tesla’s battery collaborations with rich. But this premium shift has created a dilemma in
learning how to make electric cars with the same speed Panasonic. (These days, some car brands are even the middle and lower range of many mature markets.
and cost efficiency as combustion models – and this investing in mining companies to better ensure stable
learning curve has led to brand reputation risks around supply chains.) Going further, Huawei has joined with If top brands no longer want to be in business of making
overpromising and underdelivering. Chinese car manufacturer Saito to launch its Aito brand, entry-level cars – and many don’t – will that create an
and Sony and Honda are soon to follow with their industry that’s turning away potential drivers who might
How can brands communicate missed or changing forthcoming joint marque, called Afeela. otherwise develop into evangelists for vehicle ownership?
deadlines in ways that reinforce brand values? How
patient will consumers continue to be around recalls In time, advances in autonomous driving could make
and updates in a new segment like EVs? These are entertainment partnerships more important (as cars
questions that individual brands need to answer in transition more towards personal relaxation bubbles);
line with their positioning. relatedly, GM’s Super Bowl ad recently highlighted how
the brand’s electric vehicles will be used in upcoming
Netflix films – in a spot that went beyond one-off
product placements, to instead highlight both brands as
cultural drivers.

76
Thought Leadership – Creative

Advertising in the automotive category Meanwhile, automotive manufacturers continue to sell petrol or
diesel vehicles at a lower price point than electric ones. For these
Jane Ostler has always been a complex undertaking. brands, portfolio management and communications are a tricky
EVP Global Thought Leadership But it is now at a turning point, with balance; between the story and the promise of sustainability on
the one hand, and the appeal of lower-cost petrol models that still
Insight s Division, Kantar
some governments setting target dates make up a high proportion of sales, on the other.
[email protected]
for banning the sales of petrol and diesel The automotive market is unique in a few ways. The rate of resale
depreciation of car models directly underpins the perceived value, and
vehicles. Electric vehicles are increasing in price, of new vehicles. So any underlying consumer confidence issue
sales and profile globally, but the rollout in a brand can cause a sudden decline in second-hand prices, which
in turn puts pressure on the price of new vehicles. This has happened
of infrastructure – like roadside charging recently with Tesla in the UK. The automotive market also has a very
long purchase cycle, although this is getting shorter with competitive
points – lags demand in many markets. finance deals on leased vehicles. And unlike many categories, much
automotive advertising needs to be firmly brand-building: that is,
predicated on building future preference and demand.

To add to this, automotive sales are very sensitive to crises –

AU TO M OT I V E A DV E RT I S I N G including COVID-19, but also inflation and recessions. In response
to these phenomena, people will deliberately cut back on big ticket

L E A D I N G T H E C H A RG E purchases. And there are new disruptive business models: car

sharing clubs are on the rise in larger cities, as is the introduction
of low emission zones.

The appeal of new vehicles is also highly tech-led. But they are
not always intuitive – intelligent systems and in-car entertainment
systems require explanation and demonstration to be fully
understood before purchase.

f Learn more about how Kantar’s best-in-class creative solutions,

LINK+ and Link AI, can maximise creative effectiveness in any
campaign channel. Gain end-to-end, fast and actionable
insights throughout the development process ensuring your
modern creatives achieve their objectives and increase profit.
f Read our most recent collaboration with WARC that
demonstrate how your campaigns can be 4X more likely
to lead to increased Return on Marketing Investment.

77
Thought Leadership – Creative

What brands should do

There’s a lot of complex information to be communicated in Automotive brands, it turns out, are spot-on average for having Only 9% of automotive ads contain women/girls (25% of all ads do) and THREE FACTORS FOR
automotive advertisements, on top of any brand messages – great advertising. But on average, they also rate slightly higher yet we see higher impact and persuasion scores when they are present
and all of this needs deftness of handling in the development of than other categories on ‘impact’. Emotional connection is in automotive advertising. Impact is also higher if the female character
SUCCESS IN AUTOMOTIVE
creative content. Nevertheless, several clear best practices have slightly above average compared to other categories, too. is felt to be independent, funny, likeable and have personality. ADVERTISING
emerged from our research.
Importantly, auto ads tend to be stronger on difference, which also

01
What can we tell about the market from Kantar’s database of shows that the industry is moving away from some of the obvious
Link ad testing in the automotive category? creative tropes in automotive advertising, like driving through an
oddly empty city at night past mirrored glass buildings.
Of all the advertising we test in the automotive category, the Establish leadership in eco
vehicles themselves make up 82% of products featured; the rest Regionally, long term equity is best built in LATAM ads. Ads in North credentials or sustainable
are automotive-related offerings like tyres or fuel. America and Europe are working hard to be more enjoyable.
innovation
We’ve researched thousands of automotive ads using our Link ad- We’ve also found that effective auto ads tend to make greater
testing solutions, mostly across TV, digital, print, and outdoor media use of music and humour, and make sure to show off the brand
channels. Unsurprisingly, the automotive category over-indexes itself early in ads. What’s also interesting is that auto ads are

02
on TV (and under-indexes in digital). And there’s a lot of use of only half as likely to include characters of diverse skin colours
print and outdoor (OOH) ads. Since the onset of the COVID-19 compared to all ads – but higher numbers of effective auto ads
pandemic, however, digital ads have increased in this category. tend to feature these characters.
Position the brand as unique
A meta-analysis of our touchpoint strategy solution Connect Similarly, female characters are much less likely to appear in
shows that the top touchpoints for automotive brand strength automotive ads versus all ads. But again, when they do make from other car brands
are: ‘experience’ (for example, test driving, car sharing and car an appearance, they can be both impactful and persuasive
rentals); TV ads; and word of mouth. The latter of these, word – particularly when they have strong and independent Only 5% of automotive ads contain characters with diverse
of mouth, is a weighty combination of real-life experience; personalities or are humorous. skin colours (10% of all ads do) and yet the most impactful and
persuasive automotive ads contain more characters with diverse

03
recommendations from friends and family; and image or
attribute-based TV advertising. Lastly, we’ve noticed that automotive ads try to pack a lot in: skin colours.
they are highly likely to have three or more messages in a
Now let’s specifically focus on measures of effective advertising single ad. But this is not necessarily a bad thing, as we’ve also Drive purchase consideration
and examine how automotive ads compare to those in other found that auto ads are seen as more creative and effective
categories. Generally speaking, the keys to effective advertising when they comprise both rational and emotional messages.
are as follows: being distinctive; being well-branded; conveying when these comprise both rational and emotional messages
meaningful difference; and triggering the right emotions. are more creative and effective.

78
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WAY TO MAKE
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BUSINESS TECHNOLOGY
DEFINITION:
The Business Technology and Services Platforms category includes brands that provide (i) IT systems and software
infrastructure, including software, middleware, cloud computing, components for manufacturing of smart/IoT devices or
(ii) Software and applications for design, publishing and digital media, and business processes like accounting, finance,

AND SERVICES PLATFORMS

productivity, sales, teamworking or messaging, or (iii) IT consulting/outsourcing for business.

BUSINE S S TECHN O LO GY AND SE RVI CE S PL ATFO RM S TO P 20:

MICROSOFT (US$M)
A N E W WAY TO W O R K /
AMAZON WEB SERVICES B U S I N E SS B R A N D S E VO LV E
ORACLE
IBM
ACCENTURE
NVIDIA
QUALCOMM
ADOBE
CISCO
TATA CONSULTANCY SERVICES
TEXAS INSTRUMENTS
GOOGLE CLOUD
INTUIT Category Brand Value
SAP Year-on-Year Change
SALESFORCE
AMD
INTEL
INFOSYS Business Technology and Services

DELL TECHNOLOGIES Platforms Top 20 Total Brand Value

CANVA
Source: Kantar/BrandZ (including data from S&P Capital IQ)
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Ca te g or y Fo c u s

BUSINESS TECHNOLOGY
AND SERVICES PLATFORMS
Brand value across the business technology and
services platform category declined 24% this year
amid a larger slowdown in the global economy.
Until recently, it was an unambiguously Relatedly, companies across all categories
great time to be in the business of helping are lowering headcounts – reducing the
other businesses: the pandemic pushed number of seats they need to provision and
companies large and small to accelerate decreasing the scope of some IT needs.
their digitalisation push, and the brands in For B2B brands, these shifts have had
this category were quick to respond with noticeable knock-on effects, leading many
cloud, collaboration, and infrastructure brands in this category to announce layoffs
solutions. Soaring demand for graphics of their own. ‘Efficiency’ and ‘discipline’
cards and other computer chips (fuelled, have become major watchwords among
in part, by a crypto boom) further buoyed CEOs in this category – as they should be,
the value of brands in that space, despite since many brands have centred their value
global supply shortages. proposition around helping clients achieve
similar efficiencies.
But today, the macro-economic picture
has shifted – which has increased the This is a moment, in other words, where
importance of strong branding. By investors are calling upon business
focusing on brand equity, customer technology and services platforms to
connections, and quality marketing, practice what they preach around cost
B2B players can ensure that their brand controls. But equally, tech workers and
value fate is not tied to market forces. journalists will be looking to see how well
many of these brands live up to their
It’s not that clients no longer need the stated values around being excellent,
kinds of offerings that business technology caring employers. Going forward, excellent
and services platform brands provide. communications will be key. Leadership may
But in a slower-growth environment, CTOs not feel that they have much of a choice
and other key decision makers are under around whether to pursue layoffs – but they
pressure to lower costs – and are more can control how they go about them.
likely to hold off on approving large upsells
or new investments.

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Ca te g or y Fo c u s

BUSINESS TECHNOLOGY
AND SERVICES PLATFORMS
Here’s another concrete development that In February, category leader Microsoft
helps to explain lower financial valuations announced imminent plans to integrate
this year. Chinese business clients have OpenAI’s GPT technology into its BR ANDS WITH MOMENTUM
emerged from their country’s 2022 Bing search engine. Then, in March, it
lockdowns not only with lower growth announced Microsoft 365 Copilot, a
projections – but also with seemingly less service that will embed AI composition
Kantar BrandZ has identified a group of brands outside
appetite for partnering with Western B2B and analysis tools within the company’s of the Business Technology and Services Platform ranking
brands, certainly in areas where there flagship suite of workplace software – that are likely to create value in the future, as indicated
are now credible domestic alternatives. including Word, Excel, Teams, and Outlook. by the Future Power Index for the listed market(s).
After facing US sanctions for its activities
abroad, Huawei has pivoted toward Going forward, much remains to be
scaling up its business and industrial within discovered about what AI will mean for
China, racking up large brand equity the future of business technology and
within the country in the process. At the services – but it’s notable that, so far,
same time, the Western brands with the category leaders are hardly holding back
largest exposure to the Chinese market all from making bold bets. They’re leading the
saw sizeable brand equity losses there over disruptive charge themselves, instead of
the past year. allowing themselves to become casualties
India’s LTIMindtree is a From India, Wipro is an IT and
of disruption.
growing, multinational consulting brand specialising
For other business technology and services
technology consulting and in digital transformation.
platform brands, the brand equity picture
digital solutions company.
for 2023 is more mixed. Some are improving
their brand perceptions in key markets;
Future Power Index
others are suffering declines. Regardless, Future Power Index
because of stock market corrections and USA 138 USA 103
other challenging financial trends, 19 of the
top 20 brands saw a decline in their overall
brand value from 2022.

The exception is Oracle, which grew 2%

as it continues to pivot towards providing
AI-boosted cloud services in the healthcare
space. Which brings us to one of the big Netherlands-based Blender
bright spots in the category, certainly is a free and open-source 3D
when it comes to buzz and excitement: computer graphics engine.
the possibility that we’ve reached an AI
tipping point. Future Power Index
BRAZIL 100

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BUSINESS TECHNOLOGY AND SERVICES PLATFORMS

B R AND ANALYSI S B R AND SP OTLI GHT

Relative to other categories, more of Importance of perceived sustainability to Canva has expanded rapidly thanks to
the value of top business solutions and corporate reputation by category a clearly differentiated foundation of
services platforms brands is driven by product excellence, convenience, and
sustainability perceptions. This makes leadership. It aims to make 2D visual
sense – as clients often turn to business design easy and fun for all – and to that
services partners for help on sustainability end, is now available in 190 countries
imperatives like reducing overall carbon worldwide, with over 100 million monthly
footprints (via carbon-neutral cloud average users.
computing, for instance).
A truly purpose-driven brand, Canva sees
itself as a force for good, and works to make
complex things simple by ‘setting crazy big
dreams and making them happen’. It enjoys
strong purpose and sustainability credentials
in a wide variety of markets.

Indexed data

Average brand = 100

2023 BR AND VALUE
PURPOSE SUSTAINABILITY

$15,996 M 121 124

121 124
NEW ENTRY
125 128

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Ca te g or y Fo c u s

BUSINESS TECHNOLOGY
AND SERVICES PLATFORMS

AC TI ON
P OINT S /
B R AND
1
CO NNECT BACK
2
C ALIBR ATE AI
3
RE-E X AMINE THE
TO VALUE PRO MISE S ENTRY-LE VEL
B UILDI NG In lower-growth environments, business technology and
services platforms will need to pivot their brands back to
Natural language, generative AI tools have sent an
understandable jolt of excitement through the category.
A wave of accessible tools has arisen with the aim of
democratising design for a rising global audience of
value – and concrete forms of value, at that. Ultimately, It’s not just that this technology can save companies ‘digital makers’. They include ‘freemium’, browser-based
most of the ‘customers’ in this category are CTOs and money – it’s also that it can make people’s lives easier tools Canva and Figma, which excel at social media
other decision makers who will be accountable to their at a time when too many processes and portals have graphics and UI design, respectively – as well as Blender,
own bosses for how well they can drive efficiencies. begun to feel bloated with complexity. But early tests of a free open-source 3D motion-graphics tool. In 2022,
the technology’s applications in search have shown that Adobe announced plans to purchase Figma for around
That being said, sustainability can and will still be a there are still plenty of things AI can’t do. $20 billion, in hopes of building out its cloud collaboration
part of B2B brands’ value propositions in the next few prowess. But there are other approaches brands can
years. That’s because in this category, helping clients The onus will be on brands to balance the temptation take around providing value for individual users – with
achieve carbon reductions and other sustainability goals to drum up excitement around AI via marketing claims, the ultimate goal being to court the rising, sometimes
isn’t just a matter of making everyone feel like they’re against the risks of making promises that can’t yet be self-taught ranks of Gen Z and Gen Alpha functioning as
making a difference. Rather, it’s a matter of helping fulfilled. (They’ll also need crisis plans in place in case ‘CTOs of One’.
clients reach concrete and measurable commitments – certain applications go really awry.)
commitments that businesses will remain on the hook That could mean ‘freemium’, ‘light’ versions of products
for, even as growth slows. optimised for phones, tablets, and less powerful
computers. Or it could mean licenses for smaller chunks
of big brands’ overall offers. Blender, for instance,
allows third parties to sell licenses for plugins, which can
then help users enhance their animations with more
professional grade rendering tools or texture packs.

84
Thought Leadership – Growth Strategy

Mark Visser In a world of constant disruption where elements like war, rising inflation, and
Global Practice Lead, Organisational unexpected environmental disasters are shaking up society; polarising responses from
Performance, Amsterdam companies are seen in their strategic and operational response. We see two types of
Consulting Division, Kantar
companies: those who are struggling and are losing the narrative of the marketplace,
[email protected]
and those who are anticipating the future and are able to swiftly adapt.
Silke Mous
Director, Organisational
Per formance, Amsterdam
Consulting Division, Kantar
[email protected]

LE ADER SHIP BEHAVIOUR S

FOR FUTURE BR AND GROW TH
HUMAN-CENTRICIT Y, BR AVERY,
& PRO-ACTIVE BUSINESS
PARTNERING

f Struggling to drive the necessary behaviour change in your

organisation to unlock brand growth? Kantar helps in unlocking
new levels of organisational performance through benchmarking,
organisational design, and capability building.

85
Thought Leadership – Growth Strategy

Kantar’s Insights 2030 report highlighted that senior business

leaders in leading organisations see customer centricity and fig. 1

imagination as key drivers of growth. Successful leaders are able

to have clarity on the rapidly shifting marketplace and guide Over-performing marketing leaders excel in human-centricity,
their brand towards future growth. bravery & pro-active business partnering

Growing brands in turbulent times requires

leaders to act differently
In order to navigate and thrive through change, marketing
leaders need to develop different behaviours, shifting their focus
away from technical expertise and more towards behaviours for
impactful delivery. The emphasis is increasingly on how leaders
do things, how they show up and how they are elevating the
impact of the commercial organisation through customer
centricity and imagination.

Igniting the spark of imagination

Leadership
Insights 2030 has proven that leadership behaviours are one of
the most significant levers and enablers of change, acting as a Behaviours for Future
catalyst that ignites the spark of imagination. Building on what we Brand Growth
learned from the drivers of customer centricity and imagination,
we see six critical leadership behaviours aligned to three themes
of Empathy, Provocation, and Activation.

86
Thought Leadership – Growth Strategy

HUMAN-CENTRICITY PRO-ACTIVE BUSINESS PARTNERING

Human-centricity revolves around a desire to get to the why Marketing leaders must proactively build relationships with the
behind human behaviour. Leaders must have: rest of the business, engaging commercial stakeholders as trusted
partners to take consistent action. They must:
1. Curiosity – A strong desire to learn about human behaviour
and their interactions with brands in the world around us. 5. Be Action-oriented – Be close to business priorities and
Being curious about what the future may look like to unlock leverage insights and commercial knowledge to drive agile
new opportunities. A strong future focus and awareness of the decision making, helping you to prioritise and focus on the
assumptions underlying different scenario’s is critical to action actions that matter most to the business. The key is to keep
upon new insights quickly. things simple and consistent over time; doing this has proven
to increase brand differentiation and predisposition the fastest,
2. Emotional Intelligence – The ability to understand the self hence leading to faster brand growth.
and others to enhance impact and collaboration. Emotional
intelligence has repeatedly been seen as one of the biggest 6. Own accountability – Be intentional in proving the value of
predictors for leadership success, though we rarely explore how marketing by taking ownership of your personal reputation
we can change and build it for individuals and teams. alongside the marketing function. Dynamic performance
management – to understand the impact of initiatives, shifts in
critical assumptions, and changing demand in the marketplace
– is at the heart of ensuring the best brand ROI.
BRAVERY
Being brave means daring to provoke the business and being
comfortable with uncertainty, leveraging deep human insights and
future perspectives to take a stance and provide recommendations
with a POV to drive brand growth. Leaders must:

3. Be Courageous – Adopt a provocative mindset to challenge

the status quo and potentially manage difficult conversations.
Equip yourself to inform business change with a powerful
point of view. This is not about who shouts loudest. It is about
standing up and championing a perspective that is grounded in
human insight. Courage does not come naturally to everyone;
it should be seen as a muscle that needs to be exercised and
strengthened through practice.

4. Embrace risk & experimentation – Imagining future

perspective requires you to feel comfortable with uncertainty.
Shift away from validation and certainty to feeling comfortable
saying ‘I do not know for sure, but I am going to find out and
learn from it’. The unlock will be to dare to bring in new ideas,
experiment, and identify successes that can be scaled quickly.
It won’t happen overnight, and it may take time to generate
sustainable culture change in the team and organisation.

87
CONSUMER TECHNOLOGY
DEFINITION:
The Consumer Technology and Services Platforms category includes manufacturers of
consumer electronics products, including TVs, home audio equipment, game consoles,
digital cameras, phones, personal computers, laptops, printers, keyboards, etc., as

AND SERVICE S PL ATFORMS

well as other electronic products used at home. It also includes online platforms which
provides service to consumers.

CO N SUM E R TECHN O LO GY AND SE RVI CE S PL ATFO RM S TO P 10:

APPLE U P DAT E I N P RO G R E SS /
(US$M)

C O N S U M E R T EC H
SAMSUNG B R A N D S R E B O OT
MEITUAN
HUAWEI
XBOX
UBER
SONY Category Brand Value
Year-on-Year Change

AIRBNB
HP Consumer Technology and Services

BOOKING.COM
Platforms Top 10 Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

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Ca te g or y Fo c u s

CONSUMER TECHNOLOGY AND SERVICE S PL ATFORMS

This year, the renamed consumer technology and
services platforms category has expanded from five
to 10 brands. This shift better encompasses the way
that consumer-facing tech companies have pivoted to
offering branded services alongside physical devices
like smartphones, televisions, and gaming consoles.
For example, while iPhone sales still Other brands in this year’s expanded
comprise a majority of category leader category are pure service players. This
Apple’s total yearly sales revenue, services includes third-ranked Meituan, a restaurant
now account for a fifth of this figure – and delivery platform which became an essential
commands higher profit margins than lifeline for many quarantined Chinese
the company’s hardware businesses. By citizens during COVID-19 lockdowns; the
the end of 2022, Apple had 935 million brand also offers group deal, grocery,
subscribers across all of its services, which pharmacy, bike-sharing, ride-sharing, and
include including iCloud, Apple Music, logistics services. Elsewhere, Uber debuts
Apple TV+, Apple Arcade, Apple News+, on the list at number six on the strength
Apple Fitness+, Apple One, and Apple Pay. of both its ride-sharing and restaurant
delivery offers; and travel services brands
Similarly, while Xbox built its name as a Airbnb and booking.com make their entry
console brand, in recent years its value at eight and 10, respectively.
and different propositions have become
tied to Microsoft’s heavily promoted ‘Xbox Across the wider category this year, the
Game Pass’ offering, which offers a library biggest story has been a slowdown in
of games to play across both consoles smartphone sales – although the reasons
and PCs for a monthly fee; users can behind these slowdowns vary. For Apple,
also access live gaming through a service the culprit was supply disruptions, as
called ‘Xbox Live’). Sony offers its own live factory lockdowns and part shortages
gaming and content subscriptions under impacted the brand’s ability to deliver
its ‘PlayStation Plus’ umbrella, though iPhone Pro models to stores within its key
these services are more oriented toward Chinese market. Like all top brands in this
console gaming. category with year-on-year data, Apple
lost brand value this year, declining 7%.
But that represents a smaller decline than
what was seen for all but one returning
brand within this category (the outlier
being Huawei, which spun off part of its
consumer cellphone business and has
diversified further into providing tech for
‘smart spaces’ and commercial platforms).

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Ca te g or y Fo c u s

CONSUMER TECHNOLOGY AND SERVICE S PL ATFORMS

Ultimately, Apple’s success as a brand
likely ensured that its 2023 valuation wasn’t
lower. True to Kantar’s model of brand BR ANDS WITH MOMENTUM
value, Apple’s still-excellent brand equity
has helped it to navigate unprecedented
disruptions with its customer base and Kantar BrandZ has identified a group of brands outside of
premium positioning intact. the Consumer Technology and Services Platforms ranking
that are likely to create value in the future, as indicated
For brands specialising in more mid-priced by the Future Power Index for the listed market(s).
smartphone models, the remainder of
2023 may prove more difficult. That cohort
includes many Chinese manufacturers that
have become rightly popular among the
world’s value-conscious Gen Z and middle-
class consumers. For these challenger
brands, the problem is not just supply, but
demand: in the face of a global economic
slowdown, more shoppers are holding
Ed-tech brand Byju’s boasts Chinese brand OnePlus has
off on buying new phones. It doesn’t
more than 150 million enrolled won fans worldwide for its
help, either, that the middle market has
students in India and abroad. feature-rich, lower-priced
become crowded with entrants in recent
smartphones.
years, raising the risk that even the most
innovative brands get lost in the shuffle
absent Meaningfully Different marketing. Future Power Index Future Power Index
INDIA 111 ITALY 131
Generally speaking, more premium-tier SPAIN 121
brands should fare better this year in the USA 140
face of economic headwinds – as their INDIA 134
more affluent customers will be more willing
and able to spend, if given a compelling
reason to upgrade. To ensure its top-flight
models retain their luxury positioning for
years to come, Samsung has announced
plans to increase its spending on research
and development even in the face of a Cabify is a Spanish
category slowdown. At the same time, ridesharing business that
Samsung’s forthcoming Galaxy A54 5G is also active across Latin
and Galaxy A34 5G models will attempt to America.
clear the field in the mid-range price space
by drawing on Samsung’s reputation for
Future Power Index
innovation and quality.
SPAIN 106

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CONSUMER TECHNOLOGY AND SERVICE S PL ATFORMS

B R AND SP OTLI GHT

Sony’s brand is driven by quality perceptions in its consumer

electronics offerings. In financial year 2022, the brand sold
19.1 million PlayStation 5 consoles and achieved a record
operating profit; for 2023 Sony hopes to increase its PS5 sales
further and grow its presence in the VR gaming space.
130
98 102
SONY RETAINS A HIGHLY TRUSTWORTHY REPUTATION

Sony’s overall Consumer Trust Index is comparable with

much larger brands and it ranks #13 on Trust out of all of the
technology brands in the 2023 report.

HP INTEL

116 107
2023 BR AND VALUE
101 112

$17,814 M
SONY

113
RE-ENTRY
APPLE MICROSOFT

117 105
114 120

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CONSUMER TECHNOLOGY AND SERVICE S PL ATFORMS

AC TI ON
P OINT S /
B R AND
1
SEEK GLO BAL
2
EN SURE YOUR
3
CUR ATE FO R
PENETR ATIO N SUSTAINAB ILIT Y D IFFERENTIATIO N
B UILDI NG China will remain a crucial market for years to come –
but in terms of untapped growth potential, South and
STACKS UP
In the past, it was hard for consumers to make
The consumer tech services realm is defined by an
abundance of choice: endlessly scrollable menus of
Southeast Asia will soon have their moment, too. In the options, whether the listings in questions are music
next two years in India alone, hundreds of millions of comparative judgment on smartphone brands’ tracks or rental listings. Better UI design can be one way
people will buy their first smartphone – many of which sustainability efforts. That’s changing in Europe, thanks to cut through this abundance, and differentiate from
will be made in India, too, as businesses like Foxconn to an initiative called Eco Rating. Eco Rating is a joint competitors. But brands can also stand out by collecting
look to expand their manufacturing networks. These effort from Deutsche Telekom, Orange, Telefónica, Telia more meaningful data and metadata about their
consumers will have high standards, but unique needs Company, and Vodafone. Most principally, it involves listings. Apple Music’s new standalone Classical App, for
– for instance, in rural areas many people will be relying the introduction of an industry-wide consumer labelling instance, foregrounds metadata categories – such as
on smartphones as their sole portal to the internet, at scheme, that transparently assesses cell phone models the orchestra, conductor, and principal soloist for a track
least until India’s nationwide fibre network comes online. on sustainability using a scale from 1 to 100. – that aren’t available on Spotify or the flagship Apple
app. The hope is that this new approach will help recruit
classical music diehards to the Apple Music ecosystem,
while also making it easier for classical music novices to
discover what they like.

