DBS Group Holdings (DBS) is Singapore’s most valuable brand in 2024 and has been so for 12 years running. This year, the bank’s brand value rose by 5% y-o-y to US$11 billion ($14.88 billion), according to Brand Finance’s 2024 annual report on the valuable and strongest Singaporean brands.
The consultancy firm begins its study by gathering individual perceptions about brands. Over 100,000 respondents around the world have been asked to provide their views. The number includes over 25,000 respondents in the Asia Pacific (APAC) region.
Marina Bay Sands (MBS), which newly entered the rankings, came in second with a brand value of US$6.2 billion this year.
United Overseas Bank (UOB) fell a place to third even though its brand value rose by 2% y-o-y to US$5.6 billion.
Oversea-Chinese Banking Corporation (OCBC) stood in fourth place with a brand value of US$5.0 billion, 8% lower y-o-y.
The rest of the brands within the top 10 are, in order, Singapore Telecommunications Z74 (Singtel) with a brand value of US$4.0 billion; Great Eastern Holdings G07 with a brand value of US$3.5 billion; Singapore Airlines C6L (SIA) with a brand value of US$2.2 billion; Lazada, also newly entered, with a brand value of US$2.1 billion; Olam Group VC2 with a brand value of US$1.6 billion and Tiger Beer with a brand value of US$1.5 billion.
“The impressive brand value growth across various sectors in our 2024 report underscores the strength of Singapore's economic environment,” says Alex Haigh, managing director – Asia Pacific of Brand Finance.
“This stability, coupled with the robust performances of retail, engineering and real estate brands, creates a fertile ground for Singaporean brands to flourish,” he adds.
Retail brands see growth outpacing engineering and real estate brands
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Among the various brands, retailers more than doubled their brand value to US$4.3 billion in 2024, outpacing engineering brands and real estate brands at US$4.2 billion and US$3.3 billion respectively.
Retail brands ValueMax T6I and Maxicash saw the largest value growth within the sector, recording triple-digit increases. ValueMax’s brand value surged by 158% y-o-y to US$68 million while Maxicash’s brand value spiked by 114% y-o-y to US$67 million. Lazada, which was among the top 10 most valuable brands, is the most valuable retail Singaporean brand.
Among the engineering brands, SIA Engineering Company (SIAEC) saw the largest growth, with a brand value of US$153 million, 20% higher y-o-y.
OUE, which has a brand value of US$155 million, up 96% y-o-y, led the real estate sector’s brands.
In its outlook statement, Brand Finance notes that the Singaporean economy in 2024 remains “cautiously optimistic” amid possible challenges posed by the global economic slowdown.
“However, Singapore's strategic position as a trade and financial centre, along with its focus on innovation and technology, are expected to mitigate these risks as analysts predict the nation’s Gross Domestic Product indicator to moderate to around 1% and 3% in 2024, with continued strength in domestic demand and a gradual recovery in global trade expected to support key economic activity,” reads the report.
Brand strength
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When it comes to brand strength, MBS towered above the rest, followed by DBS and Singtel.
The other brands who made it to the top 10 are, in order, Changi Airport Group (CAG), FairPrice, Mapletree, Great Eastern Holdings, CapitaLand Investment (CLI), SIA and UOB.
On DBS’s win, Brand Finance chalked it up to the bank’s “significant growth” in research metrics on customer service and marketing efforts. The bank also scored well on metrics about perceptions of its data security and value for money.
In terms of brand strength, DBS’ Brand Strength Index (BSI) score increased by 1.6 points to 88.0 of 100 and kept its brand strength rating of AAA.
MBS also made an “impressive entrance” as it performed well in both brand value and brand strength. The brand recorded an impressive BSI score of 91.8 of 100 and corresponding brand strength ranking of AAA+.
Sustainability perceptions value
DBS emerged top among the top 10 Singaporean brands by sustainability perceptions value as well. The bank has a perceived sustainability value of US$822 million.
This was followed by MBS with a perceived sustainability value of US$618 million; UOB at US$391 million; OCBC at US$344 million; Singtel at US$329 million and Great Eastern at US$277 million.
Jumbo Group, Metro, SIA and Tiger rounded up the top 10 with respective perceived sustainability values of US$222 million, US$199 million, US$152 million and US$127 million.
While DBS had the highest sustainability perceptions value, Metro had the highest positive gap value.
“A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance,” explains Brand Finance.
“Metro’s gap value suggests that it could generate an additional US$23 million in potential value through enhanced communication of its impact and accomplishments in sustainability,” it adds.
