The 2020 BrandZ Top 75 Most Valuable Indian Brands report released by WPP and Kantar reflects the impact of the economic slowdown caused by the COVID-19 pandemic. The top 75 brands together were valued at $216 billion, a decline of 6 per cent over the 2019 ranking value. The slowdown in valuation has been caused by a significant decline in the brand value of banking and auto sector brands.
HDFC Bank was India’s top brand worth $20.3 billion, claiming the top spot for the seventh consecutive year, and contributing to banking being the leading category in this year’s ranking worth a total of $42.1 billion in brand value. The bank was also ranked number 59 in the 2020 BrandZ Top 100 Most Valuable Global Brands report.
Flipkart and D-Mart saw their brand value increase significantly, while instant food brand Maggi had one of the highest brand value growth figures (46 per cent) this year. Reliance Retail was the fastest riser this year, up 30 places.
Airtel (no.4, +36 per cent, $13.9 billion) was the top telecom brand, while Jio saw its value increase 26 per cent. One of five new entrants, BSNL (no. 75, $583 million) also benefitted from the overall uplift in the telecom category, which contributed $25.5 billion to the ranking this year.
The banking sector which has 20 per cent share of the brand value of the top 75 brands saw a decline of 21 per cent. In case of banking too, the decline is the result of the issues the sector has been facing over the past couple of years, compounded by the crisis caused by the pandemic.
The outlook for the coming months is on the positive side since key sectors like FMCG and auto are already seeing some recovery. If this continues, the overall brand value recovery will be faster.