In the travel rental space, Airbnb introduced its new

Adapted category last year, making it easier for users to
filter listings by disability accommodations like step-free
access and shower benches. To verify this information,
the brand has partnered with 3D scanning company
Matterpoint to measure and map participating rental
homes. The lesson here is that meaningful data analysis,
and meaningful data displays, start with meaningful
data collection.

92
Thought Leadership – Technology and Health

Subhashish Dasgupta Tech was a lifeline for many during the COVID-19 pandemic. Our digital devices,
Indus tr y E xecutive, media, apps – and lifestyles – kept people connected, entertained, and employed.
Nor th America But as we emerge into the post-pandemic era, we are still glued to screens as
Tech & Health, Kantar
never before: up to 16 hours a day when accounting for overlapping screen time
[email protected]
in an age of multitasking, according to the Wall Street Journal.

This isn’t an invisible shift. A recent Kantar study showed that

consumers have taken notice of tech’s dominant role in their fig. 1

lives – and, furthermore, have begun to worry about its effect

on their health. Increasing concerns around health and tech

Call it ‘digital duress’: a rise in anxiety, depression, inactivity, I’ve cut back on using some social networks

SHEEP IN WOLF’S sleeplessness, and even PTSD, brought about by spending more because they are too toxic
of our lives online. These are all old symptoms that have acquired
new, screen-mediated triggers – but there are also new hazards Total population 64%

C LOT H I N G ? wreaking havoc on people’s wellbeing as well: these include Zoom

dysmorphia, eco-anxiety, doom scrolling, compulsive binge-
Gen Z
Millennials
68%
64%

TECH BR ANDS’ watching, and toxic remote workplace environments.

For tech and healthcare brands, these many shifts present both
Gen X
Boomers
60%
64%

GROWING PRESENCE IN
Matures 66%
opportunities and challenges. On the one hand, as health brands
become more digitally native and embrace breakthrough tech

HE ALTH & WELLNESS innovations, they will become newly capable of helping consumers
improve their health across many holistic dimensions – including
‘digital duress’. On the other hand, consumers will need to grant
I wish I spent more of my free time being completely
disconnected from technology
both technology and healthcare brands the right to play this kind of
enhanced symbiotic role – and in that respect, healthcare brands’ Total population 55%
digitalisation drives may actually increase the risk of mistrust (at a Gen Z 56%
time when consumers are already dissatisfied with rising costs and Millennials 66%
lack of empathy from traditional healthcare providers). Gen X 53%
Boomers 48%
Consumers are already tired of endless notifications pings, invasive Matures 37%
f Technology is changing everything. For manufacturers of app tracking, and flashy enticements for one-click ordering – in
TVs, smartphones, laptops, tablets, wearables, and network other words, tired of the common trappings of contemporary
operators, Kantar’s global technology insight experts show digital brands. In this context, newly tech-savvy healthcare
you how to shape the brands of tomorrow. Read our industry brands will have to prove that they are ‘sheep in wolves’ clothing’:
thought leadership here. prove, with authenticity, that their technological innovations will,
ultimately, further the cause of helping people establish a new Source: Kantar U.S. MONITOR
and healthier lifestyle balance for the digital age.

93
Thought Leadership – Technology and Health

How data-fuelled, tech-enabled health Going forward, data-driven healthcare will become even more
effective, thanks to a new generation of digital peripherals. fig. 3
products and solutions can help
Heart rate, ECGs, and blood oxygen saturation levels are now
Steady increase in health tracking
standard on many smartwatches, and in the US, some have
Even as they seek to rebalance their relationships with technology,
government approval for detecting abnormalities such as
consumers continue to adopt health monitoring technology,
atrial fibrillation. In the near future, smartwatches may also
and businesses are developing offerings with increasingly
be able to perform continuous glucose monitoring (CGM) for
sophisticated ways to use the data from these new technologies.
diabetics without the need for needles – a functionality that
This data is opening new doors to personalised healthcare – with
Apple is already in advanced stages of bringing to market.
the potential for care to be more effective and efficient for both
Already, ‘smart patches’ that affix directly to patients’ skin (to

57%
consumers and businesses.
act as biosensors, and sometimes even deliver medications)
are revolutionising the CGM market at a time when diabetic
Consider this list of the top 10 most important aspects of health,
populations are rising worldwide.
as ranked by consumers in a recent Kantar Global MONITOR
study. For many, if not all, of these concerns, there are now widely
Moving from the physical world, the metaverse (and its
available or emerging technology tools to help consumers make
associated peripherals) will further drive the digitisation of
measurable progress toward living healthier lives.
health services and products; many hospitals are starting to
experiment with using virtual reality to block pain signals from
of global consumers believe it is important
reaching the brain, while Meta is helping to build tools that
to have the tools to monitor your own
allow surgeons to practice their skills virtually.
fig. 2 health on a regular basis.
Smart data can also be harnessed to improve mental health (Top 2-box)
Important Aspects of Health (Among Global Consumers)
outcomes – and it can even be embedded directly within
(Ranked on Top 2 Box-Importance)
workplace software, the better to address office-related stresses
such as ‘zoom fatigue’ and ‘always-on’ hybrid work burnout. Global consumers who have used their
1. Getting enough sleep Microsoft Viva Insights, for instance, uses data to help users mobile device in the past 30 days to:
2. Taking time to slow down and relax better divide their focus time into bursts of productivity. It can
also tell managers how much they’ve caused team members Monitor or Track Health
3. Maintaining a healthy weight to work outside working hours – and prompt employees to set
aside dedicated focus or break time.
4. Access high-quality and affordable healthcare
22% 23%
5. Managing your stress levels ’The future of health is consumer-driven’, said Karen DeSalvo, 17% 19%
chief health officer at Google at a recent company event in 15%
6. Having a well-balanced diet Manhattan. ’People will expect a mobile-first experience with
7. Avoiding germs/pollutants that could make you sick more personalised insights, services, and care. That means
enterprises, including Google, will need to evolve to meet
8. Exercising on a regular basis consumers where they are’.
9. Regular health check-ups from a doctor or
medical professional 2018 2019 2020 2021 2022

10. Looking fit and attractive

Source: Kantar Global MONITOR Source: Kantar Global MONITOR

94
Thought Leadership – Technology and Health

Reimagining healthcare ecosystem brands

Rife with opportunity, the ecosystem of brands at the intersection PUT TIN G IT TO G ETHE R
of technology and healthcare continues to grow. Nuance, a
Microsoft company, is at the forefront of innovating conversational So, in conclusion, brands operating in the intersection of the technology and
and ambient AI in healthcare. Their latest solutions – DAX Express healthcare ecosystems need to focus on the following six implications:
– use a unique combination of conversational, ambient, and
generative AI to draft clinical notes in seconds, for immediate
clinical review after each in-person or telehealth patient visit.

Pharmaceutical retail brands, a critical part of the healthcare

ecosystem, also need to consider their right to play in the digital
1 Enable instant rest and relaxation:
People want to rest, recharge, and relax for
mental and physical health, but find it difficult
4 Offer meaningful solutions:
As consumers look to find high-quality
technologically advanced healthcare solutions with
healthcare space. The future of pharmacy is ‘healthcare offline, value to set aside the time. Businesses will create budget prices, give them a reason to buy your brand
creation online’ – as digital health will continue to accelerate service an increasing number of digital and tech- in a physical or virtual pharmacy environment of
investments in-store, and increase shopper expectations online. In the enabled offerings that offer rapid relaxation, their choice. Ensure you maintain their trust and
US, CVS has accelerated investment in its digital health capabilities rest, and immersive experiences that promise amplify brand equities; doing so gives consumers,
to build a comprehensive healthcare ecosystem, HealthHUB, that quick rewards. who may be financially constrained, good reason
contains a variety of interactive digital health apps. Walgreens is to purchase a branded choice like yours over

2
also rapidly developing a digital healthcare network. Deliver exclusive efficacy: economical, commodified alternatives.

Technological advances, combined with

5
Meanwhile, digital health companies like OptimizeRx and Outcome Encourage long-term compliance:
Health leverage data connectivity to provide point-in-time, end- economies of scale, will make personalised
to-end personalised healthcare and membership-based digital healthcare delivered through devices and digital Consumers may desire long-term results in areas
healthcare services. And players like MDVIP and Sollis Health are platforms widely accessible (and affordable). like anti-ageing, joint preservation, healthy weight
enabling proactive personalised care. Consumers will begin to believe that if a product loss, and disease prevention. But they will continue
or service is not tailor-made precisely for them, to find wellness-related actions difficult to maintain
And then there’s Amazon. The retail giant recently announced then it will not be efficacious for them personally. over the long run. When creating tech-enabled
it was adding RxPass to its pharmacy footprint, giving Amazon products and online services, build in elements

3
Prime Members access to many generic drugs with free at-home Leverage influencers: to make it encouraging and easier to continue
delivery for a flat fee. While there are limitations that need to efforts: visible results, quantitative measurement
Many consumers – particularly younger ones goals, social experiences, and so on.
be worked out, Amazon is also working to implement HIPAA-
that do not distinguish between their physical
compliant methods for Alexa to transmit and receive protected
and virtual worlds – are interested in discovering

6
health information, so that Alexa can offer general health and Utilise social determinants of health models:
products, services, and practices digitally
wellness skills from developers.
through influencers or in the metaverse. Think of As consumer health data sources grow more
influencers as a means to amplify and endorse comprehensive and privacy becomes more secure,
In the near future, then, pharmacy brands will be able integrate
your business’ health and wellbeing products big data and artificial intelligence will allow for
data from digital healthcare platforms, consumers, and vendors
and services – and also as a method of ‘crossing better accounting around social determinants of
– to provide personalised offers, as well as create fixed-revenue
over’ to other non-health categories via trusted, health. These include education, environmental
streams via fee-based digital healthcare program tiers.
personal endorsements. factors, family dynamics, and cultural nuance
– all of which can be used to predict the health
outcomes of individuals more accurately.

95
FA ST FOOD
DEFINITION:
The Fast Food category includes quick service restaurants (QSR) and casual
dining brands, which vary in customer and menu focus, but mostly compete for
the same dayparts.

FA ST FO O D TO P 10:

MCDONALD’S DELIVERING
(US$M)

D E L I C I O U S N E SS /
STARBUCKS FA ST F O O D C O N T I N U E S
KFC I TS D I G I TA L P U S H
CHIPOTLE
SUBWAY
DOMINO’S PIZZA
PIZZA HUT Category Brand Value
Year-on-Year Change

BURGER KING
TACO BELL Fast Food Top 10

CHICK-FIL-A
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

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Ca te g or y Fo c u s

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The value of the world’s top fast food brands More broadly, however, fast food
brands’ new design concepts have been
declined 4% this year as brands revamped implemented to reflect their new business
reality: that digitalisation, delivery, and
experience and innovation in line with the category’s takeaway are here to stay as dominant
customer experience themes. According
new ‘digital first’ status. That represents the second- to McDonald’s, takeout orders (including
shallowest drop of all categories, just behind food those placed mobile apps, drive-thru, and
delivery) now comprise some 90% of all US
and beverages – and in a virtual tie with luxury. sales, up from 70% before the pandemic
– and similar rates have been reported
across the fast food industry more broadly.
Luxury and fast food may seem like very (Pandemic lockdowns depressed the sales
different businesses. But they’re both of all major fast food brands operating in And so McDonald’s is now experimenting
known for their ability to thrive even in China last year.) Starbucks has announced with concepts like pick-up shelves; takeout-
challenging economic conditions. For similarly ambitious plans to expand in only restaurants (with conveyor-belt
luxury, that’s because of their ability to sell China and the wider Asian market – and delivery systems); and separate waiting
premium goods to more of a ‘recession- even Chick-Fil-A now aims to open its first- areas for delivery partners - as well as
proof’ affluent customer base. For fast ever restaurants in Asia and continental drive-thru lanes powered by AI chatbots.
food, it’s because of the perceived value Europe by 2026. Taco Bell is looking to double the number of
they provide diners compared to ‘slower’ delivery lanes at its standalone restaurants.
restaurant options. When times get tough, Just as importantly, same-store sales
fast food brands do well. for most top fast food brands actually Even ‘third space’ pioneer Starbucks is
increased in 2022 (outside of China). planning to add nearly 400 delivery and
This conventional wisdom was famously That includes Subway, which last year takeout-only stores to its US assortment
borne out during the 2008 financial introduced new furniture and decor in the next three years. In part, Starbucks
crisis, and it’s largely held true amid the concepts for its physical stores, as well as is doing this to lessen the pressure on
cascading disruptions of the 2020s – grab-and-go kiosks in select trial locations. its existing cafés, where heavy waves of
albeit with some new wrinkles. In doing so, Subway has joined a wide mobile orders can lead to longer waits for
range of design transformations now customers ordering at the counter.
There’s no doubt that, per their own underway in the fast food sector.
strategic plans, leading fast food brands Indeed, while the fast food category’s
are primed for continued expansion. KFC For some brands, like Burger King, these quick pivot to delivery in 2020 was a major
has opened up thousands of new locations design revamps are aimed at re-injecting logistical feat, it led to some growing
around the world in the past few years – a sense of visual distinctness into a brand’s pains around customer experience that
and plans to grow at a similar pace in the physical footprint. (In Kantar BrandZ needed to be ironed out in 2022. By and
years ahead. Category leader McDonald’s terms, over the past year Burger King has large, the category’s top brands have met
plans to open 1,900 worldwide restaurants increased its Demand Power and Premium this challenge, increasing their Experience
in 2023. That includes 400 new locations in Power in its core US market, while shifting scores in the Kantar BrandZ data while
the US – and around 850 in China, where its value perceptions from ‘generic and working to streamline their kitchens and
the Golden Arches has committed to commoditised’ to ‘mainstream value.’) revamp their store formats.
rapid expansion following a difficult 2022.

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Ca te g or y Fo c u s

FA ST FOOD
For most brands, the pivot to delivery has What’s more, given that fast food brands
meant adopting a flexible approach to are still working out how to best balance
delivery fulfilment partners like DoorDash delivery demands with counter service, BR ANDS WITH MOMENTUM
and Uber Eats. For example, more than this is also a moment where even category
90% of Pizza Hut’s US franchises are now leaders cannot become complacent on
working with at least one third-party convenience. Just a few unsatisfying Kantar BrandZ has identified a group of brands
delivery company – which represents a experiences per customer – whether in outside of the Fast Food ranking that are likely to
point of difference from its competitor form of higher-than-expected prices, create value in the future, as indicated by the Future
Domino’s, which typically prefers to or longer waits, or colder foods – can Power Index (FPI) for the listed market(s).
employ its own drivers. (In the US, greatly shift brands’ ability to drive repeat
Domino’s has also begun to lease a small demand. Declining value perceptions can
fleet of electric cars from Chevrolet, in also affect the extent to which brands will
response to the rising price of used cars have ‘earned the right’ to raise prices in
in an industry where drivers are usually the event of further inflationary pressures.
expected to provide their own vehicles.)
Kantar BrandZ’s recent data suggests
Generally speaking, most fast food brands these value perceptions are very much
have been happy to outsource their logistics in flux. Over the past years, top brands
needs amid rising fuel costs and labour have moved from ‘average priced’ to ‘high Canadian brand Freshii From Sweden, Bastard Burgers
shortages. Going forward, delivery will priced’ in key global markets – and still serves healthy burritos, wraps, offers global flavours and a
likely remain a major sales channel – but others have moved from ‘high priced’ to and soups. dedicated vegan menu.
it’s worth noting too that amid rising food ‘overpriced’. Chains that were once seen
prices in the back half of 2022, many fast as ‘great value’ are now merely ‘value
food brands saw an uptick in customers brands’ – although others have moved in Future Power Index Future Power Index

opting for pickup over takeaway, in part to the opposite direction. Brands can’t control CANADA 155 SWEDEN 138
save a few dollars on delivery fees. inflation, of course – but among other
strategic responses, they can seek to find
That kind of price sensitivity is a reminder new ways to signal that they’re on diners’
that for fast food brands, value perceptions side when it comes to maximising value.
should never stray too far from top of
mind. In the face of inflationary pressures,
fast food franchises are competing on
value not only with sit-down restaurants
(a comparison where they tend to come
off better), but also with cooking at Mom’s Touch is South Korea’s
home (which is typically seen as cheaper, ‘No.1 Burger and Chicken
although soaring grocery prices in countries Brand’.
like the UK are complicating this picture).
Future Power Index
SOUTH KOREA 126

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B R AND ANALYSI S B R AND SP OTLI GHT

The resilience of brands in the fast food This year, Burger King outperformed the wider category.
category has been helped by greater It did so by improving its customer experience and investing in
exposure and improved experience. long-term brand building.

On the experience side, in an era when drive-through now comprises

upwards of 80% of Burger King sales, menu simplification and
digital menu boards have reduced wait times significantly.

Burger King has also invested heavily in communications in recent

years. In 2022, Burger King announced a $400 million investment in its
‘Reclaim the flame’ premiumisation strategy, with $150 million of that
invested into advertising and digital. The brand’s current ‘You Rule’
campaign honours Burger King’s vintage ‘Have It Your Way’ positioning
(and paper crowns) by telling new stories of customer-centricity.

2023 BR AND VALUE Burger King (global data)

113 108 Great Advertising Index

$7,676 M +5 DIFFERENCE
FROM 2022
DIFFERENCE
FROM 2022 +6 108 108
113

2022 Brand value $7,134 M +2 DIFFERENCE DIFFERENCE

+11
102 102
FROM 2022 FROM 2022

+8% year on year

110 100 2019 2020 2021 2022 2023

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Ca te g or y Fo c u s

FA ST FOOD

AC TI ON
P OINT S /
B R AND
1 2 3
B UILDI NG ENGINEER EXPERIENTIAL
MAGIC - TO GO
CRE ATE SE AMLE S S
SUSTAINAB ILIT Y WIN S
STRE AMLINE
Last year, Subway introduced a new, numbered
sandwich menu – with the goal of better guiding its
As more and more categories have shifted toward After years of trying to find acceptable alternatives customers through the brand’s extensive array of
takeaway, brands need to find more ways to create to plastic straws, many fast food brands are betting choices, and streamlining operations for staff. This kind
brand-building cultural ‘moments’ via products and instead on updated packaging design – namely, of menu streamlining has been a major theme among
packaging, rather than in-store activations. McDonald’s resealable ‘sippable’ lids that eliminate the need for most fast food brands this decade: rather than trying
programs like its celebrity-endorsement bundles and straws altogether. As brands chart their sustainability to be all things to all people, brands have refocused
its nostalgia-inspiring Adult Happy Meal promotions strategies, this kind of low-profile, ‘seamless’ solution and innovated around what they do best. In this way,
(which came complete with limited-edition toys) can be should be prioritised alongside bigger ‘bets’ like new leaner menus can support a more clearly defined
understood as way to translate the ‘surprise and delight’ plant-based ranges. brand identity – while also helping brands optimise for
side of excellent customer experience into this new world cost and speed.
of out-of-restaurant consumption.
A similarly streamlined approach can also be taken for
packaging: one of the first insights of Starbucks’ new
CEO, Laxman Narasimhan, was that the brand had too
many different cups and lids, slowing down wait times
with little upside for brand equity.

100
FINANCIAL SERVICE S
DEFINITION:
The Financial Services category includes retail, business and investment banking institutions;
insurance players from both the business-to consumer (life, property, and casualty) and
business-to-business sectors and payment brands (i.e. brands used to pay for things either
in stores, over the phone or on the internet). These are the debit or credit card networks
companies whose logo is displayed where debit and credit cards can be used and online
payment systems whose logo is displayed when you make an online payment.

FINAN CIAL SE RVI CE S TO P 20:

VISA (US$M)

M O N E Y M OV E S /
MASTERCARD
AMERICAN EXPRESS B R A N D S N AV I G AT E
RBC N E W O P P O RT U N I T I E S –
WELLS FARGO AND ANXIETIES
HDFC BANK
UNITEDHEALTHCARE
PAYPAL
TD
J.P. MORGAN
ICBC
BCA
CHASE Category Brand Value
COMMBANK Year-on-Year Change
BANK OF AMERICA
PING AN
AIA
HSBC Financial Services Top 20

MORGAN STANLEY Total Brand Value

CHINA LIFE
Source: Kantar/BrandZ (including data from S&P Capital IQ)
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Ca te g or y Fo c u s

FINANCIAL SERVICE S
Most top financial services brands declined
year-on-year, as the category’s recent successes
gave most brands breathing room to prepare for
more challenging years ahead.
This year, the category expanded and By the beginning of 2023, it began to seem
was renamed (from the earlier ’Banks’) like for every bit of good news for financial
to encompass a wider range of financial services brands, there was a potential risk
operations. The big credit card companies to match.
are all at the top of the ranking, with the
large North American and Asian banks. • Many big banking brands, for instance,
But they are joined, this year, by insurance began to report record or near-record
brands like UnitedHealthcare and AIA, profits for 2022 (representing the final
as well as the fintech pioneer PayPal. crescendo pandemic-era monetary and
fiscal stimulus efforts). But at the same
Macroeconomic headwinds have placed time, they announced they were setting
a damper on the stock prices of publicly aside more money to prepare for a
traded financial brands – which in turn possible slowdown in economic activity
negatively affects brand valuations for (and deal-making) for the rest of the year.
Kantar BrandZ rankings. In the US, the
failure of Silicon Valley Bank highlighted • A wave of instability in crypto and
the risks smaller banks faced amid smaller-sized banks could, in theory,
rising interest rates and jittery investor reinforce the trust credentials of the
confidence; in Europe, the collapse of more highly regulated big banks –
Credit Suisse further underscored the unless that instability begins to erode
importance of reputation management. confidence in the wider banking system.
Meanwhile, in some Asian markets
especially, brands are being challenged • After two years of parking their money
on brand equity by new, disruptive and saving more conservatively, debt
payments platforms and superapps. levels among North American consumers
have begun to rise. On paper, this kind of
borrowing is (literally) an asset for banks
and credit card brands – unless that debt
reaches a tipping point, and a wave of
painful defaults ensues.

102
Ca te g or y Fo c u s

FINANCIAL SERVICE S
But if banks themselves are navigating
uncertainty, consumers are doing so,
too – and with even less of a war chest to BR ANDS WITH MOMENTUM
mitigate risk. And therein lies the brand
building opportunity for top financial
services brands, relative to the 2008 Kantar BrandZ has identified a group of brands
financial crisis: brands aren’t being blamed outside of the Financial Services ranking that are
in the same way for causing today’s likely to create value in the future, as indicated by
economic headwinds, which gives them the Future Power Index for the listed market(s).
more of a right to act as helping hands.

That help could take the form of smarter

‘financial assistants’ to help people
navigate their finances. (While chat AI and
other breakthrough innovations won’t be
able to give investment advice in many
markets, it can be used to help people
understand their historical spending Saudi Arabia’s Alrajhi Bank Swedish fintech brand
and saving patterns, and alert them to is the world’s largest Klarna offers ‘Buy now,
changes in indicators like their credit Islamic bank. pay later’ services to
score.) It could take the form of risk- ecommerce shoppers.
mitigating products like the guaranteed
income plans offered by HDFC Bank and
Future Power Index Future Power Index
AIA in India, which are marketed to help
SAUDI ARABIA 142 SWEDEN 116
household money managers (especially
women) contribute toward long-term
insurance policies, while also setting aside
money to be invested and returned sooner
in the form of tax-exempt payouts. And
it could take the form of new innovations
around the marketing of CD and money
market accounts – both of which are newly
hot again in the context of higher short-
term interest rates.
Brazilian digital-first brand Japan’s largest online bank,
Nubank has become Latin Rakuten Bank was recently
America’s largest financial spun off from the Rakuten
institution by focusing on ecommerce conglomerate.
underbanked consumers.

