‘Underdog’ brands like Greggs and Fairy which have a brand value of less than £900 million have been found to dominate brand strength rankings thanks to their connection with consumers.
New data from Brand Finance revealed that five out of the UK’s ten strongest brands fit into this category, with Greggs (brand value up 6% to £899 million) now the second strongest brand with an AAA rating.
According to the UK 250 2024 ranking, Robinsons and Fairy are also among the smaller more focused brands which are punching well above their weight.
Greggs’ brand strength stems from high scores in areas such as value for money, consideration and familiarity — all underscoring its solid brand identity. The brand posted strong 2023 results, with pre-tax results surging 27% to £188.3 million.
Robinsons – which has also seen a brand value increase of 25% £327 million – surged 46 positions in the brand strength index, following its 2023 split from Wimbledon after an 86-year partnership.
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Costa and KitKat also featured high in the list, with the former having a brand strength index of 84.3 and the latter with an index of 83.0, highlighting the power of the UK’s product based brands.
In terms of value, Shell reinforced its title as the UK’s most valuable brand, recording a 1% increase in brand value to £40.3 billion, despite a backdrop of falling revenues.
Big Four accounting firm EY maintained its status as the UK’s second most valuable brand, while also emerging as the nation’s strongest brand.
“In the 2024 UK 250 ranking, the UK’s top ten most valuable brands have remained largely stable, with BP and Vodafone being the only two brands to swap positions,” said Brand Finance general manager of UK consulting Annie Brown.
“BP’s brand value increased by 7% to £14.9 billion, while Vodafone’s dropped by 17% to £11.7 billion,” she continued.
“Notably, three of the top ten brands hail from the commercial services sector and two from banking, underscoring the service-oriented nature of the brand powerhouse propelling the UK’s economy,” she added.
