Amazon has surged past tech rivals Apple and Google to be crowned the world’s most valuable brand.
The e-commerce giant jumped in brand value by 52 per cent over the last year to reach $315.5bn (£405.9bn), according to the latest figures from WPP and Kantar.
It is the first time in 12 years that one of Apple and Google has not held the number one spot.
Amazon’s ability to offer a diverse range of products and services, combined with its customer service, was key to its success, according to the annual BrandZ report.
Microsoft and Visa both enjoyed significant growth in brand value, taking fourth and fifth place respectively in this year’s rankings.
BrandZ Top 100 Most Valuable Global Brand 2019
|Rank||Brand||Category||Brand value ($bn)||Brand value change (%)||Rank 2018|
But it was a tough year for social media platforms, as a decline in trust and controversies over data privacy took their toll.
Only Instagram managed to buck the trend, climbing 47 places with a massive 95 per cent growth to finish in 44th place.
Netflix and Uber, which recently completed a $82bn initial public offering, were also among the top risers, reflecting the boom in tech-driven businesses.
“These brands are responding best to a volatile world in which they must continually anticipate, and re-set, evolving consumer needs and expectations,” said Graham Staplehurst, Kantar’s global strategy director for BrandZ.
“Brands are now less anchored to specific categories; technology allows them to innovate and disrupt by moving across old boundaries.”
Three UK brands – Vodafone, HSBC and Shell – made into the top 100 this year, while Asia continued to increase its presence in the rankings.
Overall, luxury was the fastest-growing category, marking the ongoing rise in consumer demand for lifestyle and welfare products.