Future Power Index Future Power Index

BRAZIL 158 JAPAN 134

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FINANCIAL SERVICE S
B R AND SP OTLI GHT

Visa remains the number one most CONVENIENT

valuable financial services brand, even
as it fends off new fintech challengers
worldwide. Habit remains a critical
advantage of Visa globally. Visa is
+9
perceived as a highly trusted brand, that
always works well, and which fits easily
into consumers’ everyday shopping habits.
TRUST

+9

RANGE OF
SERVICES

2023 BR AND VALUE

+7
$169,092 M
SUPERIOR
2022 Brand value $191,032 M

+6

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Ca te g or y Fo c u s

FINANCIAL SERVICE S

AC TI ON
P OINT S /
B R AND
1
PRO M OTE A HE ALTHY
2
SHARE THE WE ALTH
3
TRE AD LIGHTLY O N
ECO N O MY RE AL E STATE
B UILDI NG For insurance brands, in particular, financial health and
physical health are closely connected – giving financial
Over the course of 2022, total savings deposits in US
banks fell year-on-year for the first time in more than
75 years. This exodus was led by accounts with balances
over $250,000 – as savvy customers flocked to products
While higher interest rates hold a mixed bag of benefits
and drawbacks for many consumers, they pose a real
services brands an additional sustainability domain to that more closely tracked rising Federal Reserve target challenge for one group in particular: would-be home
play in beyond expanding banking access. interest rates. This was a rational move, as many large buyers. In many cases, these buyers are Millennial
banks were choosing to lag on passing on those higher consumers – maybe even first-time buyers – who have
Asian insurance giant AIA, for example, plans to reach rates to their retail clients, in a bid to increase net already been through one financial crisis, and will need
more than a billion people by 2030 with its messaging interest margins. That strategy worked for banks, in the to be treated with utmost empathy and sensitivity as
around healthy habit changes. Already, it offers an short run – but consumers are waking up to the fact they once again face the possibility of having dreams
app and program called Vitality in many Asia-Pacific that the long years of low-interest banking are over. derailed by global economic headwinds.
markets; this gamified platform combines data-driven
wellness education, health tracking, and insurance If interest rates stay high through the end of 2023, Mortgage agreements are some of the most
policy management – and provides rewards and financial services brands could be in for a wave of brand consequential, meaningful relationships that can
vouchers for healthy behaviours. switching and competition (on fees, rates, service, and be struck between banks and clients – and they’ve
convenience) that until now has been unprecedented in just gotten a lot more fraught in ways that branded
the digital banking era. communications should seek to reflect, and innovation
pipelines should work to address.

105
FOOD AND BEVERAGES
DEFINITION:
The Food and Beverages sub-category includes non-alcoholic ready-to-drink beverages: carbonated
soft drinks, juice, bottled water, functional drinks (sport and energy), coffee and tea (hot and iced),
packaged foods including snacks, meal and culinary brands, dairy products, and confectionery.

FO O D AND B E VE R AG E S TO P 20:

COCA-COLA (US$M)

R E L I A B L E FAVO U R I T E S /
NONGFU SPRING
PEPSI FOOD AND BEVER AGES
RED BULL B R A N D S P ROV E R E S I L I E N T
LAY’S
NESPRESSO
YILI
NESCAFÉ
HAITIAN
FANTA
KINDER
DIET COKE
LINDT Category Brand Value
MENGNIU Year-on-Year Change
MONSTER
SPRITE
GATORADE
CADBURY Food and Beverages Top 20

DORITOS Total Brand Value

KRAFT
Source: Kantar/BrandZ (including data from S&P Capital IQ)
*Diet Coke includes Diet Coke and Coca-Cola Light, **Red Bull includes sugar-free and Cola, ***The Brand Value of Coca-Cola here does not include- Diet Coke and Coca-Cola Light, ****The Brand Value of Pepsi includes Diets 106
Ca te g or y Fo c u s

FOOD AND BEVER AGE S

The total value of the world’s top food and beverages
brands fell by 3% year on year, as large brands remained
resilient in the face of economic pressures that have
affected other categories more deeply. In the context of
a 20% overall decline for the top global brands, food and
beverages’ slight dip represents the best performance
this year of any category ranking.

What’s more, much of the category’s It’s notable, for instance, that Coca-Cola
resilience can be chalked up to good, old- met the economic challenges of late 2022
fashioned brand building. At the height by upping its final-quarter marketing
of the COVID-19 pandemic, consumers spend, with plans to maintain that high
flocked to big brands as reliable and investment throughout 2023. The brand’s
dependable allies in a world turned ‘Real Magic’ marketing platform has
upside down. This consolidation trend aimed to leverage new insights around
has continued amid inflationary and occasions, and create new excitement
recessionary pressures worldwide. around innovations – but at core, it is
resonating because consumers really do
Over the past two years, top brands like need moments of escapism in challenging
Coke, Pepsi, Lay’s, and Dorito’s have times. Last year, Coke and Diet Coke
shown a strong ability to protect their notched continued improvements to brand
profit margins by raising prices as needed equity even in their core US markets –
– without losing sales. They have earned which is no small feat for a brand that’s
the right to do so because of their strong been around for almost 140 years.
reputations for value and difference –
which in turn rely on strong commitments Coca-Cola and PepsiCo have succeeded
to brand building. in the 2020s not only through continued
brand investment during tough times – but
also by doubling down on innovation in
a period when many brands pulled back
on their pipelines and new releases. Coke,
for instance, has moved beyond mere
‘flavour twists’ (‘with lemon’, ‘with vanilla’,
etc.) to embrace more creative, ground-
up reimagining of their core offerings –
including its recent ‘Move’ variant
co-created with Spanish superstar Rosalía.

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PepsiCo, meanwhile, introduced its For food and beverages brands, another
first ever nitrogen-infused cola, as well important side of sustainability is wellness.
Hard Mountain Dew and a limited-time, For the rest of the decade, you can expect BR ANDS WITH MOMENTUM
marshmallow-flavoured springtime edition a renewed worldwide push to further
of its flagship brand. And in PepsiCo’s cut down on sugar and calories in most
snack business, brands like Doritos and product offerings – not least because Kantar BrandZ has identified a group of brands
Lay’s have promoted cross-cultural the World Health Organization and outside of the Food and Beverages ranking that are
exploration by introducing new cheese governments worldwide have continued to likely to create value in the future, as indicated by
and Flamin’ Hot flavours to Asian markets, promote new sugar taxes and regulations. the Future Power Index for the listed market(s).
while bringing flavours like tamarind to
North America. The best innovations in response to these
wellness drivers will be those that build
Doritos has proven an especially on existing brand strengths and assets.
nimble platform for these kinds of Cadbury, for example, has launched
flavour explorations (which in the US ‘Fruitier and Nuttier’ chocolate bars and
also encompass new combinations of trail mixes that come in below new UK
barbecue, spice, and cool ranch notes); sugar guidelines. They do so by doubling
this past year, it was defined in the brand down on the range’s hero ingredients
equity data by high perceived difference, – the fruits and nuts – while also still Unilever-owned Dutch brand Kusmi is a French brand that
superiority, convenience, advertising, and emphasising the presence of the brand’s the Vegetarian Butcher offers offers irreverent, organic tea
online capability. signature ‘dairy milk chocolate’. At plant-based products that gourmet blends.
the same time, scientists at Cadbury’s meat eaters love, too.
In China, many large local brands have parent company, Mondelēz International,
had to contend with macroeconomic are putting the finishing touches on Future Power Index Future Power Index
headwinds, at the same time that new technology that the company says could NETHERLANDS 165 FRANCE 139
challengers are breaking through via lead to confections with up to 75% less
digital DTC sales. An exception to this trend sugar and fat.
is Nongfu Spring, which has maintained its
premium positioning in part by continuing
to innovate around occasions and benefits
– as well as by speaking to sustainability
themes around responsible natural
sourcing and environmental protection.
The brand’s Changbai Snow range, for
instance, is sourced from the ‘primeval Coca-Cola’s Simply brand of Founded in Germany, Hello
forest of Changbai Mountains’; its ‘lithium- juice-based drinks recently Fresh has become the US
rich’ healthy mineral range comes from the expanded into mocktails market leader in meal kits.
Greater Khingan Mountains; its range for and mixers.
tea brewing comes from Wuyi Mountain
(and contains a mineral mix that promotes Future Power Index Future Power Index
electrical conductivity); and its range for USA 124 USA 123
infants and young children comes from
Fusong Water Resources Reserve.

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B R AND ANALYSI S B R AND SP OTLI GHT

Globally ranked (but often locally rooted or single-market) food This year, Pepsi celebrated 125 years
brands have very different characteristics compared to global by debuting a refreshed logo designed
beverage giants. Food brands tend to be more relevant to to connect its heritage with future
consumers’ everyday lives – while global beverage brands tend generations. Pepsi’s brand value has seen
to rely more on being Salient. steady growth over the last four years,
with marked improvements in its margins
and value perceptions. This year, it is the
Global Top 100’s second-fastest riser.
Characteristics of food brands vs. beverages brands
As a brand, Pepsi is defined by these
key attributes:

GREAT LEADING
ADVERTISING THE WAY

2023 BR AND VALUE 114 110

$18,826 M Going forward, the brand will support its

revamped positioning with a continued
focus on live music and events – sponsoring
2022 Brand value $16,040 M both iconic acts and up-and-coming artists.
+17% year on year

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FOOD AND BEVER AGE S

AC TI ON
P OINT S /
B R AND
1
FINE S SE
2
THINK D IGITAL
3
GUARD TRUST
FUN CTIO NALIT Y
B UILDI NG This decade, brands have moved away from centring
their functional ranges around a single, hyped-up
In China, the COVID-19 pandemic shifted the category
in myriad ways: demand for ice cream increased,
consumers experimented with cooking steaks at
home, and shoppers took a new look at a wide range
Consumers’ consistent willingness this decade to stick
with their favourite brands despite price hikes raises
an interesting question around so-called ‘shrinkflation’
strategies – efforts to engineer slightly smaller portions
superfood – and are instead approaching functional of traditional Chinese medicine ingredients, to name to maintain margins without moving on price. Namely,
products more holistically, with an understanding a few examples. Most consequently, the past three were they ever all that necessary – and might they have
that even flavour and aromatic cues can contribute years greatly accelerated the sale of branded food and indeed been too risky compared to more straightforward
towards health goals via the mind-body connection. beverage products on digital platforms – and consumers price adjustments? It’s clear that top food and beverages
So, for example, a new functional beverage might from all backgrounds made online grocery shopping brands’ status as trusted sources of pleasure have given
offer prebiotics and probiotics, alongside a vitamin a part of their everyday lives. At the start, this shift them uncommon demand and Pricing Power – so going
array and a fruit infusion. In the US, disruptor energy provided opportunities for upstart brands to break forward, one of brands’ highest strategic imperatives
drink brand Celsius combines caffeine, BCAA amino through in innovative emerging categories – for example, should simply be to maintain that trust. Through that
acid compounds, electrolytes, and tart cherry extract ‘zero-sugar sparkling tea infusions’. Now, however, large lens, it might also better, for instance, for brands to
(with anti-inflammatory flavonoids) for its workout- brands have fully stood up their ecommerce capabilities put forth clear plans for medium-term sustainability
recovery offering. In China, new products are taking in ways that may prove a harbinger of new digital transformations, rather than rush into making quicker
a multi-pronged approach to functional needs like brand building best practices worldwide. In other words, but more superficial changes that risk the trust-killing
gastrointestinal health, sleep management, and even they can now perform new kinds of advanced trend label of ‘greenwashing’.
‘emotional release’. monitoring and consumer segmentation, which helps
them to stay ahead of the disruption curve – provided
they have the right analytical tools in place.

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Thought Leadership – Innovation

Dr Nicki Morley In difficult times, the biggest thing

Head of Behavioural Science
and Innovation E xper tise,
brands can do is to find a way to add
UK Insights, Innovation value to people’s lives – particularly when
E xper t, Kantar Sustainable this involves an innovation. History tells
Transformation Practice, Kantar
us that in challenging times, those that
[email protected]
innovate are more likely to survive and
grow. The question is: where should
brands focus to innovate, and how
should they go about it?

In the food and drink category, businesses are heavily focussed

LO OKING BE YOND on inflation, the cost-of-living crisis, health, and sustainability as
ways to add value to people’s lives. And yet, for consumers, fulfilling

T H E O BV I O U S emotional needs is still of high importance in these challenging times.

For example, Kantar’s Worldpanel data reveals that 2022 actually saw
SUCCESSFUL a 16% increase in ‘treating’ occasions. Yes, people are behaving more
prudently in some respects. However, in this sector, the strongest

I N N O VAT I O N I N brands have kept a keen eye on what consumers really want – and
are innovating to meet people where they most seek value in all its
senses. More often than not, this means innovations that create
FOOD AND DRINK better, more enjoyable experiences via permissible indulgence.

Take, for example, the Cadbury Caramilk innovation. This new

type of ‘golden caramel chocolate’, made from combining new
flavours with a 100% sustainably sourced cocoa, took the number
two spot in the UK’s Kantar Worldpanel Top 10 NPDs (New Product
Developments) year based on sales and incrementality (Kantar
Worldpanel Top 10 NPDs 2021 Report, published March 2022).

f Unlock new product and service innovation opportunities

with Kantar’s Market Opportunity Identification, using
actionable guidance from innovation experts to identify
the most promising innovation opportunities.

111
Thought Leadership – Innovation

Another famous innovation study is the continued worldwide This is a tall, but not impossible, ask. It will require brands to do
success of Flamin’ Hot snacks for PepsiCo. Typically, this innovation things differently when it comes to innovation, as outlined in our
is understood as the product of cultural insights around spicy thought piece Dare to be Different. There, we discussed how food
foods, PepsiCo’s global Head of Innovation, Koen Burghouts, and drink brands succeeded when their innovations were more
WHETHER YOU’RE A FOOD
tells me. He also adds that in fact, the company drew heavily on meaningful and different. Success, ultimately, comes from: AND DRINK BRAND OR NOT,
consumer experience research into evolving home consumption WHEN DEVELOPING YOUR
needs to chart Flamin’ Hot’s global expansion, as a rise in • Starting with deep human understanding the changing nature of
value. Without this piece, one will miss the meaningful signals we INNOVATION STRATEGY,
consumer snacking meant that home occasions were more open
to different experiences and new products. PepsiCo was able to identified above around treating, indulgence, and experiences. ALWAYS ASK YOURSELF:
provide a jolt of excitement at just the right time and place.
• Think beyond the obvious by broadening your view of the problem.
For example, think more about new experiences in new occasions
If brands aren’t convinced of the power innovation can have on a
brand’s success, consider the proliferation of the dairy alternative
category and the huge success of plant-based innovations such
that will lead to more incremental outcomes, as Cadbury’s did.

• Designing innovations in a way that will deliver a better, more

01
as Sweden’s Oatly. Consumers perceive many dairy alternatives sustainable experience while avoiding compromises and trade- What are you in the business of?
as healthier and more sustainable – but then, too, there is Oatly’s offs. The goal is to make it easy, meaningful, and rewarding Can you expand that definition?
uniquely indulgent mouthfeel, which also matters in their decision- for consumers to indulge in a more sustainable way: to make
making. No category is immune to disruption, and brands can indulgence more permissible, and sustainability more enjoyable.
either disrupt or be disrupted – those that use innovation to solve (For example, consider how successful plant-based brands
tensions consumers have learnt to accept (in the above case, the like This! have unlocked the meat free category by delivering
tension between texture and plant-based) will come out on top.

None of the above should suggest, however, that food and drink
superior meat taste.)

Trying different things when you are a large brand can be met
02
brands should simply start developing more and more innovations. with challenges. Innovators within large brands will need to take How will you overcome barriers to
Innovations must be intentionally designed: to drive category growth; a different, more learning-focussed journey toward breakthrough adoption of your innovation?
to command shelf space; and to enable incremental penetration and products. This journey is all about building confidence and
growth. Innovations must be meaningful and different to add value momentum: that’s the way to ensure that innovations to succeed
to consumers lives in a positive way. against the natural ‘status quo’ antibodies of the large business.
It’s a process that starts with testing hypotheses, iterating,
prototyping, and running little experiments, until you’re able to get
maximum investment and drive success. This process is not the
same as throwing lots of ideas at the wall to see what sticks.
03
How will your innovation deliver
PepsiCo’s continued success is certainly down to the decision to something new and different?
take a different journey, Koen says, taking a broader definition
of the category so they can look at the problem differently.
He says they have invested in changing the way they innovate,
getting closer to the consumer through testing and mocking
up solutions to get them into consumer hands. The reason for
PepsiCo’s ongoing success is certainly due to them daring to be
different, building the confidence to get the business to invest in
Meaningfully Different innovation for maximum success.

112
Disruptive times demand a new
approach to innovation.

This guide demystifies innovation and equips you with everything you
need to innovate in a Meaningfully Different way that drives brand growth.
Discover how to find the best opportunities, optimise development, and
future-proof your innovation journey.

And much more.

DOWNLOAD
THE FREE GUIDE

kantar.com/innovators-advantage
LUXURY
DEFINITION:
The Luxury category includes brands that design,
craft, and market high-end clothing, leather goods,
fragrances, accessories and watches.

LUXURY TOP 10:

LOUIS VUITTON A N E W LO O K /
(US$M)

LU X U RY R E B A L A N C E S
HERMÈS I TS P O RT F O L I O
CHANEL
GUCCI
DIOR
CARTIER
ROLEX Category Brand Value
Year-on-Year Change

TIFFANY & CO.

SAINT-LAURENT/YSL Luxury Top 10

PRADA
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

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In their long histories as some of the world’s most At the same time, there is hope that the
China business will rebound, as cities fully
covetable brands, major luxury houses have seen reopen and houses are able to resume their
normal customer outreach acts. Already,
good times and bad. This year was somewhere luxury brands are pushing forward with plans
to open new flagships and boutiques across
in between, as the category declined 4% in total China – while maintaining pandemic-era
brand value. digital channels that allowed many brands
to build relationships with non-metropolitan
Chinese consumers for the first time.
Until recently, of course, it had seemed like Over the years, luxury brands’ ability to
top luxury brands couldn’t do anything but charge strong premiums – and market When luxury commerce in China does get
grow. Over the past decade, mega-brands toward more affluent consumers – has back up to speed, it will perhaps be with a
like Louis Vuitton and Chanel passed €10-, insulated them from economic downturns. renewed focus on VIPs (or Very Important
€15-, and then €20 billion in yearly revenue. This was especially true during the height Consumers, as they’re known in China).
of the COVID-19 pandemic, where many The bet – in China and around the world
The logic behind this growth was simple: affluent households saw their net worth – is that extremely wealthy shoppers will
during this period, markets like Brazil, surge alongside bullish stock markets. (In be more willing to spend over the next few
India, and especially China were minting the US, for example, the wealthiest 20% years than HENRYs, who may be forced to
scores of new millionaires and billionaires. of Americans increased their wealth by cut back in the face of company layoffs
These were the kind of consumers who trillions of dollars during the first year of and macroeconomic headwinds. This
have always bought luxury houses’ top- the pandemic, while the top 1% increased pivot will rely on driving higher revenues
shelf products – categories like fine their net wealth by 35%, according to the from a smaller pool of customers – which,
jewellery, eveningwear, and couture. IMF and US Federal Reserve.) practically speaking, will mean emphasising
Suddenly, however, there were more of more private shopping, couture, haute
these VIP consumers to go around. Now, however, growth in the luxury joallerie, and VIP exclusive offerings.
category cannot be taken for granted.
At the same time, many members of the A big reason why is China. Last decade, Relatedly, luxury brands are currently
upper-middle classes also began to see China established itself as luxury’s largest tweaking their merchandising and
luxury goods as an important marker of market, and the country continued to design mix to emphasise more timeless
living ‘the good life’. These ‘High Earners, drive brand value growth through 2020 propositions, rather than chasing more
Not Yet Rich’ (HENRY) consumers may and 2021. But 2022 brought lower sales of-the-moment trends. The world’s most
not place multiple $10,000 orders a year for luxury goods in China as the country valuable luxury brand, Louis Vuitton,
with their favourite luxury brands, like entered and emerged from COVID-19 built its growth on balancing its seasonal
VIP consumers do. But they are reliable lockdowns. What’s more, interruptions to fashion offerings with marketing around
sales engines for a number of categories: in-person shopping and fashion shows more enduring ‘house icons’ like its
cosmetics, perfumes, eyewear, wallets, cut off brands’ ability to strengthen their Neverfull and Speedy bags. Hermès, the
and belts – but also brands’ most iconic brand equity through novel experiences. second-most valuable luxury brand, veers
handbags, footwear, and clothing pieces. This year, nearly all leading luxury brands even farther in the ‘classic’ direction;
in the Kantar BrandZ ranking saw equity famously, it has never had a brand
declines among Chinese consumers. ambassador, relying instead on the ‘star
quality’, of hero products like its Birkin bag.

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Gucci, which last decade rode its fashion- The ultimate goal, these days, is less
darling status to become a mega-major about introducing a given year’s ‘it’ shoe
house in its own right, is now trying to or bag (though of course that’s never BR ANDS WITH MOMENTUM
achieve a similarly ‘classic’ positioning; unwelcome), and more about selling items
this has meant bringing in a new creative that will be recognisable and covetable for
director from Valentino, and building years to come. Proven value via ‘classic’ Kantar BrandZ has identified a group of brands
campaigns around tasteful hero products status can allow brands to unlock higher outside of the Luxury ranking that are likely to create
like its ‘Jackie’ handbag. It is also opening price premiums when selling ultra-high- value in the future, as indicated by the Future Power
new VIP ‘salon’ spaces offering that sell for end products to VIP consumers. And Index for the listed market(s).
up to $3 million. ‘Gucci is about the balance ‘classic’ can also help luxury brands market
between fashion authority and capitalising to increasingly cautious HENRYs – who can
on the heritage to build the timeless monitor resale sites like The RealReal to see
component – it’s not one or the other’, which purchases best hold their value over
Kering CEO François-Henri Pinault said of time, should these consumers ever need to
his vision for the future of the brand. consign their collections.

Similarly balanced revamps are also In the realm of sustainability, luxury brands
underway at houses like Celine, Burberry, have done a good job of expanding
and Ferragamo; Fendi, Dior, and Prada, their frame of reference beyond carbon Italian jeweller Bulgari plans to French fashion house Celine
meanwhile, are seen as farther along in neutrality and packaging (important as double its production footprint has grown by balancing classic
leveraging their own ‘classic’ codes. It’s they are). Greater cultural inclusivity has with a focus on sustainability. codes with Gen Z appeal.
important to note that ‘classic’ doesn’t have become a major focus for the category
to mean ‘ancient’: offerings like the Fendi this decade. When Chanel collaborates Future Power Index Future Power Index
baguette, Prada nylon, and Dior saddlebag with local artisans to stage a fashion show ITALY 116 FRANCE 110
draw more on 90s and Y2K nostalgia than in Dakar, Senegal, or Dior highlights the
they do on 1950s couture references. work of its embroiderers in India, it signals
its commitment to economic development
Cultural newness and excitement are still – while also increasing its relevance in
important brand attributes, of course. The expanding markets. There is progress being
recent appointment of Pharrell to head up made on the environmental front, too:
Louis Vuitton menswear can be read as Richemont’s Chloe brand, for instance, has
a continued bet on pop culture, as is the led the charge for more recycled and low-
scramble among fashion houses to sign impact textiles, while Gucci has launched
up K-Pop idols as brand ambassadors. a ‘circular hub’ in Tuscany for research into
But ideally, brands are building these recycling and materials innovation.
new cultural riffs on top of a rock-solid
foundation – widely recognised, traditional
brand codes. (This kind of riffing can also
be seen in the continued popularity of
limited-edition artist collaborations, such
as the one between Louis Vuitton and
Yayoi Kusama.)

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B R AND ANALYSI S B R AND SP OTLI GHT

Overperforming luxury brands have been Luxury brands support their prices well – but should continue to Dior has built strong connections across luxury
supported by stronger brand equity build consumer relationships to protect margins and beauty segments

Demand Power Index – key markets

DIOR CHANEL 177

GUCCI
149
111 125 113
105 97

TIFFANY & CO LOUIS VUITTON

YSL CARTIER
PRADA HERMES
ROLEX
Makeup Fashion Fragrances Fashion Fragrances Fashion Fragrances

2023 BR AND VALUE Dior is known around the world for the strength of its advertising,
particularly in China where it leads the luxury category in these
perceptions. During the COVID-19 pandemic, Dior doubled

$11,442 M down on a bold digital strategy that saw it become the first
luxury brand to launch on Douyin and video content platform
Bilibili; host private livestreams for VIP clients; launch shoppable,
livestreamed beauty tutorials on WeChat; and become the first
2022 Brand value $10,534 M major luxury brand to hold a metaverse fashion show.
+9% year on year
GREAT ADVERTISING
GLOBAL INDEX 5.4 M
FOLLOWERS

113

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Ca te g or y Fo c u s

LUXURY

AC T I O N
POINTS /
BR AND
1
BE AUTIF Y YOUR
2
P OSITIO N FO R P OST-
3
FIND YOUR PERFECT
BR AND O FFERIN GS PANDEMIC TR AVEL PRICE P O INT
BUILDING If done well, beauty and fragrance extensions can help
luxury brands in several ways. They can be an easy
The pandemic scrambled the conventional wisdom
around the all-important travel sales channel for luxury
Luxury’s move toward the ‘classic’ has also had positive
implications for brands’ ability to control pricing. For
way to round out the orders of VIP clients – while also goods. For much of this decade, airport duty-free example, as Saint Laurent has transitioned toward more
keeping more aspirational clients connected to the outlets and Paris department stores ceded ground to ‘seasonless’ (read: less trendy) offerings, it has been
brand at times where they can’t afford more high- boutiques in China’s Hanan island, and fashion shows able to eliminate the need for sales to clear away ‘out of
priced items. in ski resorts around Beijing. fashion’ goods. ‘[Focusing on] icons allows us to really
build a business that is profitable’, Saint Laurent’s CEO
In the past year, Prada and Valentino have both In the middle term, ‘nearer’ international locations like recently explained in an interview. ‘Because almost
partnered with L’Oréal to expand their beauty offerings. Bangkok and Manila could be important retail hubs for nothing is obsolete’.
Kering, meanwhile, recently announced that it was Chinese travellers as they venture back into the world.
creating a beauty division to bring fragrance and In this sense, travel retail could re-emerge as even more Today, Saint Laurent has staked its expansion plans on
cosmetics operations in-house for group brands like globally dispersed than before – which means that its accessories offering, which includes a wide range
Alexander McQueen, Bottega Veneta, and Balenciaga. luxury brands themselves will have to invest in more of flagship bags priced under €2000 (compared to
global footprints. competitors that charge several times that amount
for their brand superstars). By contrast, Hermès has
announced that it will increase its already elevated prices
by 5% to 10% in 2023. Over the next year, then, questions
of Pricing Power will become paramount. Brands will
have to assess whether their ultra-high net worth and
aspirational customers will be able to absorb further price
hikes (of the kind that powered much of these brands’
profit growth over the past five years). And they will have
to assess where they currently stand on value perceptions –
a brand seen as a ‘justified premium’ will have more room
to manoeuvre than one currently judged as ‘overpriced’.

