According to Interbrand's 'Best Global Brands Report 2023', brands grew by 5.7% in value during the year, compared to 16% in 2022.
Apple retained its top spot on the rankings for the 11th consecutive year, growing by 4% to a value of USD 502,680 million (more than half a trillion).
Microsoft, Amazon, Google and Samsung completed the top five.
The strongest performing sectors for the year are automotive and luxury, growing 9% and 6.5% respectively.
The data from the report suggested that companies that operate across multiple sectors continue to dominate the top of the table – making up 50% of the total value.
Airbnb, ranked at number 46, was the fastest riser in value, as it grew by 21.8%.
The rate of growth in the overall brand value of the table slowed sharply after last year’s increase – rising 5.7% this year compared to last year’s 16% increase, taking the total brand value to $3.3 trillion ($3.1 trillion in 2022).
According to Interbrand, the growth dipped this year because of a lack of growth mindset, weaker brand leadership and poor forecasting.
Gonzalo Brujó, global CEO, Interbrand, said, “After a few years of strong brand growth, we have entered a period of stagnation, with this year’s table showing moderate growth in overall brand value among the world’s biggest brands. Businesses which have witnessed a rise in brand value, including Airbnb (#46), Lego (#59) and Nike (#9) have all transcended their established category norms and play a more significant and meaningful role in society and consumer’s lives. As we continue to navigate economic and environmental headwinds, there is a need for improved business cases and better brand management to drive future investment and sustain growth within traditional sectors and beyond. Those who can successfully leverage their brand into new consumer pools of potential will reap the rewards of strong brand growth.”
Manfredi Ricca, global chief strategy officer, Interbrand, added, “A brand like Apple can no longer be ascribed to a sector. It competes across different Arenas, helping its customers connect (the iPhone), but also thrive (the latest Apple watch was positioned as a health device), Fund (its new savings account drew nearly $1 billion in deposits in the first four days), and much more. Apple’s move across Arenas has enabled it to hold the BGB top spot for the 11th year, having overtaken Coca Cola in 2013.”
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