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Monday, July 22, 2024

Amazon overtakes Apple as world’s most valuable brand despite losing $51bln


 Amazon has reclaimed top spot as the world’s most valuable brand despite losing $51 billion this year, or 15% of its value, according to the annual Brand Finance Global 500 ranking.

The retail company’s value went down to $299.3 billion from $350.3 billion over the past year, with its rating falling from AAA+ to AAA as consumers evaluate it more harshly in the post-pandemic world, the leading brand valuation consultancy said.

Brand Finance’s research has found that consumers are less satisfied with Amazon’s customer service and less likely to recommend it to others after delivery times lengthened. They are also buying more offline following the lifting of COVID-19 restrictions.

“Despite its fall in value this year, Amazon’s brand is still up 36% in value since the beginning of the COVID-19 pandemic, as the Amazon brand has grown to become a dominant player across many different sectors of the economy,” the report read.

Apple has seen its value shrink 16% this year to $297.5 billion from $355.1 billion. It reflects a fall in forecast revenue stemming from the limits that a disrupted goods supply chain and a constrained labor market are expected to put on its big-selling hardware products.

Other tech brands in the value ranking also tended to lose value, with Samsung being down 7% to $99.7 billion and Alibaba 56% to $10.0 billion,

Electric car makers were some of the big winner. Tesla’s brand value was up 44% to $66.2 billion, while BYD increased its worth 57% to $10.1 billion on the back of growing demand for electric cars spurred by a global transition a to low-carbon economy.

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