118
MEDIA AND
DEFINITION:
The Media and Entertainment category includes traditional media (e.g. TV,
Newspapers, etc.) as well as social media, search engines, video-sharing services,
gaming, video and music streaming services, and leisure facilities.

ENTERTAINMENT
M E D IA AND E NTE RTAINM E NT TO P 10:

GOOGLE THE SHOW GOES ON/

(US$M)

B R A N D S R E P O S I T I O N TO
FACEBOOK P ROT ECT P RO F I TS
INSTAGRAM
WECHAT
YOUTUBE
NETFLIX
LINKEDIN Category Brand Value
Year-on-Year Change

DISNEY
TIKTOK Media and Entertainment Top 10

V.QQ.COM
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

*Google includes Google branded services and products excluding cloud, **WeChat and v.qq.com is part of Tencent group, ***v.qq.com is Tencent Video 119
Ca te g or y Fo c u s

MEDIA AND ENTERTAINMENT

Brand values in the media and entertainment
category declined 32% overall in the past year.
More than anything, this represents a significant
correction in how markets have come to assess
many tech and tech-adjacent brands.

Over the past decade, for instance, This year, eight of the nine returning top
there had been a steady trend of media and entertainment brands posted
investors assessing streaming services as year-on-year declines in brand value. The
fundamentally tech brands, akin to social one exception is TikTok, which grew by 2%
media and search engine businesses – as (on the strength of both its global business
if the streaming revolution had placed and its original Chinese short-form video
entertainment brands more in line with platform, Douyin). In 2022, TikTok proved
those Silicon Valley titans, and farther away it was no flash in the pan, expanding its
from more traditional TV or movie studios. advertising business and strengthening
its performance across most major
That comparison was a flattering one, building blocks of brand equity. TikTok
back when most social media and search remains a popular tool for exploration into
brands commanded sky-high stock prices. niche subcultures – but also drives mass
But over the past year, these tech brands’ culture as well: for example, ever since
stock prices have themselves come back most major record labels gave TikTok users
down to earth (though a number are now free reign to remix their artists’ songs,
beginning to pick up again at time of TikTok hype has powered the rise of many
writing) – at the same time that investors a pop chart-topper.
on the entertainment side put more weight
on streaming services’ profitability in the However: TikTok, too, has not been immune
face of slowing user acquisition rates. from an industrywide slowdown in social
media advertising spends, and has had to
revise its revenue projections downward
accordingly. TikTok’s American and
European operations also face potential
regulatory shocks in the coming years.
In the US, most critically, legislators from
both major political parties have called
for TikTok’s Chinese owners to sell off the
brand’s overseas operations and change its
data policies – or else risk being banned in
one of TikTok’s most important markets.

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So it’s fair to say that across the board, It’s also worth noting that in many ways,
brand value progression has been mixed media and entertainment brands are much
for these brands over the last 12 months. more agile than businesses that make and BR ANDS WITH MOMENTUM
Still, there are important nuances to sell more tangible goods (like, say, autos,
consider when forecasting the future of which can’t very well build new factories
this category and these brands. Consider overnight). Following the rise of TikTok, Kantar BrandZ has identified a group of brands
that even in this more challenging year, for instance, Facebook, Instagram, and outside of the Media and Entertainment ranking that
most top media and entertainment YouTube were able to pivot to short-term are likely to create value in the future, as indicated by
brands have retained their (very) strong video in a matter of months, not years. the Future Power Index for the listed market(s.)
equity across their core markets. This A similar evolution may now be underway
illustrates that on the whole, these brand with respect to generative AI. On the
value declines have not been driven by entertainment side, the so-called ‘streaming
weakening consumer relationships. In wars’ may have created an unsustainable
fact, many of these top brands actually spending spree – but it’s still too soon to tell
strengthened their brand equity over the who the big winners and losers will be in
past year – which is a very good thing, as this new age of ‘fiscal prudence’ (and the
past Kantar BrandZ data patterns suggest mergers and acquisitions that will inevitably
that their brand value declines would likely arise as a result of it).
have been worse without the strength of Dream11 is a leader among Konbini is a French infotainment
these connections. Meanwhile, all of the top brands have their India’s booming fantasy brand that delivers fast, lively
eyes glued to the horizon, looking for the sports platforms. content and advertising to
For example, category leader Google next great disruption. Perhaps it may take young audiences.
continued to strengthen its brand equity, the form of a ‘social metaverse’ of the type
especially in the US. It is increasingly viewed envisioned by Meta’s Mark Zuckerberg – or
Future Power Index Future Power Index
as purposeful and sustainable. Netflix it could take some form as yet unimagined.
continues to enjoy a leading position in INDIA 128 FRANCE 132
equity terms in its core US market, while Most likely, though, some future wave of
Disney+ has made some gains in the category innovation will involve greater use
US, UK, Netherlands, and Spain. More of real-time 3D graphics rendering and more
generally, top media and entertainment immersive gaming. Improved holographic
brands’ scores for Convenience and Purpose displays and AR glasses are conceivably
(‘Making people’s lives better’) have not too far around the corner. And new
generally increased. This is a testament smartphone applications that scan and
to the value that many of these brands animate 3D objects are almost certainly on
continue to bring to people’s lives: providing the way, given the fact that Apple’s iPhones Developed by China’s France’s BeReal is a social
joy, escapism, and connection, to name already contain quite sophisticated LiDAR Tencent, Honor of Kings is media app that prompts users
just a few benefits. scanners. In other words, it will be easier a multiplayer online battle to post the ordinary details of
than ever for the internet to exist in 3D – arena game with over 100 their lives once a day.
and if there’s one thing that’s sure, it’s that million daily users.
where the internet goes, so too go media
and entertainment brands. Future Power Index Future Power Index
CHINA 125 USA 137

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MEDIA AND ENTERTAINMENT

B R AND ANALYSI S

Top media and entertainment brands TikTok is perceived to be the second most disruptive brand
have long had strong innovation in the Global Top 100 2023, behind only Tesla
credentials (among top global brands,
for instance, this year TikTok ranks behind Brand Profiles – Disruption (all brands in 2023 Global Top 100 shown)
Relative strength for brand’s size
only Tesla on Disruption). What’s more,
they continue to increase their scores
around playing a central role in the lives
of their users.

As a whole, top brands in this category

rank behind only consumer technology
brands in measures of measures of
convenience and making people’s
lives better.

Media & Entertainment brands play an increasingly

central role in the lives of users
Convenience Index

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AC TI ON
P OINT S /
B R AND
1
MEET THE AI M O MENT
2
H O LD THE LINE O N
3
O P TIMISE CO NTENT
IN CLUSIO N P O RTFO LIOS
B UILDI NG Amid all the hype, speculation, and fears ignited by
Microsoft’s plans to integrate GPT natural language
prompts into its search engine Bing, it’s been easy to
forget what the core value proposition was in doing so:
Challenging times lead to more conservative thinking.
Much as brands of all categories might be tempted
At the height of the streaming wars, value and volume
were closely linked: the goal was to launch new
Ease! Convenience! People were tired of wading through to pull back on long-term brand building – so, too, platforms with well-stocked content libraries, and then
search results – and also of having to phrase queries just- might media and entertainment brands in particular keep viewers engaged with the promise of dozens of new
so to get ideal responses – and of having to navigate be tempted to retreat from efforts to diversify their releases each month. Now, however, brands are shifting
legacy sites that, in their second and third decades of storytelling. (And opt, instead, for the supposed ‘safer to focus more on releasing fewer, higher-impact shows
existence, were beginning to feel and less effective. bet’ of the old status quo of what marketable heroes and movies – a move driven in part by new imperatives
and protagonists look like.) around profitability, but also by a recognition that even
AI assistants are exciting in part because of perceptions consumers can tire of too much of a good thing.
that media and entertainment brands’ user experiences But it’s clear that diverse stories and global outlooks can
had begun to lag behind their cultural prominence and create broad-based resonance. At Netflix, for instance, the Marvel Studios says that it plans to slow down its
economic might. That’s an important point to keep in brand’s South Korean wing in particular has been pumping release schedule of shows on Disney+ over the next few
mind when strategising what a brand’s ideal response to out buzzy formats. Meanwhile, in the all-important realm years. Netflix, after recently meeting its long-time goal
AI disruption should be. By all means, executives should of IP revivals, its English-language reboot Wednesday was of having Netflix Originals make up than half its US
explore integrating consumer-facing AI assistants into no less a smash hit for emphasising its main character’s content library, now plans to transition away from its
their own offerings – but only as part of more wholesale Latina heritage in new and distinctive ways. brisk pace of releasing a new movie each week. For the
reimagining of what excellent user experience should major players, this shift offers a chance to focus even
look like for their brands. more on understanding consumer drivers of value: what
are the types of shows and movies that keep people
renewing each month? And what’s the right amount of
this kind of content to provide – knowing that providing
too many potential ‘breakout’ shows, in too quick of a
succession, actually risks dampening their impact?

123
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EFFECTIVENE SS AWARDS
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Thought Leadership – Media

Gonca Bubani When it comes to brand strength, most media and How well ads perform on a media platform depends on many
factors, including how well the campaign itself is executed, as
Global Thought entertainment brands have a responsibilty beyond their well as how well the advertiser’s brand personality fits their media
Leadership Direc tor partner’s brand personality. But success also depends on how
own brand equity: how they reflect on their advertiser receptive consumers are to seeing advertising on their favoured
Media, Kantar platforms in the first place – a variable that we call a media
clients. But what does this mean in practice? brand’s ‘ad equity’.
[email protected]
Research conducted using Kantar’s Context Lab solution shows
that campaigns are seven times more impactful when ads are
viewed in a context where consumers feel receptive to advertising.
This means that gauging consumers’ openness to advertising
across various platforms should be a fundamental step to consider

MEDIA &
in media planning.

According to Kantar’s Media Reactions 2022 study, 63% of

E N T E RTA I N M E N T marketers say consumer preference influences their media budget

decisions. This is more than any other factor. And yet, in practice,

BR ANDS AS
the process of evaluating media brands has become complicated
by a steady stream of new media entrants into an already
fragmented advertising space. How, then, should media brands

M E D I A PA RT N E R S make the best of their advertising proposition?

GETTING AD
It starts with knowing the facts on the ground. Media Reactions
2022 showed, for instance, that tech brand Amazon had the
highest ad equity among media brands globally. Amazon is also

EQ U I T Y R I G H T the media brand whose ads are the most preferred by consumers in
four markets: Germany, Italy, Egypt, and Colombia. Amazon has a
strong brand equity in 16 out of the 19 markets it was measured in.

Why is Amazon so successful, not only as an ecommerce and

streaming brand, but also as an advertising platform? Amazon’s
advertising is seen as the most relevant and useful globally.
f Kantar’s annual Media Reactions study provides a comprehensive, Amazon has also increased the perception of trustworthiness of
first-step overview of the evolving media landscape to help ads on its platform, having addressed concerns around excessive
advertisers, media agencies, and media owners navigate media and unhelpful ‘targeting’ compared to previous years.
decisions with a robust understanding of advertising attitudes.
f Kantar’s CrossMedia can evaluate multichannel marketing
campaigns by isolating the impact of each platform on brand
success, and measuring how platforms interact and work
together. It establishes media exposure and identifies which
platforms build key brand associations.

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Thought Leadership – Media

Of course, there is no one recipe for ad equity success. While the Layering in effectiveness fig. 2
fourth-ranked player in ad equity, Google, follows a similar profile
to Amazon, there are many other ways for a media brand to be a Media brands need to know their strengths and weaknesses
strong publisher partner for other brands. The rest of the top five Investment, GRP levels, and brand impact for media platforms
when it comes to how people perceive the ads on their platforms.
prove that. TikTok was number two in ad equity in 2022 among But of course, that is not all there is to a strong media partner. TV Outdoor POS Newspapers Radio Online Display Online Video
consumers after having been the leader in the previous two years; Advertisers also consider whether platforms are good at delivering
compared to its competitors, TikTok ads are seen as the most fun brand impact, and how cost-effective they are at doing it. YouTube Magazines Cinema Facebook TikTok Instagram Twitter
and entertaining ads globally. At number five, Snapchat ads are
seen as fun as well – but a further standout area for them is that According to Kantar’s CrossMedia database, TV as a channel
they are the leader in ad equity among Gen X audiences. Third- continues to be the by-far biggest brand impact driver. But TV’s
28% 8% 7% 6% 5% 4% 3%
ranked Spotify, meanwhile, is one of the least controversial brands contributions have been declining over time, and we’re seeing
when it comes to advertising, with very few negative perceptions. increasing brand impact contributions from ad platforms like Investment
YouTube, Facebook, Instagram. There is likely a role for many
media and entertainment brands to integrate themselves into the 8% 7% 6% 6% 5% 4% 3%
media mix. Indeed, while TV can provide strong impact for big
fig. 1
advertiser partners, it also often requires a heavier spend. Social
23% 8% 14% 4% 2% 7% 4%
Top 5 most preferred ad environments in 2022 media or video streaming brands can be the cost-effective option,
and often over-deliver related to spend put into them. GRP
1 2 3
(YoY +1) (YoY -1) (YoY +4) 11% 4% 7% 4% 1% 6% 4%

The advertising proposition

A brand’s ad equity will be influenced by their brand personality
and the actual content housed by them, but the advertising
2 5 20% 9% 5% 6% 6% 6% 6%
proposition is a separate stream that needs to be considered
(YoY -) (YoY +1)
as its own thing. It will, in turn, influence the user experience of Awareness
the products themselves.
6% 6% 6% 8% 5% 9% 3%
Consider this scenario: A popular media and entertainment
Source: Kantar Media Reactions 2022
brand might attract millions of consumers globally, thanks to
their novel content - which will in turn bring marketers and media 18% 10% 6% 6% 6% 7% 4%
investment to their platform. The temptation, then, would be to
Associations
increase the number of ads on their platform, to supercharge
While digital-born brands have great scale globally, they are not all revenue. But if your ad load goes too high, that could sour the 6% 9% 7% 8% 3% 5% 4%
there is to the advertising landscape. TV, print, and radio brands user experience – which could then harm your ad equity and
are still going strong in local markets. Big markets such as Brazil, brand equity in consumers’ minds, ultimately chasing away
China, and Mexico have TV brands as their ad equity leaders: marketers from your platform, too. 14% 12% 5% 5% 6% 6% 5%
TNT, CCTV, and A&E Networks, respectively. Print brand Wall Street
Of course, this is an extreme example; each media brand has Motivation
Journal is the strongest ad platform in the world’s biggest media
market, the US. Radio brands lead in markets like Greece and New their own lifecycle, and the business journey will differ. Getting 6% 6% 6% 9% 4% 11% 5%
Zealand, while a radio aggregator website Radiko is the leader in brand and ad equity right is a journey of constant adjustment
Japan. The advertising space is fragmented and hard to navigate. and re-evaluation, aided by relevant data and a strong sense of
Source: Global Kantar CrossMedia database
Advertisers are spoiled for choices. what a media brand stands for in the advertising space.

126
ARE YOU INVESTING
IN THE RIGHT MEDIA
CHANNEL S?

Media Reactions provides a comprehensive

view of the current media landscape and
shows you how to navigate it.

Campaigns are seven times more impactful among a receptive audience,

so it is important to select the right media channels for your audience
and optimise your creative for each environment.

Media Reactions is an annual global study that explores the dynamics

of media channels and brands to help brands and advertisers optimise
their media spend. It combines consumer and marketer perceptions for
a complete view of the current media landscape and how to navigate it.

Find out which channels and platforms are most effective for your brand.
kantar.com/MediaReactions

127
PERSONAL CARE
DEFINITION:
The Personal Care category includes brands in health
and wellness; beauty; and facial, makeup, skin, hair,
baby, and oral care.

PE R SO NAL C ARE TO P 15:

L’ORÉAL PARIS (US$M)

A N E W G LO SS /
LANCÔME REDEFINING PREMIUM CARE
COLGATE
PAMPERS
GILLETTE
ESTÉE LAUDER
GARNIER
CLINIQUE
DOVE
HUGGIES Category Brand Value

NIVEA Year-on-Year Change

MAYBELLINE
PANTENE PRO V Personal Care Top 15

SHISEIDO Total Brand Value

OLAY
Source: Kantar/BrandZ (including data from S&P Capital IQ)
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Ca te g or y Fo c u s

PERSONAL CARE
The total value of the top 15 global brands in the
personal care category declined 15% this year, thanks
largely to the combination of a depressed stock market
and lingering effects from COVID-19 restrictions in the
all-important Chinese market. But by and large, the
brand equity of these brands have held up, clearing the
way for an ongoing push toward premiumisation.
This headline figure nevertheless represents From a brand equity perspective, personal
a reversal from last year, when the category care companies have further reason to be
had risen 17% on the strength of a bullish optimistic about their growth prospects.
investment climate and a pandemic-era The category’s most valuable brand, L’Oréal
surge in consumer ’self-care.’ Indeed, of the Paris, has maintained its strong brand
14 returning brands in this year’s personal perceptions – including around value, where
care top 15, only one – oral care giant in China it is seen as charging a justified
Colgate – posted positive growth this year. premium. Its group sibling, Lancôme, has
even seen some brand equity gains in the
In the latter half of 2022, a slowdown Chinese market. Competitors Estée Lauder
in the Chinese economy coincided with and Shiseido have also remained stable on
lockdowns in many major urban Chinese brand equity.
markets. As personal care brands were
forced to shutter their in-person sales Estée Lauder, in particular, is now seen as
counters, they also had to contend with having a particularly strong ability to justify
less enthusiasm for online shopping amid its premium pricing point. That’s important
greater financial insecurity. Most notably, at a time where premiumisation has become
the 11/11 shopping holiday – which is the preferred strategy for navigating the
normally a major driver of lipstick and decade’s economic headwinds.
other cosmetics sales – came in below
expectations last fall. Similar downturns
have also been observed in other corners
of the category – for instance, in diaper
care, where China has become Pampers’
second-largest market. In recent months,
executives from most leading personal
care brands have vowed to regain
momentum in China in 2023.

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Ca te g or y Fo c u s

PERSONAL CARE
It’s telling that Nivea, for example – which In the context of 2022’s rising raw material
is generally seen as a ‘great value’ brand costs, the push to premiumise is about
that’s worth more that it costs – has more than simply increasing profits. In BR ANDS WITH MOMENTUM
also embarked on a premium skincare some segments of the category, Pricing
push with a focus on China, via its Power has instead been relied upon simply
Luminous360 anti-pigmentation range to maintain existing margins – allowing Kantar BrandZ has identified a group of brands
launch. The brand has also launched its brands to pass on some of their rising outside of the Personal Care ranking that are likely
first ever climate-neutral range; the Nivea costs without losing customers to ‘trading- to create value in the future, as indicated by the
Naturally Good face care range features down’ behaviours. Future Power Index for the listed market(s).
hero ingredients like organic argan oil and
chamomile, and uses renewable plastic Going forward, another one of the personal
packaging made from by-product oils care category’s biggest challenges will
from the forestry industry. involve reckoning with brands’ own success
in the past half-decade. In short: consumers
For brands at all price points, efficacy face more choices than ever before, as
remains at the forefront of products’ brands have rushed in to take advantage
value propositions. In the past, efficacy of the skincare boom and to court Gen Z
claims might have relied most heavily on makeup enthusiasts.
clinical studies of proprietary ingredients Dutch brand Rituals draws UK-based Mooncup was
(‘89% of users found that our recovery Today, there are now so many new brands on Eastern traditions and the Mooncup was the first
complex improved the look of fine lines and products in the market that even botanicals for products with silicone menstrual cup to
and wrinkles…’). These days, the focus is innovative new releases risk getting lost multisensory appeal. enter the market.
on delivering more broadly-studied ‘hero in the shuffle. Tellingly, the past year has
ingredients’ in innovative ways. seen the sunsetting of many influencer
Future Power Index Future Power Index
and celebrity-led brands that had earlier
These hero ingredients can be natural launched to much fanfare – suggesting NETHERLANDS 140 UK 121
extracts (e.g. tea tree oil) or ‘clean’ lab- that social media reach alone isn’t enough
derived products (e.g. hyaluronic acid), or to sustain support for entire product
some hybrid of the two. Regardless, they are ranges in the long run. Lasting brands
increasingly taking their place on the front of rely on the fundamentals: attributes like
bottles alongside brand marks. So while the Meaning, Difference, Purpose, Innovation,
Olay of yore, for instance, sold its consumers and Experience.
on the proprietary mystique of its ‘Oil of
Olay’, today the brand’s most successful That being said, grassroots TikTok support
new releases include products like its ‘Shea has been a reliable engine of sales spikes
Butter + Peptide 24 Rich Cream Moisturizer’ for many specific products – especially Haleon-owned Sensodyne
and its ‘Retinol 24 MAX Night Serum’. when they’re offered by more value-driven offers toothpastes specially
brands like Maybelline, NYX, and E.L.F. formulated for sensitive teeth.
(Although these brands, too, are steadily
growing more premium, thanks in part Future Power Index
to social media chatter that their hero USA 123
products are just as efficacious as more
luxury alternatives.)

130
Ca te g or y Fo c u s

PERSONAL CARE
B R AND SP OTLI GHT

Colgate has long been known as a trusted brand with a good

product range and able to justify its prices across markets.

2019 – 2023
Focus on Increase in
innovation ad spend

Good
Trust Range Leading Great Ads
122 122 +11 +15

MEANINGFUL DIFFERENCE SALIENCE

144 +10 +15

2023 BR AND VALUE

$18,360 M
2022 Brand value $18,198 M
+1% year on year

Colgate showed resilience against

market forces this year by supporting its
brand with innovation initiatives and
advertising spend.

131
Ca te g or y Fo c u s

PERSONAL CARE

AC TI ON
P OINT S /
B R AND
1
EMPHA SISE SCENT
2
REDEFINE AGEIN G
3
MERGE THE NATUR AL
AND SCIENTIFIC
B UILDI NG One bright spot in the Chinese market is consumers’
increased interest in perfume and other personal
fragrance formats – which, before this decade, had
been slow to catch on among most men and women.
In recent years, personal care brands have
deemphasised language around ‘anti-ageing’ in favour
of positions that focus on efficacy claims and making
older women feel celebrated. At the same time, more
Breakthrough technologies are helping brands to move
beyond the ‘all-natural’ vs. ‘high tech’ dichotomy – a
In recent years, however, brands have worked hard products are coming to market that address the unique shift that can be hastened by clear and informative
to better understand what scents work best in the needs of older skin and hair (rather than products that marketing strategies.
Chinese context – lighter, fresher scents seem to have aim to prevent those aging processes from occurring
the edge. And they have embarked on more concerted in the first place). Pantene’s diverse offerings worldwide Skincare brand Haeckles, for example, recently
marketing pushes for ‘hero’ perfume offerings tailored for grey and menopausal hair address a wide variety of received a major investment from Estée Lauder and
to local tastes. specific care needs, from skin inflammation to changing has been hailed as an innovative ‘blue beauty’ brand
texture. And when actress Naomi Watts launched a for its reliance on algae-derived active ingredients.
The result has been a huge growth upside for the personal care brand, she focused it on haircare, skin For the first ten years of its life as a brand, its sourced
prestige scent business, both in China and across the treatments, and nutritional supplements to help women most of its active algals from the area surrounding
world more generally. It’s no accident that in a 2022 through menopause and peri-menopause. its headquarters in Margate, England – while gaining
that was largely quiet on the mergers and acquisitions a further reputation for sustainability thanks to its
front, two of the most high-profile deals involved embrace of packaging made from mycelium fungus
companies with major fragrance arms: Puig’s acquisition and ‘microbe compostable’ polymers. Its most recent
of Byredo in May 2022, and Estée Lauder’s purchase of releases, however, acknowledge that as the brand
Tom Ford in November. grows, it will have to look beyond sourcing directly from
nature; instead, they use algae and protein grown in
the company’s labs (with plans to introduce ‘mini-labs’
directly into brand boutiques).

132
Thought Leadership – AI

Serene Wilson It is clear that the pandemic, coupled

Global Insight s Lead, with the explosion of indie brands and
Dx Analy tic s,
Kantar
advances in AI, has turned the personal
care industry upside down.
[email protected]

The market is saturated, and consumers are confused. As beauty

becomes more personal than ever, there is a revolution brewing
steadily, bringing about a shift in the landscape. Leveraging Dx’s AI
technology and trends expertise, we analysed close to 90+ billion
searches over five years across 100+ countries to unearth evolving
consumer interest in the category.

The overarching theme that cuts across is the consumer need

HOLISTIC BE AUT Y for holistic beauty accelerated by tech. That means providing
for individuals in the emotional, physical, social, and spiritual

ENABLED BY AI
realms whilst delivering on their personal care promises. So, let’s
understand more about each area.

L E V E R A G I N G T EC H TO
P ROV I D E A N E W L E V E L fig. 1

OF PERSONAL CARE Emotional Physical

Relief, personal Health and
and inclusive vitality

Social Spiritual
Zero waste Stimulating
f Leverage the most meaningful search and social data to and reusable the senses in
better understand people, contexts, and brands everywhere, new ways
anywhere, with speed and at scale. Unlock the power of
digital data amplified by tech to shape the brands of
tomorrow through Kantar’s Dx Analytics.

