Mumbai | The overall value of top 50 brands in the country witnessed a marginal dip of 2 per cent this year, almost entirely driven by the decline in brand value of state-owned banks, according to a recent study.
However, the brand value of India’s top 50 brands has increased by 30 per cent over the last three years, as per the BrandZ study conducted by research agency Millward Brown and commissioned by WPP, which was released here today.
The total value of the country’s top 50 brands stood at USD 90.5 billion from USD 92.2 billion in 2015.
“The 2 per cent adjustment is primarily attributable to state-owned banks, which declined 33 per cent in brand value because of loan performance difficulties. With the same state-owned banks removed from the 2015 and 2016 rankings, the value of the India BrandZ Top 50 actually rose 2 per cent year on year,” it said.
Private sector lender HDFC Bank topped the rankings for the third consecutive year with a brand value of USD 14.4 billion, following a 15 per cent growth over last year.
Telecom major Airtel and the country’s largest lender State Bank of India retained the second and third spot, respectively.
Asian Paints was placed at fourth, followed by ICICI Bank, Bajaj Auto, Kotak Mahindra Bank, Maruti Suzuki, Hero and Axis Bank in that order.
The list is dominated by banks and financial companies, accounting for 38 per cent of the total value of the top 50 brands.
Retail and aviation brands have entered the top 50 for the first time with Indigo (26) and Jet Airways (36) representing the airline industry while Reliance Retail secured the 50th position.
The study covered 60,000 consumers with over 600 brands across 50 categories in the country.
“Over the past year, brands have had to work hard to hold on to their position in the top 50. 20 brands have witnessed a drop in their ranking within the top 50. Brands which have managed to sustain their ranking over the past two years have only been able to do so by increasing their brand value by over 35 per cent,” Kantar Millward Brown South Asia Managing Director Dinesh Kapoor told reporters here.