Banking And Brews: South Africa’s Top Brands Navigate Economic Challenges

Banking And Brews: South Africa’s Top Brands Navigate Economic Challenges. First National Bank holds onto gold after photo finish with Standard Bank, cider brands Savanna and Hunter’s make their debut in the ranking.

South Africa’s most valuable brands have a total combined value of $29.7bn, as published today in the Kantar BrandZ Most Valuable South African Brands 2024 Report. In a challenging economic landscape, Banking, Telecoms and Alcohol brands dominate with their ability to deliver on key drivers for growth.

First National Bank is South Africa’s number one brand worth over $3.1bn. It has grown both its retail and private banking client base; with a new pricing structure and ongoing innovation to enable convenient access to its services via award-winning digital banking channels and mobile applications, customers trust the bank to be acting in their best interests.

Following closely at No.2 is Standard Bank, which increased its brand value by 2%. Telecom Providers continued their dominance; this year Vodacom ($2.46bn) rose one place to No.3, with MTN ($2.39bn) coming in at No.4. Vodacom benefitted from acquisition, expansion of its network and a focus on enhanced customer experience. The result is a customer ecosystem that delivers offerings including telecoms, fixed connectivity, finance and insurance services.

Once again, South African brands find themselves operating in difficult financial circumstances and the overall value of the Top 30 declined 6%. High inflation and rising interest rates are leading to reduced consumer spend, while the power crisis that results in loadshedding limits the hours that companies can operate and generate growth. The fluctuating value of the South African rand is another contributing factor. Between 2018-2024, the rand has depreciated by around 35%, whilst the Top 30 South African brands have held their value significantly better than this.

But against this backdrop 40% of the brands in the ranking grew their value, with Financial Services and Alcohol brands the big story here. Alcohol brand Castle (No.5; $1.99bn), a consistent presence in the Top 30, rounds off the Top 5, achieving the same position as last year.

Kantar BrandZ Top 30 Most Valuable South African Brands 2024

Banking and wealth management group Investec (No.10; $926m) was the fastest riser, growing 33% thanks to its strong leadership, increased UK shareholding and ability to deliver a consistent brand experience. Insurance brand OUTsurance (No.26; $343m) saw an increase of 26% in brand value through its commitment to providing customers with great value and a diversified service offering. The third fastest riser, insurance, investments and financial planning provider Sanlam (No.15; $697m) also extended its offering to grow 21%.

Ivan Moroke, CEO, South Africa, Insights Division, Kantar, comments: “Across a range of business sectors, South African brands are continuing to transcend the currently challenging market conditions. A large proportion are meeting the needs of customers with actions and initiatives that mark them out as being Meaningfully Different and relevant to consumers’ lives today. These strong, forward-focused brands are proving that they can identify what it takes to grow and follow up by implementing programmes to deliver this.”