133
Thought Leadership – AI

PHYSICAL REALM: Brands must deliver health

and vitality through plant derived ingredients

CONSCIOUSLY GOING BEYOND THE SURFACE DILIGENTLY FOCUSING ON THE INGREDIENT STORY

While searches around makeup continue to be big, interest has These days, consumers are increasingly knowledgeable about
declined consistently. The inflection point was the beginning of the high performing ingredients, and actively seek products that are
pandemic, when consumers started to reflect on their choices and plant derived and science driven. Key trending ingredients focus on
become more interested in the growing health and wellness movement. exfoliation, acne treatment, immunity, wrinkles, and skin elasticity.
In this context, skincare continues to grow from strength to strength, The success of these ‘hero’ ingredients first found in facial care
as consumers seek complexions that exude health and vitality. products has created a new hygiene expectation for the personal
care category – one that is migrating into body care products.
In this context, tech is helping to push the vitality agenda further. Brands such as Naturium and Paula’s Choice, for instance, appear
Johnson & Johnson, for instance, is launching a 3D-printed, to have begun to offer a portfolio of ‘powered-up’ body care
personalised skin health supplement under Neutrogena, in products: niacinamide serum body wash, skin renewing retinol
alignment with the growing ‘inside-out’ approach to beauty. lotion, and brightening vitamin C body wash.

fig. 2 fig. 3

Topic Avg monthly Growth YOY Top 6 x Avg monthly Growth YOY
search volume Growth search volume

Makeup 84M -15% Nicotinamide 5M +224%

(A form of B3)

Skin care 36M +45% BHA (Beta 1.8M +145%

Hydroxy Acid)

Vitamin C 42M +75%

AHA 1.6M +67%

Vitamin A 23M +53%

Squalene 578k +50%

Search data: March 2020 – March 2022 Search data: March 2020 – March 2022

134
Thought Leadership – AI

SOCIAL REALM: SPIRITUAL REALM:

Personal care that ‘conserves’ Stimulating the senses in new ways

THE PURSUIT OF SOMETHING MEANINGFUL There is growing interest in activities and experiences that
stimulate the senses in new ways. This includes physical
Consumers are becoming more intentional about what they experiences that trigger chemical reactions in the body:
spend on. There is a growing cohort who expect products to align for example, ASMR, shamanism and psychedelic therapies.
with their values. These values range across the spectrum, and In this context, there are potential new marketing and innovation
include inclusivity, ultra clean credentials, sustainability, climate opportunities for cosmetics and skin care brands. For example, the
consciousness, social impact, and reviving traditional practices ‘energy’ from objects is a well-established concept in shamanism.
rooted in ancient wisdom. Brands are on a mission to reduce German brand Noesa has already innovated in this space,
plastic waste in beauty; some, like the vegan makeup brand claiming to ‘harness light power to stimulate cell renewal, repair
Axiology, only use 100% recycled and recyclable packaging. and growth to improve skin’s defence mechanism and overall
Izzy Zero Waste Beauty have taken this practice a step further: health’. Another recent manifestation of this realm is the crystal
its containers are made from medical-grade stainless steel, to facial rollers which have taken the market by storm. Innovation
ensure that packaging remains reusable, refillable, and sanitary. can come not only from products, but from application methods
and techniques that stimulate the senses. It is still early days.

fig. 4

Top 6 x Avg monthly Growth YOY

Volume search volume

Reuse 14M +41%

Environmentally 3.7M +13%

Friendly

Cruelty Free 2.6M +10%

Organic 848k +2%

Zero waste 864k NEW

Green Chemistry 733k +3%

Search data: March 2020 – March 2022

135
Thought Leadership – AI

EMOTIONAL REALM:
Custom built personal care that relieves
SO, WHAT’S NEXT?
EMOTIONAL WELLBEING THROUGH
Aided by AI and other breakthrough technologies, brands need to deliver
SKIN HEALTH fig. 5
on the ‘holistic’ promise to provide a new level of personal care.
Already, we’ve observed the emergence of
Interest x Volume Avg monthly Growth YOY
searches around skin-related issues linked
search volume
to stress. This wellbeing element potentially
stretches to providing beauty when
hormones fluctuate: for example, French
Stress Rash 137k NEW 01 03
brand Typology offers serums that cater to Physical realm – Provide vitality: Emotional realm – Help relieve:
Stress Dermatitis 20k +25%
each week of a woman’s menstrual cycle. Successful brands cater to specific Successful brands are actively fostering
consumer needs through thoughtfully a higher sense of worth by rejecting
Search data: March 2020 – March 2022
designed formulas that are efficacious harmful outdated norms – it is about how
and gentle. we feel, rather than how we look. The
rules of engagement continue to evolve,
SPECIFIC, TECH-LED CURATION fig. 6
and brands are consciously going deeper
Given the personal nature of skin, interest with consumers.
in products – and routines – that are
customised to specific skin-related needs
is on the rise. In this context, the start-up 1
02
Proven has seen significant search growth Snap selfies and share Social realm – Conserve the ecosystem:
thanks to its holistic approach towards
providing ‘personalised, clinically effective
Avg monthly
search volume
Growth
YOY
Avg monthly
search volume
Growth
YOY
your skin goals
Successful brands conserve consumers’
ecosystems while also giving back. 04
skincare formulated based on consumer’s
skin, life and environment’. They do so by
19k +650% 390k +27% Spiritual realm – Stimulate the senses:
using AI to customise skincare through Successful brands are drawing on the
their skin genome platform. 2 growing interest in healing practices and
We analyze you to craft Your dermatology
your perfect skincare provider prescribes your ancient wellness techniques to provide
custom bottle
Just-right skincare, consumers with a way forward in anxiety-
delivered right away riddled times.

3
Apply nighty.
Get your glow on.
Search data: March 2020 – March 2022

136
UNLEASH THE POWER OF
DIGITAL TO DISCOVER
WHAT OTHERS C ANNOT
Leverage the most meaningful search and social
data to better understand trends, people and
brands everywhere, anywhere, with speed and
at scale. Unlock the power of big data amplified
by tech through Kantar’s Dx Analytics.

We are helping consumer brands curate their brand strategy by

understanding how consumers talk about unmet needs, delving
deeper into who consumers are and their touch points of influence.

We are providing inspiration and evidence to create the next big

thing when it comes to innovation, by understanding trends as
they emerge at a local or global level.

We are enabling a better understanding of brands everywhere

through an unprompted, close to population level view of
consumers’ interest in brands vis-a-vis competition, category
needs, and geographies.

Unlock the limits of what’s possible across categories, markets

and languages. Discover what others cannot with Dx Analytics.

To learn more, get in touch:

[email protected] / [email protected]
RETAIL
DEFINITION:
The Retail category includes physical and digital distribution
channels in grocery and department stores and specialists in
drug, electrical, DIY and home furnishings.

RETAIL TO P 20:

AMAZON (US$M)

T H E S H O P P I N G S H I F T/
THE HOME DEPOT
WALMART R E TA I L B R A N D S R E F O C U S
COSTCO O N VA LU E
TMALL
LOWE’S
IKEA
TAOBAO
ALDI
JD
TARGET
DOLLAR GENERAL
PINDUODUO Category Brand Value
LIDL Year-on-Year Change
EBAY
WOOLWORTHS
7-ELEVEN
MERCADO LIBRE Retail Top 20

SAM’S CLUB Total Brand Value

TJ MAXX
Source: Kantar/BrandZ (including data from S&P Capital IQ)
*Tmall and Taobao are part of Alibaba group, ** Amazon and Mercado Libre include their retail business only, *** JD includes its retail and supply chain business 138
Ca te g or y Fo c u s

RETAIL
Brand values in the retail category declined
27% year on year as consumers moved beyond
lockdown-era shopping patterns and investors cast
a tougher eye on tech companies.
The same stock market that boosted the In its core US market, it’s no secret that
share price of digital-first retail brands Amazon has had to scale back its workforce
during the height of the pandemic has and cut costs after consumers’ demand for
now adjusted valuations downward. This online shopping came back to earth in the
effect is especially pronounced for Chinese past year. Indeed, across the retail category
brands, as the market there prepares for this has been a transitional year.
slower economic growth.
That doesn’t mean that brands are
Given these market corrections, it’s no heading back to their pre-pandemic status
surprise that overall brand values have quo. But it’s a fact, for instance, that
trended down this year for top retail brands. lockdowns led to retailers amassing excess
But when looking at brand equity on its inventory in many product categories –
own (rather than combined with financial inventory that brands then had to consider
value, as it is in Kantar BrandZ’s overall how best to manage in 2022. For brands
valuations), the picture is more mixed. like Walmart, where price rollbacks are
part of the brand DNA, this was less of
Category leader Amazon, for instance, an issue – but a brand like Target had to
improved its equity perceptions in its core US tread more carefully on discounting. Going
market this year. This was largely caused by forward, Target is looking to combine its
an upswing in Difference; compared to last renewed prowess in delivery and ‘click
year, Amazon is seen as more sustainable, and collect’, with a return to its ‘Tar-Jay’
‘superior’, and trusted. Overseas, the picture positioning (read that in a French accent,
is more variable; in Japan, for instance local like Tar-gé: the promise here is high-quality
competitor Rakuten is making a strong design at democratic prices).
effort to regain its Difference edge. Notably,
Amazon is planning for a strong push
in India across retail, cloud storage, and
entertainment services.

139
Ca te g or y Fo c u s

RETAIL
Similarly, retail brands specialising in home
goods and home renovation did well in
2020 and 2021, as consumers prioritised
investing in their domestic spheres; now, as
BR ANDS WITH MOMENTUM
travel, entertainment, and socialising has
returned, consumer interest has rebalanced. Kantar BrandZ has identified a group of brands
outside of the Retail ranking that are likely to create
Overall, strong brands’ ability to pass on value in the future, as indicated by the Future Power
inflationary costs – and thus maintain Index for the listed market(s).
healthy margins – has likely kept the Retail
Top 20 from declining more in brand value
than it otherwise would – as has the general
strength of their brand equity, of course.
A reputation for ‘good value’, in particular,
has given brands more room to manoeuvre
through this tricky transitional phase.

Walmart, for instance, outperformed the

wider category in a year when it continued Korean digital conglomerate Tokopedia is one of
to grow it private label offerings. Walmart Naver has made a strong Indonesia’s most-visited
has also improved consumer perceptions push into social commerce. ecommerce platforms.
around its being ‘worth more than it costs’
(to the point where consumer perceptions Future Power Index Future Power Index
now suggest that brand has a ‘margin SOUTH KOREA 142 INDONESIA 137
opportunity’ to increase premium pricing).

What’s more, the two returning brands

that notched positive brand value growth
this year both boast strong reputations
for maximising value, from different
angles: Costco through its bulk sales and
membership model, and Dollar General
via extreme low prices across the board.

Turkish ecommerce platform Fast-growing Dutch

trendyol sells a wide range retail brand Action offers
of goods – and recently a constantly evolving
expanded into groceries. assortment of discount goods.

Future Power Index Future Power Index

TURKEY 136 NETHERLANDS 108

140
Ca te g or y Fo c u s

RETAIL
B R AND ANALYSI S B R AND SP OTLI GHT

This year, the strong brand equity of predominantly online 2023 BR AND VALUE Improving sales (from an already leading position) Woolworth’s clarity of positioning
retailers gave them more leeway to pass on inflationary costs mirrors Woolworth’s brand equity gains supports strong consumer connections
and maintain margins.

$11,025 M
Total food sales in Australia ($B) Brand Profiles (relative to size)

45.46
42.15 43.51 CONVENIENCE BETTER
39.64 ONLINE
36.37 37.38

Indexed data Woolworths’ dominance of Australian

Average brand = 100 grocery retail continues. As its sales +20 +16
have grown, so too have its brand
equity measures supported by clarity
of positioning.
GREAT RANGE
2017 2018 2019 2020 2021 2022 ADVERTISING

Source: Statista: https://www.statista.com/statistics/1058341/australia-total-sales-of-food-of-woolworths-group/

207 +12 +12

163 Demand Power Index
342 LEADING
114 THE WAY

Meaningful Different Salient

+12
226

2017 2018 2019 2020 2021 2022

Source: Primarily offline = Home Depot, Walmart, Costco, Lowe’s, Target, IKEA, Aldi, Lidl, Dollar General, Woolworths, 7-Eleven, Sam’s Club, TJ Maxx
Primarily online = Amazon, Tmall, Taobao, JD, eBay, Mercado Libre, Pinduoduo

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Ca te g or y Fo c u s

RETAIL

AC TI ON
P OINT S /
B R AND
1
STR ATEGIC ALLY
2
ENHAN CE
3
ENHAN CE VALUE
SUPP O RT OWN E XPERIEN CE THROUGH
B UILDI NG BR ANDS
Of course, some inflationary effects are harder to
In China, large online retail brands have begun to face
more competition from smaller players, which have
MEMBER SHIP
Costco has always based its value proposition on a
gained on ‘shaking things up’ by offering more targeted
manoeuvre around. This is especially true in the grocery product arrays and experiences. membership model that encompasses wide-ranging perks,
space; in the UK, for instance, where prices notched a including travel deals and insurance. So, too, has Amazon,
record-high 17.1% year on year increase in February 2023. In general, big digital retail brands have built up a lot via its Prime program (although in recent years its cloud
In response to these shifts, some grocers are increasing of expertise around creating limited-time ‘shopping and advertising business have also been reliable revenue
their reliance on private labelling, which also puts them festivals’, which drive excitement around deals during engines). Walmart’s more recent Walmart+ initiative
into greater competition with brands like Aldi and Lidl. a limited time frame. But it’s also important to pay offers a revealing look into the current state-of-the-art
and now aims for own brands to represent 40% of all attention to more everyday shopping occasions; as the around value bundling; relative to Costco, it’s based less
sales by 2026. scope of an online store grows, there’s always the risk of around ‘exclusive perks’ and more about saving people
too much ‘visual bloat’ and complexity creeping in, to money in as many ways as possible – a positioning that
Already, in face of rising food prices, Carrefour has leaned the detriment of customer experience and exploration. may be right given Walmart’s customer base and brand
on its more flexibly-priced private label SKUs to burnish DNA, as well as this inflationary moment. (According to an
its reputation for value. Witness, for example, the popular In the medium and long term, there’s a hope that the executive in charge of Walmart+, who was hired away
promotions by which Carrefour commits to freezing prices metaverse and chatbots can create new avenues for from American Express, around one in four members
on ‘100 private-label products for 100 days’. discovery – but there’s room for improvement in the receive government-provided food assistance benefits.)
short term, too.
In addition to free delivery – including for many
grocery orders – Walmart+ now includes enhanced gas
discounts, movie deals, digital coupons, cash-back
rewards, tax prep deals, exercise video subscriptions,
and a year of Paramount+.

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Thought Leadership – CX

The role of marketing has gone

Rob Huijboom through a number of eras, starting
Global Head of CX, with the broadcasting of the
Insights Division, Kantar
superiority of products, to engaging
[email protected]
with customers’ emotional needs,
to identifying with customers on a
personal, meaningful level.

Up until the last era, marketing communications has largely

been unidirectional, and the marketing function has existed in its
own silo, alongside other business functions. Similarly, customer
experience, though it has a long history, has traditionally focused
on the operational aspects of addressing customer issues, and has

UNIF YING BR AND been largely separated from other business functions.

JOURNEYS This has all changed in the current era. As the digital ecosystem
has transferred the power of the relationship over to customers,
communication has become disintermediated, and customers no

W H E R E P RO M I S E longer tolerate their expectations not being met. With this shift,
customer experience has become fundamental to brand equity

MEE TS E XPERIENCE and relationships. Leading businesses have recognised this shift
and the need for a more customer-centric organisational structure.
For example, in 2021, McDonalds appointed its first Chief Customer
officer to oversee all aspects of the business that touch the
customer journey, including marketing. Similarly, Walmart’s CMO
reports into the Chief Customer Officer, in order to align brand
and customer experience.

But often, businesses still treat the topics of brand and customer
experience separately. As a result, the responsibilities for each
are situated in different parts of the organisation. This two-track
approach is becoming increasingly obsolete.
f Discover how customer experience contributes to building
brand equity and identify the ingredients you need for
successful execution with Kantar’s Customer Experience
Management offering.

143
Thought Leadership – CX

Instead, businesses should aim to bring brand and experience Knowing where you stand
together at an organisational level – a combination that can spur
numerous positive effects for both brand reputation and financial Providing standout experiences is easier said than done, of course.
success. Ultimately, the goal should be to align your entire But the process starts with gaining a rock-solid understanding of
organisation more closely to the way that consumers themselves your brand’s positioning – and measuring how well this aligns with
evaluate brands. current customer perceptions around experience.

Kantar research shows that brands derive only 25% of their equity At Kantar, we look at the impact of differentiated customer
from communications, such as paid media. The remaining 75% experience on a brand to understand the gaps that exist between
comes from the experiences that customers have with the brand – brand perceptions and customer experience – revealing how
its products, services, and customer service channels, including digital. aligned the brand experience is to the brand promise.

Put simply: while advertising and other media are vital to Rising brand trust goes hand in hand with higher brand equity.
maintaining a brand’s Salience, its strength is primarily built Over time, customers decide for or against a brand based on
through the experiences of its customers. how well it fulfils its brand promise as carried through experiences.
When brands deliver on their promises, it creates the foundation
Brands build equity when they deliver experiences that address the for trust. From there, providing additional, consistently positive
functional and emotional needs of their consumers. But that alone experiences can further build that trust.
is no longer enough. In order to build brands that out-perform their
competitors, it is necessary for them to have a degree of Meaningful Indeed, ‘consistency’ is a key component of both brand and
Difference. This entails purposefully designing experiences that experience. As the Nobel Prize-winning economist Daniel
reflect the essence of the brand and creating meaningful, brand- Kahneman once put it, ‘We actually don’t choose between
reinforcing memories – in other words, branded experiences. experiences, we choose between memories of experiences’.
And memories, for their part, are built through experiences that
have an emotional impact, feel unified and are distinctive.

When brands are trusted to consistently deliver on their

promises, and provide Meaningfully Different experiences,
they feel more authentic.

For brands, achieving this kind of authenticity is always a worthy

goal – but it’s even more important during times of economic
crisis, where less disposable income means more considered
(and less risky) spending by consumers.

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Thought Leadership – CX

Putting it together
Clearly articulating what is different about your brand, and using ASK YOURSELF, IF YOU’RE
that as a framework for all elements of your CX, will enable you
to create more memorable and distinctive experiences. More
OFFERING YOUR CUSTOMERS
distinctive experiences will, in turn, lead to positive commercial EXPERIENCES THAT:
outcomes like churn reduction or increased share of wallet – in the
way that well-thought-out customer experiences always do.

But more closely connecting customer experience to your brand

identity will also supercharge growth in areas like brand power and
01
pricing power. Where customers feel an emotional bond between Are relevant and meaningful, and
their needs, expectations, and experiences, they are more likely to
remain loyal, as a brand ‘feels’ right to them.
thus speak to emotional needs
and connect with consumers
For both brand and CX success, then, brands should aim to create
a strong emotive identity rooted in what makes them Meaningfully
Different. Identify what makes you stand out from the crowd, and
then communicate it – and execute on it – each and every day.

Success in this endeavour will not come overnight. It will require

consistently tracking brand and CX metrics across all customer
02
Are innovative and different so
journeys and interactions to see how well your newly aligned
organisation is functioning. With time and vigilance, however, brands that they meet functional needs
can close the gap between brand values and customer interactions – in a way unlike other brands
and ultimately increase customer preference and choice.

As more of life has moved online, both brand building and

customer experience have suffered in some respects.
But ultimately, standout brands draw their strength from the
recognition that brand equity and the customer experience are
as important in the digital realm as they are in the brick and
03
mortar – and furthermore, that brand and experience work best Are consistent across all journeys
when they’re built in tandem. and touchpoints so that they
create lasting memories

145
TELECOM PROVIDERS
DEFINITION:
The Telecom Providers category includes brands that provide mobile or fixed-line
telephone or internet services as standalone or bundled packages (along with other
services, like television).

TE LECO M PROVID E R S TO P 10:

AT&T N E W C O N N EC T I O N S /
(US$M)

BR ANDS PURSUE
VERIZON B RO A D - S P ECT R U M VA LU E
TELEKOM/T-MOBILE
XFINITY
SPECTRUM
VODAFONE
CHINA MOBILE Category Brand Value
Year-on-Year Change

AIRTEL
NTT Telecom Providers Top 10

ORANGE
Total Brand Value

Source: Kantar/BrandZ (including data from S&P Capital IQ)

146
Ca te g or y Fo c u s

TELECOM PROVIDERS
This year, the world’s 10 top telecom brands declined in
total value by 10%. This is less than the 20% year-on-
year decline for the Kantar BrandZ Global Top 100.
In previous years, telecom brands on the Value has also become an important
whole had not grown as quickly as brands differentiator for 2023, as more price-
in other categories. But in tougher times, sensitive consumers take a look at so-called
they’re also not declining as quickly in brand mobile virtual network operators (MVNOs).
value. Nor are they undergoing the kind These are brands that lease carriage on
of stock market corrections or workforce major brand’s networks while offering more
reductions that have been seen this year in ‘light’ or ‘pay as you go’ configurations than
consumer and business tech brands. the big players typically want to provide.
In the US, for instance, MVNO brand Mint
What’s more, when you look beyond the Mobile has made a splash via a series of
most mature American and European unusually cheeky ads starring the brand’s
markets, you’ll see genuine potential for part owner, Ryan Reynolds.
rapid upward growth. Despite some bruising
price wars, Indian brands like Airtel stand In recent years, the rise of eSIM cards have
to benefit from rising standards of living also changed the value game, making it
that see tens of millions of new smartphone even easier for consumers to switch for
users come online each year. In Nigeria a better deal. eSIMs have also made it
last year, South African telecom giant MTN easier for consumers to shop around for
increased its profits by 18.3%. phone deals – it’s now just as convenient
to activate phones bought directly from
That’s not to say that large telecom brands manufacturers or third-party retailers than
are immune from economic headwinds. it is to activate ones from telecom brand
In the face of rising labour and materials showrooms.
costs, many telecom brands have pulled
back on their most ambitious projections In recognition of customers’ growing
for building out next-gen fibre optic need for value, some large brands have
broadband networks. There’s also the reemphasised the budget sub-brands in
possibility that consumers haven’t been their stable. These brands (which include
as excited about these new technologies Verizon’s Visible, Telekom’s Congstar, and
as was expected. (And in the US, brands Orange’s Sosh, among many others) allow
are waiting to see how the governments’ telecom companies to stay competitive in
forthcoming $60 billion fibre-promotion the value segment against MVNOs without
plan will be doled out.) sacrificing their main brands premium
positioning. In March, meanwhile, T Mobile
announced plans to buy Mint Mobile.

147
Ca te g or y Fo c u s

TELECOM PROVIDERS
Indeed, for large telecom brands in mature Going forward, brands in search of this
markets, premiumisation and increased kind of per-user growth should look to BR ANDS WITH MOMENTUM
revenue per user – rather than subscriber balance strategies like price hikes and
growth – has been the key to weathering router fees (which consumers don’t like)
the tumultuous 2020s. In part, they with new innovations around personalised Kantar BrandZ has identified a group of brands
have attempted to premiumise via new bundling (which consumers do feel more outside of the Telecom Providers ranking that are
technologies like 5g mobile data connections open toward). likely to create value in the future, as indicated by
and ‘full-fibre’ multi-gigabit plans – though the Future Power Index for the listed market(s).
the challenge has been to find ways to make Perceptions of price gouging would be
the benefits of these technologies tangible especially damaging to telecom brands’
for ordinary consumers. growing reputations for sustainability –
which rose year-on year for many top
AT&T, for example, has used celebrities and US brands in the Kantar BrandZ data. In
humour to emphasise how its fibre plans the telecom context – and especially the
provide ‘billionaire-level’ connectivity that US telecom context – sustainability has
never loses speed or reliability no matter pushed beyond carbon neutral pledges
how many high-tech devices you throw (important as they are). In concert with
at it. Verizon put forth a similar message government rural development initiatives, Iconic Saudi Arabian Jio disrupted the Indian market
with a recent spot that showed talking, telecom brands have been able to brand STC is spearheading with its low prices and now
anthromorphised smart home devices champion the cause of ensuring high- that country’s digital boasts the most subscribers
whipping themselves into a panic over speed internet access for all – while also transformation. of any brand there.
running out of bandwidth – before realising building out their infrastructure network
they were covered by Verizon’s new 2-gig with help from government grants and
Future Power Index Future Power Index
offering in New York City. public-private partnerships.
SAUDI ARABIA 129 INDIA 138
That Verizon ad, however, also ended with a
plug for a service bundle that brought top-
speed fibre down to less than $100 dollars
a month for the first year. And indeed,
it’s via the use of increasingly features-
rich bundles and promotions that telecom
brands have found the most success
increasing their average revenues from
affluent consumers. The aforementioned Rakuten Mobile launched
Verizon deal, for instance, is an exclusive in 2020 with innovative
for Verizon 5G subscribers; it includes router infrastructure design and
rentals, up to three Wi-Fi extenders, a free pricing plans.
year of Walmart Plus (which includes a year
of Paramount Plus, among other perks), a Future Power Index
year of Disney Plus, and a $100 gift card. JAPAN 123

148
Ca te g or y Fo c u s

TELECOM PROVIDERS
B R AND ANALYSI S B R AND SP OTLI GHT

Relative to most other categories, This year’s top riser, Airtel, returned to strong brand value growth
sustainability has a higher contribution after a fierce price battle with disruptor brand Jio. It has done so
to Pricing Power for telecom brands. by growing its subscriber base and average revenue per user, with
This means that there is an opportunity its strong equity enabling the brand to justify its premium price.
for telecoms brands to differentiate via
sustainablity to support pricing.
Revenues boosted by increasing average revenue per user
(ARPU) & 4G subscriber base

+18% ARPU 2022 vs 2021

Through a mix of upselling and price increases

+2.2 M 4G subscribers added November 2022 alone

Airtel 4G subscriber base is currently 224 million

2023 BR AND VALUE Source: telecomtalk.info

$22,332 M
2022 Brand value $18,049 M
+24% year on year

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Ca te g or y Fo c u s

TELECOM PROVIDERS

AC TI ON
P OINT S /
B R AND
1
THINK E XPAN SIVELY
2
D IFFERENTIATE
3
BUND LE M O RE
ABOUT SUSTAINABILITY BROADBAND INTELLIGENTLY
B UILDI NG In Europe, top telecom brand Telekom/T-Mobile
has pursued an unusually holistic approach to
In some countries, fibre optic infrastructure is being
built to carry service for multiple telecom brands. For
The way that brands approach ‘upselling’ existing
customers is crucial for both revenues and long-term
sustainability. It has reengineered its packaging and example, in the UK, a BT spinoff called Openreach brand building – but too often brands approach this
shipping materials to cut down on material and use provides the fibre network for brands including BT, task with incomplete information or poor timing
more recycled cardboard and eco-friendly inks; it has EE, Sky Broadband, and Vodafone. In these setups, (e.g. only offering a more attractive bundle when a
redesigned its routers to incorporate 90% recycled differentiation will come down to value offers, brand frustrated customer threatens to quit a service). Going
plastic shells (and instituted a refurbishment program marketing, and experience (especially customer service). forward, brands should use data analysis to better
for when consumers turn their old routers in); and it The risk of commoditisation is high – which means that target their premium offers to users’ needs. That’s the
has partnered with Fairphone to sell that brand’s so, too, is the importance of strong branding. pitch of new services like two-year-old startup Actifai,
lower-impact phone in its showrooms. which uses AI tools to create custom offers tailored to
individual accounts.

