Vodafone has been named the UK’s most valuable brand for the fifth year in a row, according to a report from Kantar.
The ‘BrandZ Most Valuable UK Brands 2022’ study found that the mobile network’s addition of 149,000 new mobile contract customers in the UK this year placed them above the likes of HSBC and Shell in terms of value.
Vodafone’s overall performance was also boosted by increasing digital sales which now make up one-third of its UK business.
Collectively, the UK’s leading 75 brands are now worth $282.9 billion (£252.9 billion), up by 1% year on year.
Barclays also entered the top 10 most valuable brands in the UK as it increased its brand value by 6% since last year.
In spite of this overall growth, the data analytics company’s analysis has shown that there are some signs of ‘stagnation’ for UK brands. Globally, the 100 most valuable brands increased by 23% in 2022, suggesting that UK brands are falling behind in the face of challenging market conditions.
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“Last year UK brands were recovering from the impact of Covid-19, but that bounce back is now stuttering as inflation takes hold,” Kantar Insights UK managing director, Dom Boyd, said.
“During times of heightened uncertainty like we have now, building your brand is vital to protect and enhance customer growth. We need to see marketing teams manoeuvring to increase value and market share. This is definitely not the time for businesses to be hunkering down or pulling back from campaigns.”
Boyd has said that marketers should be “championing” the powerful role branding has to play in pricing strategy.
“Businesses often think that inflation means a race to the bottom, but we know that what matters to consumers when inflation bites is not lowest price, but which brand offers best value. Kantar data shows even price conscious consumers pay 14% more for brands that they think are worth it.”
