Retail is Australia's most valuable sector in Brand Finance’s Australia 2024 rankings for the third year running.
The retail sector, severely affected by inflation in 2023, is also the biggest advertising spender. The category accounts for about 30% total ad market share each year. Based on SMI data in 2022, retailers spent around $3 billion on advertising, compared to total brand advertising of $10 billion.
Brand Finance’s rankings for 2024 give retail an aggregate brand value of $46.5 billion, which accounts for 23% of the total value of Australia’s top 100 brands.
"While the Australian economy managed to avoid a recession in 2023, the retail sector faced other challenges," says Mark Crowe, managing director, Brand Finance Australia.
"For instance, real retail spending experienced a decline for three consecutive quarters due to consumers tightening their
discretionary purchases amid rising living costs. This impacted brands such as Woolworths, Coles and Bunnings."
The total value of Australia’s top 100 brands has risen by 2.5% to $199 billion,
Woolworths, valued at $15.4 billion, defended its most valuable brand crown despite a 5% brand value decline:
Bunnings, with brand value up 20% to $6.5 billion, is Australia’s strongest brand for three years in a row:
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