150
CLIENT
PER SPECTIVE S

152 — AIA

155 — COCA-COLA

158 — HAIER

162 — HDFC BANK

165 — L’ORÉAL

168 — MONDELĒZ
Client Perspectives

ST UA RT S P E N C E R
G RO U P C H I E F M A R K E T I N G O F F I C E R
AIA

Stuart Spencer is AIA How do you think the needs of your

customers has changed over the last
So we’ve risen to the occasion. And we
believe that the heightened awareness,
Group’s Chief Marketing five years? understanding, relevance, and demand that
the pandemic has created, has given us a
Officer. He began at We were focusing on our purpose of real balance as we emerge into the post-
enabling Healthy, Longer, Better lives pandemic era. We recognize we need to be
that post in 2017 and well before the pandemic struck. But ubiquitous appropriately and intelligently so
has decades of global what the pandemic did was illustrate that consumers can access, reach, interact,
how fundamentally underinsured and and do whatever they need to do with us on
experience in the underprotected people across Asia-Pacific their terms anytime, anyplace, anywhere,
were. Our focus is Asia-Pacific, as it even for an insurance company.
insurance business. has been for 103 years. We operate in
This year, AIA has risen 18 markets, from Hong Kong, to
New Zealand to Korea, to India, and
What’s an example of where a
particular customer insight has driven
four places this year in many, many places in between. a change in strategy within AIA?

the Kantar BrandZ Global [Within this market] we have not stood As we looked at the value pools in Asia
still. We have come to the aid of our Pacific beyond purely life insurance, we
Top 100 ranking amid customers. We’ve innovated new products recognized that health insurance, where
continued expansion and services. That means digitalisation: we currently have a leading position, is
Through the pandemic, we saw this also an increasingly massive opportunity
into health insurance incredible pivot. The pendulum swung – especially, again, post-pandemic.
towards digitalization in an industry We began to design and develop a broad,
and health services. that have not digitalized to the extent integrated healthcare strategy – that
that others have, certainly compared to [even] goes beyond health insurance.
banking. So insurance really had to This [broader vision] sees AIA as a protector,
ladder up very, very quickly and we made and as a payer - but it also has us moving
massive investments in digitalization. along the continuum as a partner where
We’ve completely digitalised the way we we own clinics, where we own provisioning,
interact with our distribution partners, and where we develop what we call
and with our customers. a more vertically integrated strategy.
Ultimately, it’s about providing better
experience, better access, and better
quality care for our customers.
Client Perspectives

Stuar t Spencer
Group Chief Marketing Of ficer
AIA

To reach this point, we took a lot of the And I think for all of us in the industry, How does AIA think about making
strategic insight emerging from the rising up now post-pandemic, the the sustainability agenda actually
pandemic. We looked at our strengths, challenge will lie in answering the question: meaningful to your customers?
we looked at value pools. And we made the What else can we be protecting? What are
strategic determination that we needed the gaps that need to be closed? What Look, at AIA, we are conscious and aware
to really double down on healthcare to be are the needs that need to be addressed? of the commitments that we’ve made
more relevant. And how do we continue to innovate? in what I would consider to be a very
ambitious ESG agenda. I would encourage
When our customers are diagnosed with As the leader in our industry, we have a you to read our ESG report, all hundred
an illness, we don’t want to simply pay a further responsibility and challenge to and something pages of it, that was
claim and then walk away. It’s at those think ahead: to anticipate, and to imagine published and covers across five pillars:
moments of truth where we want to be the possibilities of the future. And I’m health and wellness, people and culture,
working in partnership with our customers, really proud, Martin, of how through the green operations, sustainable investing,
in partnership with providers, doctors, pandemic we accelerated the pace of and corporate governance.
and clinicians, to ensure that the pathways digitalisation. We unshackled ourselves
and journeys our customers embark on to from some of those traditional attributes We see ourselves as playing a systemically
wellness are appropriate. And that’s really of a life insurer to be more agile, more vital role in our communities. We’re a big
transformational for us. consequential, and more visible: more brand, a big presence. So our responsibilities
available anytime, anyplace, anywhere extending into serving our communities: into
What challenges do you see brands for our customers. We’re no longer the really being there, and being benevolent. So
facing in the future, especially in your ‘103-year-old’ AIA. We’re the ‘the modern, for example, if you take Hong Kong, we’ve
industry? And how has AIA risen to slick, there for you, consistent service pledged a hundred million US dollars to
these challenges? deliverer’ AIA, and I’m proud of that. educate young people in university in Hong
So I think we’re cognizant of the challenges Kong for several years. That grew out of a
I think consumers are becoming more ahead, but we are more than ready and desire to double down and demonstrate our
demanding. They’re more intelligent, and more than capable of meeting them. commitment to Hong Kong as our home
they have access to more information. base. And we decided the best way to do
This compels us to be more relevant, that was through education. So I’m really
more resonant, more ubiquitous, and proud of how every year we select 100 AIA
more consistent in our delivery of service. scholars that can attend any of the public
We need to fundamentally substantiate or private universities in Hong Kong, with full
the promises that we make. We need tuition and board paid by AIA. So that we’re
to be seen as authentic, all the time, investing in the future leaders of Hong Kong,
everywhere, across 18 markets. we’re investing in our communities, and it
goes beyond insurance. This is not about
selling another dollar of insurance, but it’s
about doing the right thing in the right way,
supporting our communities sustainably.

153
Client Perspectives

Stuar t Spencer
Group Chief Marketing Of ficer
AIA

How does having a strong brand add It’s easy to for brands to say, ‘we listen So that connection with customers has
value to AIA’s business? to our customers’ - but how do you do become very intrinsic to how we operate
that and maintain a connection with and how we function. [Today] we’re
I believe that providing high-quality advice your customers? much more customer-centric, much more
that is synonymous with our brand. But customer-led as an organization.
also, we’re committed to being synonymous Our tight agency force provides us with an
in the marketplace with healthier, longer incredible ear to the ground in the markets. I think insurers in this part of the
and better lives. We really, I believe, own I mean our thousands upon thousands world have always tended to be very
that space. I think we are seen as the of agents, have millions upon millions of distribution-centric, where large agency
‘healthier, longer, better lives guys.’ We’re customer relationships; they service micro- workforces have conversations with
not just about transacting life insurance. communities within those relationships. customers and own those customers
I was just in Thailand, visiting some of [and the central offices do less]. And
And to that end, we launched our AIA One our top agents. Those agents may have that was the case for decades. That’s
Billion initiative recently, to go out and 500 customers. They interact with those changing dramatically, where where our
engage a billion people around healthier customers through digital means, through agents now see the relationship with AIA
living by 2030. That’s because we decided the app Line, for example. And they’ve and the customer as a triangulation that
it wasn’t enough just to say that ‘healthier also got their ear to the ground. There’s a makes sense, where it’s a win-win-win.
lives’ was what we’re about. We want to go virtuous circle or feedback loop that comes AIA provides insight, analytics, and digital
out and have tangible evidence that we’re back to the organization. We also have tools to help our agents become more
impacting on a very personal level, the millions of inbound calls into service centres productive, more effective, and more
lives of a billion people between now and that we support across the region. We get efficient. We’re using insights to determine
2030. And we are well on our way. a lot of insight analytics; we’ve invested a what customers want to buy, who wants
tremendous amount in data and analytics. to buy what, and when. So we’re using
I get excited about the difference that we the power of the insight to help drive our
can make. Because we have the scale, So we’re listening, and we’re paying agents’ business and drive more relevance
we have the presence, and we have attention – because we want to know what in the engagement with our customers.
that powerful brand. All of that that our customers think. We do a tremendous And I think overall, we’re at a good place,
drives belief, it drives trust, it drives that amount of other research to figure out a very good place.
willingness on the part of consumers to what’s next: How are attitudes changing?
listen - and then we want them to be How are behaviours evolving? How do we
heard as well, so it’s a two-way street. then need to evolve to meet those needs
and opportunities head-on?

154
Client Perspectives

ST E P H A N C Z Y P I O N K A
V P G LO B A L M A R K E T I N G P E R F O R M A N C E
CO C A- C O L A

It’s a phenomenal result for Coca-Cola in What do you see as the most important
Stephan has been with this year’s global ranking, re-entering our elements of building a strong brand?
The Coca-Cola Company global top 10 for the first time since 2015,
with strengthened consumer relationships Well, building a brand is really a journey, and
for 18 years. His diverse in the last few years, underpinning a brand it’s a challenge. But if we go up to a 40,000-
value growth of 8%, bringing Coca-Cola’s feet bird’s eyes perspective and try to figure
leadership roles span brand value to an all-time high. out what the most important things are, I
four continents, with How do you believe brands add value
would say that first of all, we need to have
a great product or great service. And when
highlights such as VP of to businesses? I say great, it has to be on the one hand,
highly relevant to your target audience.
Marketing for Coca-Cola Brands actually give meaning to products And on the other hand, it has to stand out
and services. Brands make a product or a from competition; it has to be superior to
Africa and Marketing service identifiable. They make a service competition, ideally in a variety of attributes.
Director for both the different or unique. Sometimes, they even And actually, the MDF framework helps us to
explain what a product is really about. measure those and track those attributes.
Philippines and South They enable consumer choice, and all those
things really drive loyalty, and also allow So, the first thing I need is a product or service
Latin East. His career companies to command a price premium. that intrinsically, from its quality, is superior
began with positions Let me give you a simple example of how
and highly relevant to people. And then I would
follow [marketing professor] Byron Sharp and
at Three Telecom and a much value a brand can drive for business. say, once I have a great product, I need to
If we want to know what time it is, of course make sure that this product is also broadly
European digital start-up. today we have mobile phones. But let’s say available, or at least available to the target
you want a wristwatch. Wristwatches will audience. And with that comes obviously
cost you anything between $50 and a $100 distribution, availability, but also excellence
if you want a watch that’s accurate, that in execution. So, you need to make sure that
has a good design and that lasts for a few people don’t just see your product, but it really
years. If you want a timepiece, however, stands out in the point of sale and you can
you might spend well over 100 or even purchase it easily, be it online or be it offline.
1000 times that price - because you want a
brand that stands for something, a watch And on top of that, I need mental availability.
that is made from a specific material, that So when I think of a problem or I think of a
has a movement that lasts for a lifetime. need or I think of a category, I have to make
Ultimately, because you’re buying into the sure that my brand comes to mind first. And
heritage and the values of a brand. So, this then, maybe, I need [to cover] a couple of
is one of many examples of how brands can functionalities, like: What role does it play?
add significant value to businesses. What benefit does it have?
Client Perspectives

Stephan Czypionka
VP Global Marketing Per formance
Coca-Cola

And on top of that, I need mental How do you ensure that your brand
availability. When I think of a problem or and brands continue to have a strong
I think of a need or I think of a category, I connection with the consumer?
have to make sure that my brand comes
to mind first. And then, maybe, I need [to We are increasingly leveraging digital
cover] a couple of functionalities, like: What experiences to engage with consumers,
role does it play? What benefit does it have? mainly through passion points, personalised
experiences, and collaborations. Coke
So, in short, we need to have a highly Studio for instance, is an asset that was
relevant product that’s superior to developed in Pakistan many, many years
competition, that beats anything that’s ago. And the team in Pakistan, they really
out there, ideally across a variety of built the asset with consistency over the
attributes. We need to have an available years. They made it bigger every year.
and well-executed product, and it needs to Last year the Coke Studio season
come to mind. So there has to be saliency. streamed, I think, over a billion times, and
the network teams scaled that asset to I
Building a brand is really a journey. You need think 30 markets. And today, Coke Studio
to evolve your narrative over time. You need is a global brand platform.
to stay consistent to what your brand stands
for, to the values, to the functionalities, to And the beautiful thing about Coke Studio is
the essence. You can’t really pivot [over really that it connects the passion for music,
and over]. You need to build a brand over people’s love for music, with consumption
time. It takes a lot of time, consistency, occasions, and it really connects teens to
and authenticity to build a brand. the brand deeply, unleashing experiences.

Another example: We haven’t talked about

AI yet, but we did a partnership with OpenAI,
ChatGPT, and DALL-E just recently. And we
invited people to design their own artwork for
a Coca-Cola ad, supported by AI, and the
best submissions actually got showcased on
our billboard in Times Square in New York.

Wow. So these are the things that we

use just two examples of how we engage
consumers and how we try to close or
tighten the relationship that we have with
our consumers.

156
Client Perspectives

Stephan Czypionka
VP Global Marketing Per formance
Coca-Cola

How have your consumers and their How do you see the role of brand in How do you balance Coca-Cola’s global What is Coca-Cola’s current thinking
needs changed in the last five years? supporting pricing? brand positioning with localization in around sustainability?
And what are you doing to ensure that your many markets?
your brands continue to meet those I mentioned before that a brand is really, Our sustainability agenda is very much
evolving consumer needs? really important to give a product meaning, It’s important to find that sweet spot, anchored in the company purpose: to
and to drive loyalty. And that obviously right? Because at the Coca-Cola company, refresh the world and make a difference.
Well, obviously there were shifts, many of builds a relationship between the person and we are privileged to be able to work
which were accelerated by the pandemic. the brand. So this is something important with many different, very powerful, very First, it’s worth mentioning that water is
For instance, one channel that has in times of macroeconomic uncertainty. successful global brands. And anyone who a priority for the Coca-Cola company -
emerged very, very strongly and that has worked with a powerful global brand logically so, because water is the main
was propelled by COVID is food service But beyond that, I think we have stepped sees the benefits and the power really that ingredient in all our products, and it’s
aggregators [or delivery platforms]. up a great deal with our revenue growth comes from brands like these. essential to the communities where we
Pre-pandemic, the channel existed, but I management capabilities. And revenue operate and that we serve. And for us,
think today it is a very, very popular and growth management is, at its core – it’s What you cannot do with global brands is what we are doing, for instance, is that
important channel for us. really a consumer-centric segmentation. reinvent them locally. So you need to have we’re replenishing the water that we
And it ensures that we have the right a brand architecture, you need to have a use for our beverages. So last year we
Another shift in consumer behavior is product, in the right package, in the right globally consistent strategy. replenished 159% of the water that we
obviously the way people embrace work channel, at the right price point. And this used for our finished beverages.
today. Where possible, people have helps us drive transactions both in the However, you also need to strike the balance
embraced a hybrid model of working, affordability segment and in the premium of making them locally relevant. And we Packaging is another big topic. We’re
and this has led to tremendous shifts in segment. So it helps us really expand our are now in a networked organisation. working on including more recycled
consumption behavior. Imagine somebody consumer base. There will be people who So the teams are set up, networked across content in our packaging. We have a
who, pre-pandemic bought a coffee every spend less, and here we need to look for geographies, across functions, and that goal of this being 50% by 2030. We’re
morning in a coffee shop before going to affordability options. And there will be helps us find that sweet spot. expanding the use of refillable bottles, be
work; those five coffees a week are now people who want to value up, and revenue it returnable glass bottles, or returnable PT
reduced to two coffees a week. But at growth management helps us there as well. Take Christmas for example. Coke bottles. We are also collecting packaging
the same time, that person might have Christmas in the West is the most iconic for recycling with our World Without Waste
invested in a better coffee maker. We also Coke asset that we have. But in the East, initiative. And here the goal, again, is
recognise those trends. For instance, we we activate the Chinese New Year – or in collecting a 100% by 2030. So there are
have mini cans that are really handy and Islamic countries, Ramadan. So, while the many areas in our ESG and sustainability
that are great refreshment for your breaks role of the brand, connecting people over agenda. And the projects and goals
for working at home. enjoying a Coke during the festive season, coming from it are ambitious.
actually stays the same, the context is very
different. It’s either Christmas or it’s Chinese
New Year, but the role of the brand does
not change. The strategy does not change.

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Client Perspectives

ZHOU YUNJIE
C H A I R M A N O F T H E B O A R D A N D C EO
H A I E R G RO U P

What does being an ‘ecosystem brand’ Secondly, our ecosystem brand has
Zhou Yunjie is Chairman mean for Haier, and how has this helped facilitated COSMOPlat to empower
of the Board & CEO of Haier navigate economic uncertainty? thousands of industries and promote
the digital transformation of enterprises.
Haier Group based in The concept of ‘ecosystem brands’ was Based on more than 30 years of
pioneered by Mr. Zhang Ruimin, the manufacturing experience, Haier
Qingdao, China. founder of Haier Group. His vision saw launched COSMOPlat to provide digital
Haier grow from creating great products, transformation solutions for enterprises
to creating great multi-products and of different industries and scales. So far,
Haier Group is a world- branded ‘scenarios’, to becoming a great, it has ranked first among the cross-sector
branded IoT ecosystem service provider. cross-industry platform honoured by
leading provider of the Ministry of Industry and Information
Ultimately, Haier’s proposed concept of Technology for four consecutive years, for
solutions for better living ecosystem brands provides an unbounded facilitating the digital transformation of
and digital transformation. and continuously iterative holistic value industries and enterprises and realising
experience – and value growth – ultimately quality improvement, cost reduction,
Haier’s subsidiary, Haier achieving a win-win symbiosis between and efficiency improvement.
lifelong users and all parties in the
Smart Home, is one of the ecosystem, thus creating a value cycle for From the perspective of enterprises,
world’s biggest consumer- society. In the history of Haier’s practice,
the role that an ecosystem brand plays
COSMOPlat has lowered the threshold
of digital transformation for SMEs by
facing companies, and in the economy’s stable development has providing lightweight applications
been mainly identified by three aspects: featuring ‘low cost, fast deployment,
its subsidiary COSMOPlat easy O&M, and strong security’.
First, the ecosystem brand has led Haier to
Industrial Internet platform transform into an eco-enterprise and achieve Taking Ruihua Group as an example,
is a leading Industrial IoT high-quality development. By adhering to the after it jointly established a flexible and
concept of ‘Sincere Forever’, Haier has always smart garment factory with COSMOPlat,
and digital service provider. focused on creating the best user experience its order volume increased by 30%.
and has built a three-tier brand structure From the perspective of the industry,
consisting of high-end brands, ‘scenario’ COSMOPlat has promoted the digital
brands, and ecosystem brands – a structure transformation of the whole industrial
which realised our leadership in the IoT Era. chain, facilitated the deep integration of
In 2022, Haier Group made steady progress the industry as a whole, and improved its
and grew against the negative trend. Our quality and increased efficiency, providing
global operating income amounted to RMB new possibilities for the construction of
350.6 billion with an increase of 5.4%. Our industrial ecosystem.
ecosystem income totalled RMB 45 billion
with an increase of 16.3%.
Client Perspectives

Zhou Yunjie
Chairman of the Board and CEO
Haier Group

Let’s take Chery Automobile as another brand integrates users, ecosystem Secondly, branding path: serving
example. Through co-construction with partners, and other interested parties into globalisation with the help of a strategy
COSMOPlat, the first mass customisation a larger and more dynamic ecosystem, that promotes globalisation by virtue of
industrial Internet platform in China’s thus achieving ‘fission growth’ through localisation. Haier insists on expanding the
automobile industry has increased the co-creation & co-sharing. global market according to a ‘three-in-
non-warehousing rate of parts enterprises one layout’ – building a local brand that
by 10% in just three months. Mr. Zhou has just mentioned the local users prefer through local R&D, local
transformation from a walled garden to manufacturing, and local marketing.
From the perspective of the regional an open rainforest. This also represents
economy, COSMOPlat has developed Haier’s global growth in the past few At present, Haier has established 35
a pattern of industrial Internet years. In the list of the Kantar BrandZ industrial parks and 138 manufacturing
empowerment which has the potential Top 100 Most Valuable Global Brands centres, extending its services to more
to make breakthroughs in Qingdao, be in 2023, we can see that Haier, as a than 200 countries and regions around
promoted in Shandong, and provide representative of China’s global brands, the world. For example, in Europe, Haier
valuable lessons for the whole country. has made noticeable adjustments to its launched a large-capacity washer-dryer
In 2022, COSMOPlat empowered more globalisation strategy. What roles do as a laundry solution in response to the
than 4,500 enterprises in Qingdao with an you think Haier can play to support its local rainy and humid weather, which
increased output value of more than RMB global users and ecosystem partners? was quickly recognised by local users.
30 billion, which accelerated the digital In India, we innovated a new bottom
transformation of the regional economy. Global branding is a process of not only mounted refrigerator that doesn’t require
Haier’s branding strategy, but also of users to bend down to reach its contents,
Thirdly, the ecosystem brand enables building local brands around the world to and accommodates the predominantly
HCH to build a coordinative innovation promote co-creation between users and vegetarian diet culture of local users with
ecosystem and incubate more specialised ecosystem partners, thus contributing to its storage structure. In Pakistan, Haier
and sophisticated enterprises. HCH, an global development in a more inclusive developed a freezer that can hold 12 sheep
entrepreneurship acceleration platform and comprehensive way. This contribution at a time to satisfy local users’ need for
of Haier Group, has explored the ‘rooted is reflected in the following three aspects: large quantities of meat.
entrepreneurship’ model and formed
a new ecosystem for the integrated Firstly, branding strategy: always insisting on Thirdly, branding support: integrating the
development of small, medium, and large- independent branding. In the global market, innovation system of the whole industry
sized enterprises. Haier continues to be not export-oriented, chain, including R&D, supply chain, and
but branding-oriented. Since we began market. Haier continues to innovate in
At present, HCH has attracted more exporting in batches in 1991, Haier has the global market. Thanks to the 10+N
than 4,000 entrepreneurial projects, and always insisted on introducing its own brand innovation ecosystem, Haier can quickly
has incubated 7 unicorn companies, 102 into overseas markets, and has created come up with technical solutions based
gazelle companies, and 120 ‘little giants’. a world-leading brand from China. It has on global user needs and make full use of
Transforming from a walled garden into been the No.1 brand of major appliances global supply chain resources to satisfy
an open rainforest, Haier’s ecosystem worldwide for 14 consecutive years. user needs. For example, Haier discovered

159
Client Perspectives

Zhou Yunjie
Chairman of the Board and CEO
Haier Group

in the interaction with users that users continues to lead the development of Mr. Zhou, we have another important
have a strong demand for clothes the industry. Meanwhile, we have led the finding that Haier proposed green and
sterilisation and disinfection. Therefore, on release of 97 international standards, sustainable development over a decade
Haier’s platform, global users and resource ranking first in the industry. ago. Nowadays, green and sustainable
partners provided more than 20 solutions, development has become an inevitable
with the ’micro-steam air wash’ receiving Secondly, Haier has established a scientific trend. Sustainable development is
the most votes. Haier then quickly put and technological innovation system that particularly important for enterprises in
forward a solution, ultimately launching a connects to the entire industrial chain. At uncertain times. Mr. Zhou, would you share
product that was well received by users. present, Haier has jointly established an with us the measures Haier has taken to
innovation consortium with universities promote sustainable development?
Scientific and technological innovation and scientific research institutes. Through
is the cornerstone of enterprise this, we have undertaken the construction In the first decade of the 21st century, the
development, as well as high-quality of more than 20 national-level scientific concept of the ‘black swan’ was universal;
growth. Haier has always been a model of and technological innovation platforms, In the second decade, the ’grey rhino’ came
independent innovation. How would you such as the National High-end Intelligent into view; now, great changes unseen in
summarise Haier’s current focus to build Household Appliances Innovation Center a century have also brought about an era
differentiated advantages for consumers to promote the deep integration of of change, and also an era of fragility. In
and users based on its previous experience innovation chain, industrial chain, capital my opinion, by facing our current reality,
in technological innovation? chain, and talent chain, thus achieving the ecosystem brand can help transform
seamless connection between 0→1 and uncertainty into certainty and provide
Haier’s efforts and advantages in scientific 1→N innovations, as well as accelerating continuous impetus for development.
and technological innovation can be the rapid transformation of original
summarised with the following three aspects: technologies and innovation achievements First, the ecosystem brand focuses on
to the industrial chain. experience iteration, thus enhancing
Firstly, with an open global innovation certainty of creating a better life. Haier
system built on the philosophy of ‘The Thirdly, Haier has established a diversified insists on creating the best user experience
world is our R&D department’, Haier has incentive mechanism that adapts to and focuses on the continuous iteration of
established 10 R&D centres around the scientific and technological innovation. user experience. On the one hand, Haier
world, forming an innovation ecosystem by It has explored and introduced an insists on creating high-value products to
which Haier can gather more than 200,000 ‘incentive & restriction for entrepreneurs’ meet the individual user needs, seizing new
R&D staff worldwide to make technological to fully stimulate the innovation vitality opportunities for consumption upgrading
breakthroughs and innovations. Haier of researchers, and let the innovation with high-end brands. For example, Casarte,
insists on ‘patented technology, standard achievements of technological personnels a high-end brand, has specially designed
patent, and international standard’, and be valued and marketised. a 1.5m washer-dryer, considering that it
has taken a place in the world based on is inconvenient for female users to use an
its original and leading technological ordinary washer-dryer at a height of 1.7m.
innovations. Nowadays, Haier has more This new product has been favoured by more
than 200 original technologies, and than 50,000 households within half a year.

