According to a new report from Brand Finance, the world’s leading brand valuation consultancy, Commonwealth Bank has overtaken Woolworths to become Australia’s most valuable brand. The bank experienced exceptional 48% growth in brand value, reaching AUD15.7 billion, driven by strong financial performance, digital innovation, and a robust commitment to sustainability, including a pledge to cease financing companies that fail to comply with the Paris climate agreement.
Mixed fortunes for retail and airlines
The retail sector witnessed mixed results. While Woolworths (down 17% to AUD12.7 billion) and Coles (down 14% to AUD8.4 billion) faced declining brand values amidst reputational challenges, despite maintaining market dominance. Kmart achieved 66% growth in brand value to AUD3.2 billion, fueled by the success of its private label, Anko, and international expansion.
Similarly, in the airline sector, Jetstar’s focus on budget-conscious travelers saw its brand value double to AUD1.1 billion, outperforming parent company Qantas.
Tooheys emerges as Australia’s fastest-growing brand
Tooheys, the iconic Australian beer brand, achieved the fastest growth, doubling its brand value to AUD452 million. This success can be attributed to innovative low- and no-alcohol offerings and eco-friendly packaging initiatives, effectively appealing to health-conscious and environmentally aware consumers.
Adaptability is key
Mark Crowe, Brand Finance Australia Managing Director, emphasized: “Successful brands exemplify resilience and innovation, while providing assurance for consumers, proving that adaptability is crucial for navigating today’s economy and securing sustainable future growth.”