Tech giant Apple has pushed Amazon off the top spot to be the most valuable global brand, ranking higher than Google.
Apple is set to become the first trillion-dollar brand, with a brand value of $947.1bn with plans to enter into the Buy Now Pay Later arena.
Google shot up the rankings to second place, having increased its brand value 79 per cent to $819.6bn.
Apple’s significance to consumers derives from its ability to create a point of difference between other brands, Martin Guerrieria, head of Kantar BrandZ told CityA.M.
“You will never see an Apple product on sale,” he said, with the tech titan fiercely defending their premium point of sale.
Electric car maker Tesla has shot up the ranking, from 29 to 47 after a sales growth of the vehicles more than doubling in 2021.
Louis Vuitton has become the first luxury brand to make it into the global top 10, at number 10, with a growth of 64 per cent in brand value this year. The designer fashion house has seen particular growth in China and is the first European brand to reach the global top 10 since 2010.
On future retail trends, Kantar’s Global Brandz manager Ellie Thorpe, said the prospect of buying luxury items in the Metaverse was “one to watch.”
However, Guerrieri cautioned brands about jumping onto the Metaverse bandwagon for the sake of it while adding it would be important long term for brands to consider as part of their strategy. “There’s two sides to it,” he said.
“Strong brand affinity underpins a customer’s willingness to pay and has never been more important for organisations looking to offset spiking inflation,” Guerrieri added.
He said: “This year’s results show us the value of continued investment in brand and marketing capabilities, as a means of maximising business returns, irrespective of market conditions.
Chinese brands are also making a mark, despite supply chain issues due to Covid lockdown restrictions in recent months. Tencent placed at five globally while Alibaba at nine.