160
Client Perspectives

Zhou Yunjie
Chairman of the Board and CEO
Haier Group

On the other hand, Haier insists on platforms of the Ministry of Industry and Secondly, whether a brand can evolve into
creating future life with scenario brands. Information Technology for four consecutive an ecosystem is determined by whether
Haier has created the world’s first smart years. At present, COSMOPlat has connected an ecosystem brand can be created and
home-based scenario brand – SAN YI NIAO with more than 900,000 enterprises and how long that brand will survive. Haier is
– which can provide users with full-scenario served more than 80,000 enterprises. now accelerating ecosystem branding. We
solutions including a smart kitchen, smart will unswervingly follow this road, innovate
living room, smart bedroom, and whole- Haier COSMOPlat has empowered more together with our users and ecosystem
house air, bringing new experience of one- than 900,000 enterprises. Haier has partners, and build a more open and
stop customised smart life. entered the top 60 among the Kantar diverse ecosystem.
BrandZ Top 100 Most Valuable Global
Second, the ecosystem brand focuses Brands this year. As a representative of Thirdly, the essence of the ecosystem
on co-creation and win-win cooperation, China’s real economy, Haier has made brand is to maximise the value of people.
and enhances certainty of high-quality great efforts to obtain this achievement. A real brand should not only focus on
development. The ecosystem brand Going forward, Mr. Zhou, what do you products and services, but also pay
advocates co-creation and win-win think are the priorities for Haier in brand attention to the value of people, because
cooperation between users and ecosystem building? And what arrangements will all people in the world, regardless their
partners. Haier gets a deep understanding Haier make in brand building in the future? region or nationality, want to be respected
in the practice of an ecosystem brand. and realise their own values. Haier always
Branding will not be accomplished overnight, insists on ‘maximising the value of people’,
Taking COSMOPlat as an example, with a and enterprises need to withstand loneliness actively promotes the RenDanHeYi
goal of ‘co-building with large enterprises and the temptation and make continuous model, explores ‘incentive & restriction
and sharing with SMEs’, COSMOPlat has innovation to meet user needs. Going forward, for entrepreneurs’, stimulates everyone’s
built a fully-open ecosystem, working with branding still has numerous uncertainties, innovation vitality, allows everyone to
global ecosystem partners to strengthen and will also face multitudes of challenges continue to create user value, and injects
platform capabilities and provide better and opportunities. Haier will always insist inexhaustible impetus into branding.
platform experience. For example, we on building a brand that leads the times,
have built an industrial Internet platform and continue to make the ecosystem brand Thank you very much, Mr. Zhou. I have
for the beer and beverage industry with bigger and stronger. In doing so, we must found this very inspiring. We’ve learnt
Tsingtao, an industrial Internet platform for follow these three guidelines: that branding is not only about a brand
the chemical industry for making chlorine itself, but also about maximising the value
and alkali with Yibin Tianyuan, and an Firstly, a leading brand must be the brand of people. In this way, the ecosystem
Internet platform for the automotive of the times and shall keep pace with the brand has been promoting the work of
industry with Chery. times. In the current AI Era, the ecosystem maximising the value of people in the
brand should pay more attention to world. Thank you very much, Mr. Zhou.
COSMOPlat can create digital solutions interaction and engagement. What Haier Congratulations again to Haier for being
covering scenarios, enterprises, parks, has been doing is keeping pace with the included in the Kantar BrandZ Top 100
industries and urban economy, ranking times, walking at the forefront of the times, Most Valuable Global Brands 2023.
first among cross-sector and cross-industry and building a brand that leads the times.

161
Client Perspectives

R AV I S A N T H A N A M
CHIEF MARKETING OFFICER
HDFC BANK

The world has changed a lot over Having this vision allows us to ask ourselves:
Ravi Santhanam is the last few years, and banking has Are we living up to this purpose through the
Chief Marketing Officer, changed, too, with a huge digitalisation day-to-day way in which we engage with
push. But how have the needs of your our customers? I think most of our actions
Head of Corporate customers transformed over this period? and differentiation stem from how we
answer that question.
Communications, Prior to the pandemic, banking was always
and Head of Liability about safety, security, and trust. And in
many ways that has been reinforced by
And how do you at HDFC Bank try and
reinforce and communicate that point
Products and Managed the pandemic. of difference to your customers?

Programs at HDFC Bank, But what I’ve also seen is lot of change We try to do so through experience.
around what consumers are looking for We are lucky in the sense that we are
having previously worked in experience. They’re saying to us: ‘You’re a bank, and there’s a large amount of
as an executive in the solving a problem of mine, but are you consumer walk-ins which happen daily.
going to solve it in a better way compared And there’s obviously a lot of digital data
telecommunications to the earlier ways in which banking was that’s also available because we are a
conducted?’ Another big shift is that our first-party data company. So, we know
industry. HDFC Bank is comparison set suddenly moved out of a lot about our customers in terms of
India’s largest bank and banking. We are no more being compared
with the rest of the banking industry. We
their demographic profile, their financial
transactions, where they earn from,
most valuable financial are being compared with ecommerce and how they spend. And then, we can
players, and with mobility players too. also learn – with respect to experience
services brand; it first specifically – what people are looking for in
In terms of the HDFC Bank brand, terms of a banking service. So, day in and
entered the Global Top what do you personally see as its point day out, we look at every engagement
100 in 2015, and this of difference? that we do as a chance to improve the
experience of the customer.
year rose five spots to The point of difference, in my view, has to
lie in the fundamental belief that drives
reach number 56 in what you do for your customers. And we
the rankings. start with the brand purpose. Our brand
purpose is very clearly defined: we exist
to help every Indian make better money
choices, today and tomorrow.
Client Perspectives

Ravi Santhanam
Chief Marketing O f ficer
HDFC Bank

What’s an example of how you can What do you see as the biggest Ultimately, these questions come back to
take all of that customer listening headwinds for HDFC Bank in the next customer insights. What do we need to do
that you do, and translate it into 12 months, and what plans do you to access new pockets of value that are
concrete insights that you can actually have to overcome them? emerging? And how do we go and grab
implement in the business? them – even if, as a big brand, sometimes
We see a lot of opportunities in India. you are going to be a fast follower rather
We re-staged our value proposition for High We don’t see much of headwinds. The than a first mover, because of things like
Net Worth (HNW) clients just last year. And headwinds that are there, are things that legacy IT systems?
what we figured out is there’s a certain set we have been facing for the last 27 years,
of customers who want a differentiated and we know how to take care of them. And we are very clear on the fact that
experience – and yet the number of visits they We are on a very strong foundation out technology is an enabler for us to stay at the
make to [traditional] branches is almost next here, and we are one of the largest banks in forefront, but our tech strategy itself needs
to nothing. And when you look at these kind the world, operating only out of India. We to start from the human insights around
of insights [around what kinds of transactions have tremendous retail presence in terms of where new forms of value are emerging.
they are seeking], then you say, okay, what is reach on the ground. We have tremendous For example, everybody talks about fintech.
the service differentiation that we can provide? digital presence. And we see a lot more We strongly believe FinTech’s are going to
opportunities which we need to grab in the take banking to the next level, because
As a result of this work, we have now put market. The market is expanding: India has they’re going to make sure that people like
into place a three-pronged relationship a $3 trillion economy, expected to go to us keep pushing forward. Because even
management model for our HNW clients. six in the next three, four, five years. And though we call ourselves a 27-year-old
These roles were developed by not just actively banking, as you know, is a reflection of a start-up, we can always be more agile.
listening to what our customers wanted – pure economy growth. And we have always
but also by looking at how brands in other been growing at double the economy
industries were treating their HNW customers. growth of India.
How does an airline treat a business class
passenger? Every customer is important, In terms of things that we are always
there’s no doubt about it, but is there a way looking out for from the corner of our
in which you can clearly differentiate the eyes, it’s always about who’s solving our
offering, and make them perceive that the consumer problems better than anybody,
differentiation has been delivered? better than us. And that’s something
which always gives us sleepless nights,
So, the whole idea is to take these insights, because we want to be the ones solving our
convert them into a value proposition, consumers’ problems better than anyone
deliver on that promise, and then measure else. And then with bigger brands, bigger
the results. And then keep revising your banks, there’s always the need to be agile.
offerings and your marketing to make
sure that your value propositions – as
understood by the customer – are clear.

163
Client Perspectives

Ravi Santhanam
Chief Marketing O f ficer
HDFC Bank

Can you talk about HDFC Bank’s All of this puts a big ask in front of all of How will the rules of brand building
sustainability agenda? What are the us. We have all been tasked to get there. change in the future, and where do
key points for you? And diversity of culture – and diversity of you see specific opportunities for
opinions – in the decision-making process HDFC Bank as a brand?
For us, sustainability starts with a belief is what we are looking at [to get there, as
that we have been given a license to well]. We are the third-largest company The one thing which I continuously keep
operate in a space, and in a society, and in India, poised to soon become the thinking about is, how can you actually
with that comes certain responsibilities. second-largest. And we are also a board- be relevant for each and every individual,
In banking, you might call it a regulatory governed company, fully owned by public in an individual way? I think the N is equal
license – but we believe that license is shareholders. So, we do believe that if to one, as a concept, which was maybe
slightly broader, in that we have been we do sustainability well, we can be an a theoretical pipe dream around 20 years
allowed to operate as a bank with the inspiration for others to follow. back. But it’s now very much possible with
understanding that we give back. the kind of data that we have about each
We also strongly believe that it is better and every customer.
What that means, in practice, is that 99% to get involved in sustainability directly,
of what do is still going to be focused on [as] part of the business. So, for example, And how are we going to be relevant to
the way we conduct our [banking] business we have a sustainable livelihood initiative, the wide mass of people that we actually
– because that’s the best way we can give which we run as a clear profit centre within serve? We have more than 80 million
back to society. But there’s always a very the bank [rather than as a charitable arm customers now. And as you grow bigger
clear understanding within the bank that of the business]. And the profits from that and bigger, and have wider reach extending
we are here for India. may not be much at the moment. But to the nooks and corners of the world, how
the kind of people we have helped has do you make sure that every customer is
And so, we spend 2% of our net profits grown to more than five and a half million understood? And how do you make sure
every year on our ESG. And we are also the borrowers, impacting more than 100 million that every customer is treated well?
first bank in the country to actually say lives. We have our own people working
we’ll become carbon-neutral by 2031. And across the country who are actually working It’s easy to implement cohort-based
we have again put a stake on the ground in with self-help groups in terms of building marketing, with cohort-based segmentation,
terms of saying at least let’s get our gender capacity, educating them, teaching them and then try and create propositions
diversity to a level of 50%. new capabilities, and then actually lending. for these groups. But I think those days
We don’t want to simply write a check to are ending. We need to push ourselves
somebody to do philanthropy. We don’t as marketers to figure out how we can
believe in that. We actually spend energy make one-on-one branding work. One-to-
on promoting sustainable livelihoods: more one marketing starts, I think, in terms of
than 8,000 people from the bank are understanding the unique context in which
directly working in this area. And we take a the customer is operating.
lot of pride in the way in which we drive this
part of our business.

164
Client Perspectives

A S M I TA D U B E Y
C H I E F D I G I TA L A N D M A R K E T I N G O F F I C E R
L’O R É A L

What do you think are the most How do you make sure your brands
Asmita Dubey became important things to consider when at L’Oréal maintain that connection
L’Oréal’s Chief Digital building a strong brand? with consumers?

and Marketing Officer in Well, the drivers of brand equity are rooted Well, I’m going to answer that question
in what people value. Values such as trust, for you with an example from Maybelline,
2021. Two of the group’s self-confidence, efficacy, innovation, and which is one of our brands.
brands, L’Oréal Paris and aspiration. We are in a category like no
other, because beauty is a timeless value. Maybelline is the number one makeup
Lancôme, have once It has been a universal quest since the origin brand worldwide providing on-the-pulse,
of humanity. Beauty is an essential human hassle-free, high performance, and diverse
again featured in Kantar need. It is something that plays a role in self- makeup – so that everyone everywhere
affirmation and identity. Beauty is a social looks and feels ready for anything. Now,
BrandZ’s Top 100 Most need, so it is about a sense of belonging it is very much in Maybelline’s DNA to be
Valuable Global Brands to a community. Beauty also helps us part of all the emerging trends, whether
reflect the changes in society through a that means co-creation with influencers
this year. They are also more inclusive beauty, through challenging on TikTok, or expansion into AR and VR.
stereotypes and norms, through creating
ranked number one and more gender equality. At L’Oréal Group, our For 2023, Maybelline has done something
two in Kantar BrandZ’s sense of purpose is to create the beauty
that moves the world, and we do so with
very bold in its advertising: we have
introduced our first ever avatar, May.
20 Most Valuable Global the portfolio of more than 36 global brands May is now part of our global campaigns
that embody these values. to promote Maybelline’s mascara portfolio,
personal care brands, including a campaign alongside Gigi
Hadid to promote Maybelline Falsies
which also includes two Surreal Extension Mascara. What May is
additional L’Oréal brands, going to do, is be able to merge the virtual ALSO FEATURING:
and the real. We are going to create more
Garnier and Maybelline. engaging and interactive experiences with Full video interview available on
our consumers – and we will also be able Kantar’s YouTube channel
to release virtual products and services. Françoise Lehmann Trisha Ayyagari
Global Brand President Global Brand President
Lancôme Maybelline
Client Perspectives

A smita D ubey
Chief Digital and Marketing O f ficer
L’Oréal

How does L’Oréal think about pricing, And the third thing that I would say in
and specifically about the role of brand terms of pricing, is that consumers are
in supporting prices? eager for innovation. And that gives us the
capacity to valorise with great innovations
There are many considerations here, and of product and services, and bring them to
I’m going to elaborate on a few of them. our consumers.
Firstly, if we look at the purchasing power
of our consumers, we are sensitive to the How do you successfully build global
fact that for some of our consumers, times brands that also are able to make
have been tough. So, we are working to connections with local consumers, in
take in some of the inflationary pressures local markets? How do you get that
to absorb some of the price increases on balance right between globalisation
our side, in order to offset the input cost and localisation?
headwinds that are coming. If you look
at our 2022 growth, it has been quite Our global brands serve our consumers
balanced in terms of volume, valorisation, everywhere in the world. And so yes, they are
and price. When we have done a price very rooted in the DNA of the brand, and are
increase – if we’ve done one at all – it is focused on building brand equity [in line with
based on very sophisticated tools like RGM this DNA] among consumers worldwide.
(revenue growth management).
But what the brands are [also] doing is
Secondly, if we look at the L’Oréal Group, seizing on all the trends in the markets,
the range of price points that we have and learning what is relevant there. Our
– starting with products that just cost a consumers know a lot about beauty, and
couple of Euros – allows for us to offer therefore they are expecting elevated
products to all income brackets. And in products and experiences from us. For
that sense, our products are very, very example, if you look at emerging market
accessible, especially the consumer consumers, they are very unique because
product division brand. And then there they are younger, and also because they
are our luxury divisions, including live in very hot and humid climates.
L’Oréal Dermatological Beauty and our Therefore, their product needs are very, very
professional products division. For these, specific. For instance, in skincare category,
we have done some internal studies that the consumers in these emerging markets
show how consumers for these divisions are looking for products that are about
are less exposed to inflation versus the cleansing, and skin tone management,
average consumer. and acne, and UV protection.

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Client Perspectives

A smita D ubey
Chief Digital and Marketing O f ficer
L’Oréal

You take these learnings, and then apply We are pioneering beauty tech and How does L’Oréal think about On the level of individual brands, Garnier
them to one of our global brands, for example leading marketing in the digital age. And sustainability – and specifically, about is committing towards green beauty in a
Garnier. Garnier’s global management to us, beauty tech means developing making sustainability commitments that particularly high-profile way. The brand is
teams, and their global marketing teams, a new kind of relationship with our are actually meaningful to consumers? transforming its entire supply chain, and
have worked with local market teams to consumer, which is powered by data, looking at everything from formulas to
formulate a product, a Garnier Vitamin C technology, and AI. This relationship Our corporate responsibility program is recyclable packaging to carbon neutrality
Serum, that combines UV protection with is based on providing solutions for L’Oréal For the Future, and it includes both in the factories. These are areas that we are
skin tone management related to acne. everybody’s own unique beauty, because social and environmental impact. Within also working on more generally. With Garnier,
And that product is taking the world by the there is a plurality of beauty. Consumers it, we are taking some bold commitments though, more of this responsible messaging
storm. We’ve seen something similar in Brazil are seeking personalisation, and beauty in terms of climate, water, biodiversity and is coming through in our advertising, so
for L’Oréal Paris Elvive Hydra Hyaluronic Acid tech allows us this personalisation at scale. natural resources between now and 2030 – that we empower our consumers to make
Shampoo. That shampoo is one of the best- in our operations, and in our products. more sustainable choices.
selling shampoos for us ever, because it is For example, Lancôme Skin Screen is a skin
something that has been worked together diagnostic service that is offered in-store. With respect to our products, at the
with multifunctional teams. It’s a device as well as an online service. group level going forward 97% of our
And it is based on AI. It aggregates and new and renovated products are going
How you think the rules around brand scores 13 different skin concerns based on to be eco-designed. Innovation is key to
building will change in the future, and 15,000 images. So this kind of a service this. For example, L’Oréal Professional has
where do you see the opportunity for allows that personalisation at scale, partnered with a Swiss startup, Gjosa, to
L’Oréal’s brand portfolio? because you know your own skin concerns introduce a water saver device, which is
and then get recommended routines and based on a patented technology of water
When thinking about the brand equity drivers products from there. fragmentation. This allows for a savings
of tomorrow, I start with the idea we live in of up to 69% of the water can be saved
a new kind of creative economy, where the Breakthrough technologies also allow at the back bar in salons. And that is
power is with the people as it’s never been us to create a more inclusive beauty by something that we are scaling now. We
before. Now, the consumers are becoming expanding access to beauty expressions. are also investing for L’Oréal Fund for
co-creators. At the same time, there is also For example, Lancôme HAPTA is the first Nature. So there is a lot of these steps
a new realisation that sustainability has handheld device which is a computerised, that we are taking.
become a driver of value creation. personalised makeup applicator. It allows
for people with limited hand and arm
We also see a lot of new competition and mobility to do makeup for themselves
new business models based on the ideas – and supports the vision of Lancôme
of decentralisation and platformisation. as a brand which brings a lot of French
And finally, health and science and elegance to consumers, but while also
technological disruptions are leading us to providing the best of innovation.
a hype precision in beauty. So on our side,
we are shaping the future of beauty with
science, technology, and creativity.

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Client Perspectives

M A RT I N R E N AU D
EXECUTIVE VICE PRESIDENT AND CHIEF MARKETING
& SALES OFFICER, MONDELĒZ INTERNATIONAL

How would you say your consumers As a marketer, how do you balance
In this role, Martin leads have changed over the last five years? delivering consistent global messaging
the growth and marketing against localising your messaging for
Indulgence is evolving – moving from a very consumers in specific markets?
of the company’s portfolio functional [ritual] of giving great pleasure
and great taste, to sometimes being a bit As a company, our portfolio of brands is
of global brands such as more emotional or mental in character. very balanced between what we call ‘global
OREO, Cadbury, Milka, Really, consumers are acknowledging that brands’, which are around 50%-55% of our
they want indulgence [for what it can do] business, and what we call ‘local jewels’.
and belVita. He leads to keep their mood. That’s a bit new. We have around 60 brands which are
more local: playing in one country, maybe
the teams responsible Also, wellbeing and mindful snacking are sometimes two, but definitely not global.
more important. And we are obviously And these are a very important part of our
for Global Sales, Media working hard to make sure we answer those business. An example is [chocolate brand]
& Digital, Insights & needs. Whether that’s new gluten-free or Cote d’Or, which is mostly France and
vegan [offerings], or making sure we have Belgium, it’s a very iconic brand there.
Analytics, Category the right portions for people who want to
control their calories, for example. Historically, we were investing mostly
Growth Strategy, as well in our global brands. But we have been
as Brand Strategy and And finally, sustainability is absolutely
critical for our consumers, and we’re fielding
rebalancing – so that while we continue to
invest highly in our global brands, we can
Agency Relationships, lots of questions from our consumers about also start to invest more in our local brands.
it. It’s about understanding where the And this has been very good for us.
and Marketing Capability. ingredients are coming from, making sure
we have the right use of packaging. Then as far as global brands are concerned,
I strongly believe in having a very clear global
brand-positioning foundation. For a brand
like Cadbury or Oreo, all markets should be
playing with exactly the same foundations.
What changes is how you activate this –
which means making sure you understand
the local consumers, the local insights,
to drive the right programs and the right
activations. That is really going to ignite the
connections with our consumers.
Client Perspectives

Mar tin Renaud

E xecutive Vice President and
Chief Marketing & Sales O f ficer
Mondelēz International

So if you go around the world, you will see And then you have more emotional
similar things on Oreo in China, in the U.S., aspects. I was speaking about generosity
in Europe. But at the end of the day, there with respect to Cadbury just before, so let’s
will also be differences - different flavours, discuss that. Understanding generosity:
sometimes, and also different localisations that’s a big idea, that’s a big human
of communications. With Cadbury, for value. But what does that mean for an
example, our big idea is ‘generosity’. And Indian consumer? What does that mean
generosity in the UK is very different from for an English consumer? Nowadays [data
generosity in Australia or in India. And interpretation] has to be much more ‘soft’
when you can crack [how to express] that, and emotionally focused, as a skill.
that’s where you are really successful. And I
think we are quite good at doing that. But when it’s done well, this can really
unleash incredible advertising. For example,
How do you actually go about in India, what we have discovered is that
implementing a specific insight within generosity plays at its best when we are
the business? speaking about bringing different social
classes together. So that’s a big area for us
So we have plenty of data – and more and in our communications. In other markets,
more is coming through digital. Obviously, like South Africa for example, the family will
we measure a lot of things, we listen a lot, be more at the centre of where we need to
so we get a lot of information. But yes – land our stories.
the point is, how do we transform this into
real actions? The way I think about it, insights are
sometimes very ‘hard’ – and this hard data
It starts with having clear diagnostics can drive very big decisions in terms of
attached to business decisions. So, for shopper, in terms of price, and so on. But
example, shopper research is a big area today, insights also have to be very soft.
for making sure we have the right price And ultimately, it’s all about having the
points, and that we have the right formats right teams to leverage both of these kinds
by channel. of insights, in the right way.

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Client Perspectives

Mar tin Renaud

E xecutive Vice President and
Chief Marketing & Sales O f ficer
Mondelēz International

One of the challenges that executives And also why not drive growth? No? And how do you think brand building
talk about when it comes to Because it’s very important for consumers. will change in the future, and where do
sustainability, is how to make their And I sincerely believe that if we do that you see the opportunities for Mondelez?
sustainability agenda actually relevant well, that will drive growth. It’s not only a
and meaningful to consumers. cost to play. And I’m saying it’s not easy. Brand building will change, but I also
What are your thoughts on this? So we are in a journey, but we start to believe that many fundamentals will
have great examples. So, for example, you remain. Now so we spoke a bit before
Yeah. And that’s not easy, because these will see now in all our chocolate brands about what was important to build a strong
topics are complex now. They are quickly almost a logo on Cocoa Life. This is well brand, and this will remain, having the
very technical. The other thing which is received with our consumers. They don’t best potential product to build the right
important to me is we are very strong always understand all the details, but it’s distinctive assets to be consistent over time
brands with what we call very clear a proof of quality. Sometimes even people in what we build with our consumers and
purposes. I spoke about generosity or will associate it with better taste. So just across channels. This will remain and be
playful moments for Oreo. So, we are not working on the quality of ingredients even more important over time.
changing the purpose of the brands to makes sense. But also, for example, we
embrace sustainability. We are trying to do have very good activations with the trade, What will change dramatically is, and we
what’s right first, and maybe not always because this interest our customers a are living it already, are the tools and the
speak about it. But then, when we want lot where, for example, in Canada we’re channels. So we spoke about insights, the
to speak about it with our consumers and doing every year with the customer, a very way to capture insights is much more digital.
make it in a way which is relevant for the strong activation in store to showcase We can become much more intelligent by
brand and which is going to strengthen its what we do with Cocoa Life and Cadbury. adding AI on top of the data that we get.
core purpose now. So, how do you speak And that’s a great example of how can So this will change – I think insights, and
about Cocoa Life, which is our chocolate you bring it in the consumer story, but at analytics in particular, is in a big revolution.
program, cocoa program, from an Oreo? the same time drive sales.
A Cadbury perspective will be very On the advertising side of things also, we
different on how you speak about Cote are now at Mondelez, we invest more than
D’or. So, we are trying really to understand 60% in advertising in digital media. That’s
how we connect our programs to the a totally different way to operate. We need
brand positioning and then really try to to be much more personalised. We need to
see how we can activate that to make our be much more part of the culture to really
programs aware. be part of the conversation. And so these
are very new ways of communicating, and
I think we’re doing a great job to learn how
to do that. And it’s exciting and that’s fun
and I think it’s enabling a lot of possibilities.

