TD takes top spot as most valuable brand in Canada

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Toronto-Dominion Bank took first place as the most valuable brand in Canada in 2024, according to a annual report from consultant Brand Finance PLC.

Globally, TD ranked 100th, down from 93rd last year, in the Brand Finance Global 500 2024 report, which tests the top 5,000 global brands and ranks the 500 most valuable brands.

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Nonetheless, TD showed « strong performance » in « consideration and familiarity » as the most recognized banking brand in Canada, according to the report. Nearly three-quarters of respondents are aware of the brand and 31% of them currently use its services, helping to give it a brand value of $19 billion.

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“This consistent market presence is a testament to TD’s enduring appeal in the industry,” the report said.

A total of 17 Canadian brands, with a combined value of US$155.6 billion, were selected.

Royal Bank of Canada ranked second in the country and 119th globally, with a brand value of US$16.4 billion, an increase of 11 percent from last year. Canada Life Assurance Co., with a brand value of US$11.6 billion — up 7% from 2023 — took third place in Canada and 178th place globally.

Brookfield Corp. was the fastest growing brand in Canada, climbing 44 places to 183rd in the global rankings. Its brand value increased 29 percent, to $11.5 billion, according to the release.

Apple Inc. regained the top spot as the world’s most valuable brand this year, achieving a « remarkable » growth of 74 percent, or US$219 billion, to US$517 billion.

The tech giant has maintained its position as the dominant player in the premium smartphone market with a value market share of 71 percent, even as the iPhone’s volume share has largely plateaued. The report attributes the company’s success to discovering new markets, expanding its ecosystem, and encouraging upgrades to higher-value iPhones.

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“Apple has increased its brand value through strategic diversification and premiumization, moving away from its heavy reliance on iPhone sales and into wearables and services such as Apple TV subscriptions,” said David Haigh. , president and CEO of Brand Finance, in the press release. “Based on our research, more than 50% of respondents agreed that Apple was expensive, but worth the price, reinforcing the brand’s ability to command a higher price. »

Conversely, Tesla Inc. dropped from the top 10 and fell to 18th in the rankings as its brand value fell 12 percent to US$58.3 billion. Brand Finance said the electric vehicle maker’s close association with Elon Musk – the company’s chief executive – created « additional reputational risk » for the brand, and that it was also « harmed » by its strong exposure to the Chinese electric vehicle market.

Other Canadian brands on the list were Circle K (owned by Alimentation Couche-Tard Inc.), Bank of Montreal, Bank of Nova Scotia, Telus Corp., Bell (owned by BCE Inc.), Canadian Imperial Bank of Commerce, Canadian National Railway Ltd., Lululemon Athletica Inc., Tim Hortons (owned by Restaurant Brands International Inc.), Rogers Communications Inc., Manulife Financial Corp., Enbridge Inc. and Burger King (also owned by Restaurant Brands International).

• E-mail: novid@postmedia.com

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