Annual report considers several factors in rankings
The value of a brand is more than just about the amount of revenue it generates or the assets it holds, it includes factors such as reputation, customer loyalty, and perceptions.
With that in mind, and including rigorous analysis of financial performance, the annual Kantar Top 40 Most Valuable Canadian Brands report has ranked businesses that originate and operate in Canada and are either owned by a publicly listed company or have complete financial statements that are publicly available.
For 2024, the firm determines that RBC remains Canada’s most valuable brand and has increased its brand value by 3% since last year to US$35.6 billion, well above second placed TD at $22.5 billion.
“In a rapidly changing world, being recognized as the number one most valuable brand in Canada for the sixth year in a row is truly special,” said Mary DePaoli, EVP and chief marketing officer at RBC. “It is a testament to our employees, and their commitment to RBC’s Purpose of helping clients thrive and communities prosper. Importantly, it is also evidence of the trust our clients and communities place in us, to help them bring their ideas to life.”
Other financial services firms in the top 10 include BMO in sixth place at $9.4 billion, Scotiabank in seventh place at $6.7 billion, and CIBC in eighth place at $5.7 billion and more than half of the Canadian brand ranking’s total value is from the sector including seven insurance brands showing strong performance this year with three amongst the top 10 fastest-risers: Canada Life (No.16; +36%), Manulife Financial Corporation (No.13; +36%), and Sun Life (No.12; +28%).
More than half of the brands included in the ranking have increased their value since last year and the total value of those included totals $192 billion.
The top of ten also includes Lululemon, Bell, Telus, Rogers, and Dollarama.
The report highlights the importance of being meaningfully different to drive growth with one third o the brands in the top 40 seen as fitting this description. Canadians will pay more for brands that they believe are worth it, with those that can demonstrate value winning.
“Little did we know how the world would change for consumers and brands in the years that followed the global pandemic, but we’re now seeing Canadian brands really build momentum on the world stage,” added Megginson. “To remain relevant, Canadian brands must respond accurately to how consumers think and feel. 40% of consumers feel anxious about the economy and they’re reconsidering spending plans as a result. Brands need to remember that perception is reality and provide that ‘bridge to the next’ that consumers crave: creating more value and enabling self-care and emotional wellbeing.”