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R E S O U RC E S

172 — BRAND VALUATION

METHODOLOGY

176 — REPORTS & PUBLICATIONS

178 — ABOUT US

180 — OUR BRAND EXPERTS

186 — KANTAR BRANDZ TEAM

189 — CONTACT US
Resources

K ANTAR BR ANDZ BR AND

VALUATIO N METH O D O LO GY

INTRODUCTION Impor tance of brand Impor tance of

brand valuation
A Kantar BrandZ ranking of brand The Kantar BrandZ valuation methodology Brands embody a core promise of values Brand valuation is a metric that quantifies
valuations lists the brands making the can be uniquely distinguished from its and benefits consistently delivered. Brands the worth of these powerful but intangible
largest absolute dollar contribution to the competitors by the way we use consumer provide clarity and guidance for choices corporate assets. It enables brand owners,
total value of their respective parent viewpoints to assess brand equity, as made by companies, consumers, investors the investment community, and others to
companies, considering both current and we strongly believe that how consumers and other stakeholders. Brands provide evaluate and compare brands and make
future performance. perceive and feel about a brand determines the signposts we need to navigate the faster and better-informed decisions.
its success and failure. We conduct consumer and B2B landscapes.
This is the true value of brand building, and worldwide, ongoing, in-depth quantitative Brand valuation also enables marketing
we want to isolate and reward the brands consumer research, and build up a global At the heart of a brand’s value is its ability to professionals to quantify their
making the largest contributions to the picture of brands on a category-by- appeal to relevant customers and potential achievements in driving business growth
success of their parent companies. category and market-by-market basis. customers. Kantar BrandZ uniquely with brands, and to celebrate these
measures this appeal and validates it achievements in the boardroom.
A company may have huge overall Globally, our research covers 4.2 million against actual sales performance. Brands
business value, but the absolute dollar consumer interviews in 540 categories, that succeed in creating the greatest
contribution made by the relevant brand(s) and 21,000 different brands in 54 markets. attraction power are those that are:
that the company owns may not be a This intensive, in-market consumer
comparatively large figure – at least not a research differentiates the Kantar BrandZ Meaningful
Distinction of Kantar
large enough figure to qualify for the given methodology from competitors that rely In any category, these brands appeal BrandZ valuation
Kantar BrandZ ranking of brand values. only on a panel of ‘experts’, or purely on more, generate greater ‘love’ and meet the
financial and market desktop research. individual’s expectations and needs.
The brands that appear in this report are Kantar BrandZ is the only brand valuation
the most valuable brands in the world. Before reviewing the details of this Different tool that peels away all the financial
They were selected for inclusion in the methodology, consider these three These brands are unique in a positive way and other components of brand value
Kantar BrandZ Most Valuable Global Brands fundamental questions: why is brand and ‘set the trends’, staying ahead of the and gets to the core – how much brand
2023 report based on the unique and important; why is brand valuation curve for the benefit of the consumer. alone contributes to corporate value. This
objective Kantar BrandZ brand valuation important; and what makes Kantar BrandZ core, what we call Brand Contribution,
methodology that combines extensive and the definitive brand valuation tool? Salient differentiates Kantar BrandZ.
ongoing consumer insights with rigorous
They come spontaneously to mind as the
financial analysis.
brand of choice for key needs.

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VALUATIO N METH O D O LO GY

THE VALUATION PROCESS Par t 1 – Calculating Financial Value

Kantar BrandZ valuations isolate the value ELIGIBILITY CRITERIA STEP 1 STEP 2 STEP 3
generated by the strength of the brand Brands ranked in the Kantar BrandZ Top We begin with the brand’s parent Next, we need to determine the proportion of The final step is to consider the projected
alone in the minds of consumers i.e. with all 100 Most Valuable Global Brands 2023 company, which generates earnings from: these Intangible Earnings that are directly earnings of the brand in question, which
other elements removed. Report meet the below eligibility criteria: attributable to the brand we want to value. measures the brand’s ability to generate
1. Tangible assets – Assets with a physical earnings in the future and requires the
To achieve this, we calculate and combine • The brand is owned by an enterprise form, which include fixed assets To do this we take the Intangible Earnings addition of a final component – the Brand
two important elements: Financial Value listed on a credible stock exchange, or (e.g. buildings, machinery, land) and identified in Step 1 and apply the Attribution Multiple, which is also calculated from
and Brand Contribution its financial information is available in current assets (e.g. cash, inventory). Rate, which literally attributes a proportion financial data sourced from S&P Capital IQ.
the public domain of the parent company’s Intangible Earnings It’s similar to the calculation used by financial
1. Financial Value – The proportion of the 2. Intangible assets – Assets without to the brand we want to value. analysts to determine the market value of
total $ value of the parent company • Unicorn brands must have their most a physical form (e.g. patents, stocks (Example: 6X earnings or 12X earnings).
that can be attributed to the brand in recent valuation publicly available trademarks, brands). The Attribution Rate is determined by
question, considering both current and analysis of brand level financial information When we multiply the Branded Intangible
future performance. Example: ‘Volkswagen AG’ is a parent from the parent company’s published Earnings from Step 2 by the Brand Multiple,
company that generates earnings from financial reports and other credible sources, we reach the brand’s true Financial Value –
2. Brand Contribution – The proportion of tangible assets like its manufacturing plants such as data from Kantar. i.e. the proportion of the parent company’s
this Financial Value that is directly driven and equipment, as well as its intangible dollar value that can be attributed to the
by a brand’s equity. i.e. the ability of the assets – the brand names under which the Once the Attribution Rate is applied brand in question accounting for current
brand to deliver value to the company cars are sold – Volkswagen, Audi, SEAT, etc. to Intangible Earnings, we are left with and projected performance.
by predisposing consumers to choose Branded Intangible Earnings i.e. the
the brand over others or pay more for it, To determine the proportion of earnings proportion of the parent company’s x
based purely on perceptions. directly derived from the company’s Intangible Earnings that can be attributed 1 Intangible
intangible assets we begin with Corporate to the specific brand in question e.g. Corporate Ratio
Note: This does not include the proportion Earnings – sourced from S&P Capital IQ, this step would attribute a proportion of Earnings
of consumers who choose the brand for which represent the latest annual earnings Volkswagen AG’s Intangible Earnings to x
reasons other than this predisposition e.g. reported by the parent company. Then by Volkswagen, Audi, SEAT, etc. 2 Attribution
those attracted by price promotions, a using other financial data from the same FINANCIAL Intangible Rate
particularly prominent display, etc. Such sources, we calculate and apply a metric VALUE = Earnings
purchases are not due to the brand’s equity called the Intangible Ratio. x
and so are removed as part of the process. 3 Brand
Branded Multiple
By multiplying Corporate Earnings by the
Intangible Ratio, we are left with Intangible Intangible
Earnings, which represent earnings derived Earnings
from intangible assets.

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VALUATIO N METH O D O LO GY

Par t 2 – Determining Brand Contribution Par t 3 – Calculating

Brand Value

To arrive at the true value of the brand Using Kantar BrandZ’s unique survey-based Brand Value is the dollar amount that
(i.e. the asset in the minds of consumers) brand equity model (The Meaningfully the brand contributes to the overall
we need to quantify its strength relative Different Framework) we are able to business value of the parent company.
to competitors i.e. to isolate the Financial quantify a brand’s abilities in each of these Kantar BrandZ valuations isolate the value
Value that is directly driven by its Brand three areas relative to competitors, with a generated by the strength of the brand
Equity. This allows us to understand the survey-based measure: alone in the minds of the consumers i.e.
proportion of the Financial Value that is with all other elements removed. This is
explained by the brand alone and hence (i) Current demand = Power calculated as follows:
the total $ value of the brand itself.
A brand’s equity can impact consumer (ii) Price premium = Premium
behaviour and contribute value to a FINANCIAL
corporation in three ways: (iii) Future demand and price = Potential VALUE
BRAND
VALUE = X
1. Current demand – Based on the The first two of these measures contribute
BRAND
strength of its equity alone, a brand to the proportion of the company’s total CONTRIBUTION
can influence consumers to choose it value accounted for by the brand’s equity
over others in the present – generating alone – i.e. the Brand Contribution.
volume share. This is the final brand value figure that
appears in the valuation, and positions
2. Price premium – Based on the strength the brand within the ranking as one of the
of its equity alone, a brand can influence world’s strongest, most valuable brands.
consumers to be willing to pay more for
it over others – generating value share
and profit.

3. Future demand and price – Based on

the strength of its equity alone, a brand
can influence consumers to buy the brand
more in the future or to buy it for the
first time at the desired price – increasing
volume and value share in future.

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SHAPE YOUR
BRAND FUTURE

Kantar is the world’s leading marketing data and

analytics business and an indispensable brand partner
to the world’s top companies.

We combine the most meaningful attitudinal and

behavioural data with deep expertise and advanced
analytics to uncover how people think and act.

We help clients understand what has happened and why

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To find out more about Kantar, please visit:

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GOING GLO BAL?

WE WROTE THE BO O K. REP O RTS

Kantar BrandZ: • Kantar BrandZ

Most Valuable Global Brands
• Kantar BrandZ
Most Valuable Indonesian Brands
• Kantar BrandZ Insights
US Retail
• Kantar BrandZ Spotlight
Belgian Brands
The Ultimate Resource for Brand • Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Insights • Kantar BrandZ Spotlight
Knowledge and Insight Most Valuable Global Retail Brands Most Valuable Italian Brands US FMCG Canadian Brands
• Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Insights • Kantar BrandZ Spotlight
Most Valuable Australian Brands Most Valuable Latin American Brands US Banks Cuban Brands
Our Kantar BrandZ country reports contain unparalleled market
knowledge, insights, and thought leadership about the world’s most • Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Insights • Kantar BrandZ Spotlight
exciting markets. You’ll find, in one place, the wisdom of Kantar’s Most Valuable Brazilian Brands Most Valuable Mexican Brands US Business Solutions & Technology Emirati & Saudi Brands
brand-building experts from all regions, plus the unique consumer • Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Insights • Kantar BrandZ Spotlight
insights derived from our proprietary Kantar BrandZ database. Most Valuable Canadian Brands Most Valuable Japanese Brands US Media & Entertainment Indian Brands

If you’re planning to expand internationally, Kantar BrandZ country • Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Spotlight
reports are as essential as a passport. Most Valuable Chinese Brands Most Valuable South African Brands Mongolian Brands
• Kantar BrandZ • Kantar BrandZ • Kantar BrandZ Spotlight
Chinese Global Brand Builders in Most Valuable Southeast Asian Brands Myanmar Brands
association with Google
• Kantar BrandZ
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• Kantar BrandZ
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Saudi Brands • Kantar BrandZ
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• Kantar BrandZ
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• Kantar BrandZ
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K ANTAR

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We have a complete, unique and rounded understanding of how
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Resources

BR AND E XPERTS
WHO CONTRIBUTED IDE AS, RESE ARCH, THOUGHT LE ADERSHIP, AND INSIGHTS TO THE REPORT

Craig Armer Hannah Aver y Edvin B abic Jan-Marc B aeumler Manish Bhatia Hari BlanchB ennett Claire Blaxall James Brown
Director, Director, Head, Qualitative, Director, Germany, Kantar Chief Product Officer, Associate Director, Director, Executive Director,
Global Strategic Insight, Kantar Global Consumer Insight, Kantar Germany, Kantar Media, Kantar Creative Strategy, Kantar Digital Analytics, Kantar Australia, Kantar
Worldpanel, Kantar

Nicola Brown G onca Bubani Mike Campbell Rober t Campbell Rosalind Chaf fee Fergus Channell Winnie Cheng Allie Conrad
Vice President, Director, Vice President, Strategic Client Partner, Director, Client Leadership, Senior Advanced Analytics Executive, Senior Commercial Strategy Director, Client Partner,
Operations (Global Accounts), Kantar Global Media, Kantar Client Leadership, Kantar Kantar Specialist Solutions, Creative, Kantar UK & Ireland, Analytics Division, Kantar UK, Kantar Media and Entertainment,
Insights Division, Kantar

Siobhan Rachel D alton Brian D angers Maria D armi Subhashish D asgupta Satish D ave Jake D ubuque Julia Fine
Counihan-McG ee Head, Retail Insights, Kantar Vice President, Insights, Director Commercial Excellence & Senior Vice President & Office Lead, Executive Director, Managing Partner, Consulting, Consumer Insight Director –
Greater Seattle Area, Kantar Client Lead - Central & Southern Europe, San Francisco, Kantar Customer Experience, Kantar Boston, Kantar Health & Beauty, Worldpanel Division,
Senior Strategic Director,
Kantar Kantar
New Jersey, Kantar

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Resources

BR AND E XPERTS
WHO CONTRIBUTED IDE AS, RESE ARCH, THOUGHT LE ADERSHIP, AND INSIGHTS TO THE REPORT

Shailley Firdous Patricia Flores D avid Friedman Myles G eorge Marc Glovsk y Christopher Gomez Lorraine Gyampoh Jonathan Hall
Group Account Director, Kantar Deputy Lead, Brand Guidance, Senior Vice President, Director, Client Leader, Google, Vice President, Client Leadership, Kantar Senior Advanced Analytics Executive, Senior Partner &
Media & Creative, Kantar Client Leadership, Greater Seattle Area, Product Developement, Kantar North America, Kantar Kantar Head of Sustainability Practice, Kantar
Kantar

Jack Hamlin Susan Hassett Francoise Hernaez D avid Hluska Rob Huijboom Vik tor Ikawa Thor Johnson Nicole Jones
Director, Global Consumer Insight, Client Partner, New York, Kantar Consulting Director, Luxury, Senior Vice President, Client Leadership, Global Head, Head of Telecom Practice, MEA, Kantar Client Partner, LA, Kantar Vice President, Growth and Strategy,
Worldpanel, Kantar France, Kantar North America, Kantar Customer Experience, Kantar Media Effectiveness, North America,
Kantar

Sarah King Mike Kneische Brian Kushnir James Larkin D eborah Lawson Claudia Lechler Alison Lee Tom Lees
Senior Partner, Sustainable Senior Vice President, Finance, Kantar Global Client Director, LA, Kantar Client Director, UK, Kantar Director, Business Development, Kantar Associate Director, Vice President, Client Partner, Brand Strategy Consultant, Kantar
Tranformation Practice, Kantar Brand Guidance, Kantar Financial Services/Telecom, Kantar

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Resources

BR AND E XPERTS
WHO CONTRIBUTED IDE AS, RESE ARCH, THOUGHT LE ADERSHIP, AND INSIGHTS TO THE REPORT

Brian Lo Cicerlo Joanne Marr Margaret McKellar Rosi McMurray Isabelle Merillou Milda Mileviciute Paru Minocha Valentina Miradoli
Vice President, Operations, Global Commercial Business Partner, Head of Brand Strategy, Innovation & CX, Consultant/Planner, Managing Director, Belgium, Kantar Consultant, Unilever, UK&I PDC Senior Director, Associate Director,
Global Accounts, Kantar Kantar Insights Canada, Kantar Financial Services, Kantar Global Planner and Account Director, Qualitative, India, Kantar Business Development, Kantar
Kantar

Yasmin Moeladi Dr Nicki Morley Silke Mous Soumen Mukherjee Niels Neudecker Jack Nicholas D aniel Nudel Jane Ostler
Consultant, Kantar Head of Behavioural Science and Innovation Director, Kantar Consulting, Partner, Consulting, Lead, Brand Solutions, Kantar Senior Consultant, Sutton, Kantar Vice President, Client Leadership, EVP, Global Thought Leadership,
Expertise, UK Insights Innovation Expert, Netherlands, Kantar North America, Kantar California, Kantar Insights Division, Kantar
Kantar, Sustainable Tranformation
Practices, Kantar

, Kantar

William O u Anand Parameswaran D an Parkes Ricardo Perez D ave Phillips Cristoph Prox Simran Rainu Aruna Rajaram
Managing Director, Guangzhou, Kantar Executive Director & Co Lead Director, Business Development, Kantar Domain Lead, Brand Guidance, Kantar Global Account Director, Managing Director, Brand Valuation Assistant Manager, Research Director, Quant, Kantar
(Insights West), Kantar Pennsylvania, Kantar Germany, Kantar Kantar

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Resources

BR AND E XPERTS
WHO CONTRIBUTED IDE AS, RESE ARCH, THOUGHT LE ADERSHIP, AND INSIGHTS TO THE REPORT

Praveen Ramachandra Shobana Ramchandran G aelle Remer y Julie Reynolds Marie Ridgley Matteo Roccio Stina van Rooyen Rahul Sachdev
Head, Quantitative, Global Client Director, Director, Digital Analytics, Kantar Global Client Leader, Kantar Global Planner and Account Director, Client Partner, Italy, Kantar Head of Brand, South Africa, Kantar Senior Analyst, Valuations,
South India, Kantar Netherlands, Kantar Kantar Kantar BrandZ

D avid Sampson Nicole Sangari Michael Saunders Andrew Saxton Joe Scar fi Stefan Schaller Lisa Schenk Lauren Shunmugam
Business Development Director, Kantar Executive Vice President, US, Kantar Business Unit Director, Director, Strategic Insight, Senior Vice President, Client Partner, Senior Client Director, Munich, Kantar Associate Director, Customer Success, Associate Account Director,
Grocery Retail, Kantar Worldpanel, Kantar North America, Kantar Germany, Kantar South Africa, Kantar

Amanjit Singh Amar Singh Jonathan Sinton Andrew Skerratt J Walker Smith Traci Smith Nick Snowdon Monica Stanciu
Senior Director, Marketing, Senior Director, Consulting, Kantar Head, Sustainability Practice & Director, Global Consumer Insight, Knowledge Lead, Consulting, Kantar Senior Vice President, Client Partner, Senior Client Lead, UK, Kantar Account Director,
South Asia, Kantar Senior Partner, Kantar UK, Kantar North America, Kantar Media Domain Lead, Romania, Kantar

183
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BR AND E XPERTS
WHO CONTRIBUTED IDE AS, RESE ARCH, THOUGHT LE ADERSHIP, AND INSIGHTS TO THE REPORT

D irk Stef fen G era Sulinska D oreen Szeto Stefan Tang Sally Timcke Glen Tooke Ambica Tyagi Tereze Userovska
Global Client Leader, Germany, Kantar Global Client Leader, Kantar Vice President, Global Monitor, Kantar Chief Commercial Officer, Associate Account Director, Head, Investment, Worldpanel, Senior Analyst, Valuations, Innovation Client Manager, Kantar
Greater China, Kantar South Africa, Kantar Kantar Kantar BrandZ, Kantar

Mark Visser D aria Volchenko Lesley van der Walt Lexi Wendt Stuar t Wilkinson Jamie Williams Serene Wilson Serene Wong
Managing Partner, Consulting, Head, Behavioural Science Innovation, Client Service Director, Senior Director, Client Services, International Digital Business Senior Director, Product & Solutions, Global Insights Lead, Dx Analytics, Global Client Leader, Chief Client Officer,
Amsterdam, Kantar Kantar South Africa, Kantar Kantar Development Director, Kantar Kantar Kantar Europe, Kantar

Allyson Wuensch Han Ye Jason Yu

Vice President, Client Management, Lead Partner, Client Services, Managing Director,
CT, Kantar China, Kantar Greater China, Kantar

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KANTAR’S WORLDPANEL
CONSUMER PANELS HELP
BRANDS FIND THE SHOPPERS
THEY NEED TO GROW
Get the most detailed picture of consumers’
purchasing habits and usage occasions by
monitoring what they buy – and where, when,
how often, at what price, and why they buy it.

Track changes in behaviour to accurately predict how they might evolve

in the future and how best to spend your marketing budget.

Discover which retailers, people, occasions, categories, and trends will

generate sustainable growth for the future.

Build a plan to grow categories and brands in every retail environment,

making the most of traditional and emerging retail channels.

Worldpanel tracks 750,000 shoppers who provide us with invaluable

information on their households:
• We measure all FMCG categories and +125,000 brands in 69 countries –
19 through partnerships
• We track every purchase, in every store, at any time, and on a continuous basis
• We cover all channels and retailers from modern to traditional and
emerging, including ecommerce and out-of-home
• We use a cutting-edge online platform to access data 24/7 and run live analytics

Find out more at

kantar.com/consumerpanels
Resources

THE K ANTAR BR ANDZ GLO BAL TE AM

These individuals created the report,

providing research, valuations, analysis and
insight, editorial, photography, production,
design, marketing, and communications.
Nikhil Banga Amandine Bavent Halina Bromberg
With special thanks and appreciation to:
Nikhil Banga is a Valuations Director Amandine is the Head of Valuations Halina is the Marketing Director in
for Kantar BrandZ. He looks after for Kantar BrandZ. She leads the brand Kantar BrandZ’s Insights Division. She is
Richard Ballard, Will Bordelon, Mark Breen, Chuck Brinker,
brand valuation and other adhoc valuation practice globally, is responsible responsible for PR, events, and digital
Gonzalo Fuentes, Ed Gemmell, Jackie Greig, May Han,
valuation projects in Kantar BrandZ for the valuations-based rankings, and marketing across external campaigns.
Carol Horsley, Chris Jansen, Martin Jones, Wayne Levings,
for various markets. support brands to understand the levers
Paul Martindale, Kate Mayer, Alexia Mitchell, Ted Prince,
of value creation.
Krupa Samani, Kate Scott-Dawkins, Josh Smith, Ashruti Singh,
Doreen Wang, Revolution Creative, and We Are Family

This project would not have been possible

without the amazing suppor t of:

Aaliah Alizadeh, Jon Andoni, Sallie Barnes, Pooja Chennamola,

Deepak Chhabra, Priyanka Davra, Anne Earles, David Edden,
Tom Gaut, Ana Ingles, Arran Merriman, Olga Moreno, Andres
Oliver, Imogen Sapstead, Rahul Sachdev, Akshat Srivastava,
Judit Stöckl, Ambica Tyagi, Amanda Zeng, and The DP and Mar tin Guerrieria Meghna Gupta Aayushi Jain
TaSc team in the Pune and Hyderabad GDC hubs

Martin is the Head of Kantar BrandZ, Meghna is a Project / Marketing Aayushi is the Junior Editor for Kantar
leading strategy and direction. He Executive for Kantar BrandZ. She assists BrandZ. She is responsible for editing
oversees the analysis, thought leadership, in the production and marketing for all and proofreading across all Kantar
Photography: and scope of all reports to ensure they Kantar BrandZ reports. BrandZ reports and publications.
deliver the best possible brand building
insights for all Kantar clients. He is also
Kantar Central Creative Team and Getty Images Kantar BrandZ’s lead media spokesperson.

186
Resources

THE K ANTAR BR ANDZ GLO BAL TE AM

Jenny Peters Simran Rainu Lauren Rosenberg Rakesh Sharma Graham Staplehurst

Jenny is a manager in the global Kantar Simran Rainu is an Assistant Manager Lauren is the Senior Marketing Rakesh Sharma is a Valuations Manager Graham is the Director for Kantar
BrandZ team. She is involved in the for Kantar BrandZ. She looks after Executive in Kantar BrandZ’s Insights for Kantar BrandZ. He looks after brand BrandZ thought leadership. He has
consumer research component of Kantar brand valuation projects in Kantar Division. She is responsible for digital valuation and other adhoc valuation over 30 years’ research experience
BrandZ and is responsible for delivering BrandZ for various markets. channels and internal communications projects for various markets. in Kantar, specialising in brand and
insights in publications and tools. across campaigns. communications strategy.

Raam Tarat Hiten Thaker Ellie Thorpe David Charles Walter

Raam is the Global Projects Director for Hiten is a creative and design director Ellie is a director in the Kantar BrandZ D.C. Walter is a writer, journalist, and
Kantar BrandZ. He led the production of with over 25 years of advertising and global team, responsible for developing editor based in New York, and oversaw
the Kantar BrandZ Most Valuable Global publishing experience. He works with analysis and thought leadership to the insights discussions, writing, and
Brands 2023 report, as well as marketing globally recognised brands and has deliver compelling insights for Kantar editing of the Kantar BrandZ Most
communications for other projects. designed Kantar BrandZ reports for the BrandZ reports and publications. Valuable Global Brands 2023 report.
past four years.

187
FUTURE PROOF: THE
CONVERSATIONS SHAPING
THE FUTURE OF BRANDS

Kantar’s Future Proof brings you frank

discussions designed to help brands
and business leaders navigate the
ever-changing landscape of marketing.
Marketing is always changing, so how do you keep up? With Kantar’s Future
Proof podcast you can hear the industry’s best thinkers and most inspirational
leaders share their experiences and inspirations.

Each 25-minute episode addresses a specific marketing challenge around

key themes as creative effectiveness, marketing performance, brand growth
or innovation.

Whether you need to know if social influencers are worth the effort, how
insights organisations should be structured, or why representation matters
to brands, you’ll find the answers on Future Proof.

You can also tune into Sustainable Futures, a fortnightly look at the most
pressing sustainability issues facing business and marketing. It’s 30 minutes
of insights that will help you build the brands of the future.

Tune in and learn more.

Listen to the Listen to the

Future Proof Sustainability
podcast here: Futures podcast
here:
Resources

K ANTAR BR ANDZ
CO NTACT DETAIL S

The brand valuations in the Kantar BrandZ Most Valuable Global

Brands 2023 report are produced using the latest market data from
Kantar, along with S&P Capital IQ.

The consumer viewpoint is derived from the Kantar BrandZ database.

Established in 1998 and constantly updated, this database of brand
analytics and equity is the world’s largest, containing 4.2 million
consumer interviews, and 21,000 brands in over 54 markets.

For further information on Kantar BrandZ products and services,

please contact:

Mar tin Guerrieria Nikhil Banga

Head of Kantar Kantar BrandZ
BrandZ Valuations Direc tor
+44 (0) 207 126 5073 +0124 464 9463
[email protected] [email protected]

You can also find out more on the offer at: www.kantar.com/brandz

189
 Author: David Walter
Producer: Raam Tarat
Designer: Hiten Thaker

kantar.com/brandz