Retail brands more than double their brand value to USD4.3 billion in 2024, outpacing engineering brands (USD4.2 billion) and real estate brands (USD3.3 billion)
With a combined brand value of approximately USD4.3 billion, retail brands surged from ninth to fifth largest contributor to the total brand value of Singapore’s 100 most valuable brands, outpacing engineering and real estate brands.
Two retail brands, namely ValueMax (brand value up 158% to USD67.6 million) and Maxicash (brand value up 114% to USD66.6 million), recorded remarkable triple-digit brand value increases. Lazada, one of Southeast Asia’s largest and famous e-commerce retail brands, joins the list this year as the most valuable Singaporean retail brand and 8th most valuable overall, with a brand value of USD2.1 billion.
Alex Haigh, Managing Director – Asia Pacific of Brand Finance, commented:
“The impressive brand value growth across various sectors in our 2024 report underscores the strength of Singapore's economic environment.
This stability, coupled with the robust performances of retail, engineering and real estate brands, creates a fertile ground for Singaporean brands to flourish. Notably, retail brand ValueMax recorded an impressive triple-digit brand value increase of 158%, while SIA Engineering and OUE lead their respective engineering and real estate sectors in largest brand value growth. As the economy continues its projected growth in 2024, we expect to see this trend continue, nurturing further expansion and success for Singaporean brands across all sectors.”
DBS reigns as most valuable Singaporean brand 12 years running; Marina Bay Sands and UOB in second and third
Once again, DBS (brand value up 5% to USD11 billion) reigns as the most valuable Singaporean brand, marking its 12th consecutive year. In terms of brand strength, DBS’ Brand Strength Index (BSI) score increased by 1.6 points to 88.0 of 100 alongside retaining its AAA brand strength rating. Clinching 2nd place in our rankings is new entrant Marina Bay Sands (MBS) with a brand value of USD6.2 billion, followed by UOB (brand value up 2% to USD5.6 billion) in 3rd.
Marina Bay Sands towers in brand strength as strongest brand in rankings, followed by DBS and Singtel
Marking a strong foray into the rankings, MBS is the strongest brand among the most valuable Singaporean brands this year. Notably, it also holds the title of fourth strongest brand among the world’s 500 most valuable brands, according to Brand Finance’s Global 500 2024 report released in January. MBS dazzles with a stellar BSI score of 91.8 of 100 and corresponding brand strength ranking of AAA+ which is the maximum obtainable. Meanwhile, DBS and Singtel hold the titles of second strongest and third strongest brand in our rankings respectively.
Retails brands ValueMax and Maxicash cash in as brands with largest brand value growth
The largest brand value gainers in this year’s ranking of the most valuable Singaporean brands hail from the retail sector, although retail sales in the nation turned negative in Q4 2023 due to higher outbound travel and inflation having an impact on discretionary spending. ValueMax (brand value up 158% to USD67.6 million) lays claim to being the brand posting the largest uptick this year in terms of brand value percentage growth, followed by Maxicash (brand value up 114% to USD66.6 million).