CommBank claims the title of most valuable Australian brand: Kantar
CommBank (Commonwealth Bank of Australia) has topped the 2023 Kantar BrandZ ranking, claiming the title of the most valuable brand in Australia with a brand worth of US$21.6 billion (A$32.3 billion).
Collectively, the top 40 Australian brands are worth US$125 billion (A$187 billion), and CommBank accounts for almost 17% of that value.
The figures were based on the opinions of more than 45,500 respondents about 965 unique brands across 74 categories.
Following CommBank in second place was Canva, which was worth US$16.1 billion (A$24 billion).
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In another ranking by Brand Finance Australia, supermarket chain Woolworths was the most valuable brand in Australia. However, it sat at the third spot on the BrandZ list.
Category-wise, retail is the second most dominant one with ten brands in the top 40 worth over US$30 billion (A$44.8 billion) in brand value.
There were both new and established brands in the top 40, including Australia Post at 19th (US$1.4 billion or A$2 billion), Afterpay at 20th (US1.2 billion or A$1.7 billion) and Great Northern at 39th (US$368 million or A$549 million).
Head of brand strategy, Kantar Australia, Ryan France explained: “We know from Kantar’s Finding Financial Freedom research that CommBank has done well by investing in capturing customers who are entering the banking category for the first time.
“Building on its work appealing to first- and second-generation migrants to Australia, CommBank has recently been advertising at Australian international airports with the tagline, ‘Meet the bank more new arrivals to Australia choose’.
“With Australia’s birth rate below replacement rate, migration is the clearest source of population growth and, therefore, market expansion.”
On Canva, he said: “Canva continues to focus on the product, but also on communicating what makes it different and establishing relevance to a wider audience.
“Canva has been working on exactly that, growing salience by showing how it can be used by consumers with a broad range of needs.
“The brand Canva can probably learn best from, though, is Canva. In Brazil, the brand has already grown its meaningful salience and is fast closing in on the market leader as a result.”
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Darcy Song was a reporter at Mumbrella, covering media owners, adtech and social platforms. She left in October 2023.
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