A new report from Brand Finance reveals NRMA Insurance has become Australia’s second strongest brand, with its brand value up 91% to AU$2 billion. The insurer has been described as one of the fastest growing brands in the rankings this year.
The Brand Finance Australia 100 2024 showcases 100 top-performing brands in Australia. For this year, the report shows the total value of Australia’s top 100 brands has climbed 2.5%, reaching US$199 billion following notable increases seen in the brand value of 60 brands. Conversely, 36 brands have seen declines in brand value, while four others became new entrants to the rankings.
“This year’s Australia 100 highlights the important role of strong brands during challenging economic times in growing or minimising loss of value and mitigating reputational risk while providing reassurance to consumers confronted by cost-of-living pressures,” said Mark Crowe, managing director of Brand Finance Australia.
Bunnings (brand value up 20% to AU$6.5 billion) is Australia’s strongest brand for a third year, with a Brand Strength Index score of 88.2 out of 100. According to the report, the brand demonstrated growth both in consumer and commercial segments across all regions. NRMA Insurance comes second, jumping seven spots and displacing Woolworths, which falls one position to third strongest. Telstra remains the fourth strongest brand.
Four brands maintained their positions in the most valuable brand rankings despite posting declines in brand value. Woolworths defended its most valuable brand crown despite a 5% decline in brand value to US$15.4 billion, according to the report. Telstra and Commonwealth Bank came second and third despite decreases in brand value by 1% (to AU$13 billion) and 7% (to AU$10.6 billion), respectively. Coles maintained its position as the fourth most valuable brand even with a 9% decrease in brand value to AU$9.8 billion.
The retail sector remains as the most valuable sector in the rankings, undeterred by the challenges it faced in 2023 due to inflation, with an aggregate brand value of US$46.5 billion or 23% of the total value of Australia’s top 100 brands.
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