The Brand Finance ASEAN 300 2023 report highlights the robust performance of airline brand values in the region. With the easing of travel restrictions due to the ongoing pandemic and the signing of the ASEAN-EU Comprehensive Aviation Agreement in 2022, airline brands are reaching new heights through extensive marketing campaigns.
Singapore Airlines leads the way as the most valuable airline brand (with an 8% increase in brand value to $2.2 billion), followed by Airasia (7% decrease in brand value to $1.3 billion) and Thai Airways (3% increase in brand value to $1 billion). While these brands experience fluctuations in brand value, they continue to hold strong positions in the marketplace.
But it's not just the established giants that are making waves. Several other airlines are making significant progress, such as Vietnam Airlines (brand value up 6% to $377 million), Vietjet Air (brand value up 11% to $362 million), Garuda Indonesia (brand value up 17% to $276 million), and others. These brands continue to evolve and expand their reach in the aviation industry.
PETRONAS remains the most valuable brand in ASEAN at USD12.7 billion, despite a 7% decline in brand value. The brand strength, backed by an impressive AAA credit rating, remains strong. This decline in PETRONAS' brand value can be attributed to currency fluctuations and economic factors, but it doesn't diminish its strength in the region.
The banking sector, led by BCA in Indonesia, shows robust brand strength with an outstanding AAA+ credit rating, although its brand value declined by 3%. BCA's performance in 2022 includes impressive loan growth, active digitization initiatives, and a commitment to sustainability. Malaysia's Maybank, which saw a slight increase in brand value (1% to US$3.9 billion), also has a strong brand presence in the region.
Retail brand The Hour Glass is the fastest growing brand in ASEAN, with an 81% increase in brand value to US$149 million. This reflects a shift in consumer behavior during the pandemic as people redirected their disposable income to luxury goods such as high-end mechanical watches.
The ASEAN region is witnessing remarkable growth in brand value across various sectors, demonstrating the resilience and adaptability of brands in the face of changing market conditions. Airlines, energy companies and retail brands are all making their mark in this evolving landscape.
The Brand Finance ASEAN 300 2023 report highlights the growth in airline brand value, which it attributes to the easing of travel restrictions and the Air Transport Agreement. It also acknowledges the strength and growth of PETRONAS, BCA and The Hour Glass in their respective sectors. This indicates a promising outlook for companies in the ASEAN region, each of which are growing brands in our rankings.
