India loses 21% of brand value to $2 trillion due to corona pandemic
MUMBAI , PTI: Despite losing 20.8% of its value to the disruptions caused by the pandemic, the country could hang to be the seventh most-valuable nation with a brand value of $2 trillion, according to a report.
The US continues to lead the brand value league with $23.73 trillion after losing 14.5% of its followed by China, which lost its value by 3.7% to $18.76 trillion, brand valuation and strategy consultancy Brand Finance said in the report on Thursday.
While both these nations retained their value, Japan improved by a notch to the third spot with a value of $4.26 trillion despite losing 6% of its value, pushing Germany a notch down to the fourth slot at $3.81 trillion as it saw a value erosion of 21.5%.
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Collectively, the top-100 nation brands lost a whopping $13.1 trillion of their brand value in 2020, as they negotiate the devastating pandemic, according to the report.
It added that the top-10 most-valuable brands contracted 14% on an average.
Japan jumped a notch as it has emerged relatively unscathed from the pandemic, while Ireland is the only nation in the top-20 to record brand value growth, up 11% to $670 billion, a testament to its resilient economy bolstered by strong exports and consumer spending.
Similarly, Vietnam, which is emerging as a Southeast Asian hub for manufacturing, defies global trend with an impressive 29% increase in its value. In contrast, Argentina is the fastest falling nation brand, having lost a whopping 57% of its value, as the nation has over 1 million caseloads, making it the second-worst country with the pandemic after the US.
When it comes to nation brand power, Germany tops the world as the strongest nation brand with a score of 84.9 out of 100, followed by Britain with a score of 83.
India has held onto its position as the world’s seventh most-valuable nation brand, following a 20.8% fall in brand value to $2.02 trillion.
The report estimates that the total brand value of the top-100 nation brands dropped from $98 trillion in 2019 to $84.9 trillion in 2020, down $13.1 trillion with almost every nation feeling a significant impact of the health crisis on their respective economies.
David Haigh, chief executive of Brand Finance, said the downward trend of nearly all most valuable nation brands is unsurprising given the times we are in.
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