Amazon overtakes Apple as world's most valuable brand despite losing US$51 bil
18 Jan 2023 03:05pm
Amazon - AFP pic
The retail company's value went down to US$299.3 billion from US$350.3 billion over the past year, with its rating falling from AAA+ to AAA as consumers evaluate it more harshly in the post-pandemic world, the leading brand valuation consultancy said.
Sputnik reported Brand Finance’s research has found that consumers are less satisfied with Amazon's customer service and less likely to recommend it to others after delivery times lengthened. They are also buying more offline following the lifting of COVID-19 restrictions.
"Despite its fall in value this year, Amazon’s brand is still up 36 per cent in value since the beginning of the COVID-19 pandemic, as the Amazon brand has grown to become a dominant player across many different sectors of the economy," the report read.
Apple has seen its value shrink 16 per cent this year to US$297.5 billion from US$355.1 billion. It reflects a fall in forecast revenue stemming from the limits that a disrupted goods supply chain and a constrained labour market are expected to put on its big-selling hardware products.
Other tech brands in the value ranking also tended to lose value, with Samsung being down 7 per cent to US$99.7 billion and Alibaba 56 per cent to US$10.0 billion,
Electric car makers were some of the big winners. Tesla's brand value was up 44 per cent to US$66.2 billion, while BYD increased its worth 57 per cent to US$10.1 billion on the back of growing demand for electric cars spurred by a global transition a to low-carbon economy. - Bernama
