Bunnings has maintained its position as Australia’s strongest brand for the second consecutive year, according to the Brand Finance Australia 2023 report.

The retailer received a Brand Strength Index (BSI) score of 88.2 out of 100 and a corresponding AAA brand strength rating with its brand value up 35% to A$5.4 billion.

Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Bunnings has remained top-of-mind for Australian consumers and is noted for its strong attributes when it comes to available anytime anywhere, value for money and wide range of products.

Woolworths and Coles round off the top three strongest brands in second and third place, respectively. Telstra secured fourth place with a six-point rise with Commonwealth Bank moving up three places to become fifth ranked strongest brand.

Woolworths was named the most valuable brand for the fourth consecutive year with brand value up 18% to A$16.2 billion.

Brand Finance says Woolworths has continued its focus on customer experience, including the roll out of curated ranges tailored to local communities, and more inclusive experiences to a wider range of consumers. Woolworths also continued to manage the impacts of climate change, working to reduce emissions from its own operations through green electricity and electric vehicle trials, as well as the phasing out of some plastic use.

Coles continues to hold on to its fourth spot in the ranking, enjoying a 10% brand value increase to A$10.9 billion. Over the last year, Coles has continued to demonstrate flexibility and innovation, with improved scores for quality and value for money.

Brand Finance Australia managing director, Mark Crowe said, “Across the world, there’s been significant disruption in labour markets, goods markets, and fuel markets. Despite this disruption, Australian brands have grown quickly as they bounce back from the pandemic-disrupted past. With customers facing significant cost pressures, strong brands have an opportunity to earn a premium return.”

Amazon has retaken top spot as the world’s most valuable brand, despite its brand value falling 15% this year from US$350.3 billion to US$299.3 billion.

Brand Finance’s research has found that customer perception of customer service at Amazon has fallen – as delivery times have lengthened – and consumers have become less likely to recommend Amazon to others.

Apple has fallen to be the world’s second most valuable brand with its brand value declining US$355.1 billion. This year’s fall in brand value relates to a fall in forecast revenue as a disrupted goods supply chain and constrained labour market are expected to limit supply of its hardware products.