World Brand Lab Releases '2024 World's 500 Most Influential Brands'

NEW YORK, December 12, 2024 (Newswire.com) - The 21st edition of the list of the World's 500 Most Influential Brands, exclusively compiled by World Brand Lab, was unveiled on December 12 in New York, US. Apple, which ranked second last year, surpassed Microsoft to take the top spot. Microsoft moved to second place, while Amazon ranked third. The United States dominated the list with 187 entries, maintaining its position as the leading brand powerhouse. China, with 50 entries, surpassed Japan's 42, firmly securing the third position. Outstanding Chinese brands included State Grid, Tencent, Haier, China Resources, China Life, Wuliangye, China Southern Power Grid, Poly, Air China, China Huadian, Tsingtao, Sinochem, Beidahuang, Changhong, Hengli, Tongwei, XCMG, Shenghong, and Bosideng.

The World's 500 Most Influential Brands is judged on the basis of a brand's global influence. Brand influence refers to a brand's ability to develop and capture markets and make profits. Based on three key indicators of brand influence, namely market share, brand loyalty and global leadership, World Brand Lab tracked more than 8,000 leading brands around the globe to pioneer the World's 500 Most Influential Brands list. For assessing brand loyalty, data from iTrust Rating were referenced, and when gauging brand leadership, particularly ESG performance, SuperFinance's ESG database was consulted.

Dr. Steve Woolgar, Chairman of the World Brand Lab academic committee and Emeritus Professor of Marketing at the University of Oxford, noted that the World Brand Lab has been compiling the analysis report for 21 years. In 2024, a total of 32 countries are represented on the list. The United States dominates with 187 brands, maintaining its position as the world's leading brand powerhouse by a significant margin. France, China, Japan, and the United Kingdom form the second tier of brand powerhouses. Germany, Switzerland, and Italy form the third tier. Despite geopolitical conflicts and slow economic recovery, Europe's superbrands remain resilient, though the weakened global economy and rising tensions make growth increasingly challenging.

The empirical research conducted by the joint team of World Brand Lab and SuperFinance reveals that multinational brands are increasingly feeling the pressures associated with globalization. To adapt, brand expansion strategies need to shift towards diversified localization, with improving ESG performance emerging as a key pathway, given its increasing correlation with brand value. The 2024 list spans 49 industries. Among them, the Food and Beverage sector leads with 33 brands, ranking first. The Automobiles sector follows closely with 32 brands in second place. As the age of artificial intelligence advances, AI-related technology brands are poised for exponential growth. However, industries such as dining, media, luxury goods, textiles & apparel, and traditional automobile manufacturing are experiencing an overall decline in rankings.

This year's list features a total of 21 new brands. Among them, the highest-ranking newcomer is MINMETALS, positioned at 190th. As one of China's largest metal and mineral enterprises, MINMETALS holds a significant position in the domestic market and is actively expanding its global footprint. Other notable new entrants include India's Reliance Industries, South Korea's Coupang, and the US-based ServiceNow. China contributed four new entries: MINMETALS, Hengtong, Jiangxi Copper, and GCL. On the other hand, several brands dropped out of the rankings in 2024. These include companies facing significant losses, product recalls, or declining stock prices, such as Sweden's Electrolux and Japan's Sharp. Other brands, like France's Finatis and the US's Ogilvy, failed to meet expectations or underperformed, leading to their exclusion from the list.

The average age of the brands listed is 99.06 years, slightly up from 98.57 last year. Among them, 225 "century-old brands" account for over 40% of the list. France's Saint-Gobain, with a history of 359 years, is the oldest brand, followed by Aviva and Moutai, both exceeding 300 years. Of China's 50 entries, only five-Moutai, Tsingtao, Wuliangye, Bank of China, and AIA-are over a century old. By industry, the Food & Beverage sector stands out as the oldest, with 29 out of 33 brands surpassing the 100-year mark.

The topic of this year's World Executive Summit is "The Globalization of Brands: Navigating Technological Revolutions, Cultural Conflicts, and Geopolitical Competition." Dr. John Deighton, Emeritus Professor of Business Administration at Harvard Business School, indicated that 'code as control' refers to the way in which corporate strategy and public policy will be embedded in code, manifested as digital rules. In today's environment of heightened geopolitical tensions, brands can leverage technological innovation to gain a competitive edge. By understanding geopolitical risks, embracing advanced technologies, building strategic alliances, and fostering innovation through investment, brands can effectively navigate the complexities of global geopolitical competition. These strategies will not only enhance their operational resilience but also strengthen their brand presence in the international market.

Digital twins in supply chain processes play a crucial role in shaping global branding by enhancing operational efficiency, responsiveness, transparency, and resilience. Dr. Maria Jesus Saenz, the Director of the Digital Supply Chain Transformation Lab at MIT, argued that the opportunities presented by the implementation of digital twins in supply chain processes are tremendous, especially when they expand end-to-end. A new study by the World Brand Lab found that as companies leverage digital twins, they not only optimize their supply chains but also strengthen their brand presence in the global market. In particular, global brands that can demonstrate ethical sourcing and sustainability practices through their digital twin models can enhance their brand image and appeal to socially conscious consumers.

In an era defined by greater geopolitical tensions, technological revolutions, and intensified competition, global brands face unprecedented challenges. Dr. Ziv Carmon, Chaired Professor at INSEAD, examines behavioral economics, real-world examples, and applications of AI, illustrating how customer-centric practices drive value creation, build resilience, and sustain competitive advantage. Executives must explore select strategies that brands can adopt to enhance desirability, foster innovation, and respond to emerging pressures. Additionally, by utilizing powerful emotive stories, transitioning from selling products or services to selling solutions, and leveraging friction to improve user experiences, global brands can create seamless, culturally attuned interactions that resonate with diverse audiences.

How can Asian brands demonstrate extraordinary resilience and adaptability in the face of technological revolutions and geopolitical competition? Dr. Sara Kim, Professor of Marketing at the University of Hong Kong Business School, who participated in the Summit, contends that there are several key strategies these brands employ to thrive in a complex global landscape: understanding geopolitical dynamics, fostering a culture of innovation, leveraging cultural insights, embracing digital innovation, and developing local strategies.

Dr. Haisen Ding, CEO of the World Executive Group and the World Brand Lab, emphasizes that global brands can succeed in geopolitical competition by leveraging competitive advantages, navigating geopolitical landscapes, expanding influence in emerging markets, prioritizing innovation, and forming strategic partnerships. The year-end report from the World Brand Lab indicates that global brands in 2025 will face challenges such as economic uncertainty, geopolitical tensions, digital transformation, sustainability, and supply chain disruptions. Since 2003, the World Brand Lab has meticulously monitored over 80,000 major brands in 60 countries. Initially chaired by Professor Robert Mundell, the 1999 Nobel laureate in Economics, this premier brand consulting firm is now wholly owned by the World Executive Group.

Source: World Brand Lab