Bunnings has taken the crown for being Australia’s strongest brand while Woolworths has kept its position as being the most valuable.
The report said Bunnings remained top of mind for Australian consumers by continuing to provide essential household and trade goods as well as spurring the country’s vaccination program by setting up pop-up vaccination clinics in remote areas.
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“Bunnings’ efforts in responding to residential and trade demand along with aiding the vaccination rollout has not gone unnoticed by consumers, who ranked the retailer particularly highly in terms of quality, innovation, value for money, loyalty and customer service,” Brand Finance Australia managing director Mark Crowe said.
According to the report, the top three favoured Aussie brands are:
Woolies’ competitor Coles came in at fourth place on the list.
“The Australian retail sector has moved from strength to strength during the pandemic, overtaking the once-dominating banking industry to become the nation’s most valuable,” Crowe said.
“While leading Australian brands such as Woolworths, Coles, Bunnings, and Officeworks have thrived, the sector will need to continue to innovate and keep up with new trends to continue on this positive trajectory in a post-pandemic society.”
The big banks did not fare as well, with the report pointing to the fact that traditional banking brands were being increasingly challenged by smaller emerging brands that were pushing into digitalisation.
Negative customer perceptions of quality and innovation had driven down brand strength across the Big Four, the report said.
“As Australian consumers are less inclined to choose the traditional banking industry, the Big Four brands have declined in strength, exacerbated by issues pertaining to misleading consumers over credit insurance,” Crowe said.
“While the traditional banks remain a stalwart of the Australian banking industry in name, their brands will have to work hard on improving reputation to defend the competition from smaller emerging banks and nimble fintech brands.”
However, a standout in the banking industry was Macquarie. Macquarie’s brand value has grown by 34 per cent to reach $4.7 billion due to its strong revenue forecasts and plans to expand its brand portfolio.