TD takes top spot as Canada’s most valuable brand

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Toronto-Dominion Bank took the top spot as Canada’s most valuable brand in 2024, according to an annual report by consultant Brand Finance PLC.

Globally, TD came in at No. 100, down from last year’s spot at 93, on the Brand Finance Global 500 2024 report, which puts the world’s 5,000 biggest brands to the test and ranks the top 500 most valuable brands.

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Still, TD exhibited “robust performance” around “consideration and familiarity” as the most recognized banking brand in Canada, the report said. Almost three-quarters of respondents are familiar with the brand and 31 per cent are currently using its services, which helped give it a brand value of US$19 billion.

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“This steady market presence speaks to TD’s enduring appeal in the industry,” the report said.

A total of 17 Canadian brands, with a combined brand value of US$155.6 billion, made the cut.

Royal Bank of Canada ranked No. 2 in the country and No. 119 in the world, with a brand value of US$16.4 billion, was up 11 per cent from last year. Canada Life Assurance Co., with a brand value of US$11.6 billion  — up seven per cent from 2023 — took the third spot in Canada and was No. 178 globally.

Brookfield Corp. was Canada’s fastest growing brand, jumping 44 spots to No. 183 in the global ranking. Its brand value increased by an “impressive” 29 per cent to US$11.5 billion, according to the release.

Apple Inc. reclaimed the top spot as the world’s most valuable global brand this year, achieving “remarkable” growth of 74 per cent, 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 71 per cent value share even though iPhone’s volume share has largely plateaued. The report attributes the company’s success to finding new markets, expanding its ecosystem and encouraging upgrades to higher-value iPhones.

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“Apple has grown its brand value through strategic diversification and premiumization, moving away from heavy reliance on iPhone sales towards ventures into wearables and services such as Apple TV subscriptions,” David Haigh, chairman and chief executive of Brand Finance, said in the release. “According to our research, more than 50 per cent of respondents recognized Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium.”

Conversely, Tesla Inc. dropped out of the top 10 and fell to No. 18 in the ranking as its brand value dropped 12 per cent to US$58.3 billion. Brand Finance said the electric-vehicle maker’s close association with Elon Musk — the company’s chief executive — has created “added reputational risk” for the brand, and it has also been “harmed” by its large exposure to the Chinese EV market.

Other Canadian brands included 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).

• Email: novid@postmedia.com

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