In 2008, the global economy nearly imploded. And in the years that followed, major companies would fall and millions around the world would find themselves unemployed and staring at the prospect of poverty.
Incredibly, through it all, none of the economic setbacks indigenous to the industrialized world proved to hinder the growth and rate of consumer adoption of mobile technologies. In fact, the growth observed across luxury brands like Apple continues to dumbfound many.
Brand Finance’s latest Global 500 study of the world’s top brands suggests that, far from cutting their cloth, consumers are turning their backs on traditional household favorites and lower end products and embracing luxury lifestyle and indulgent brands despite the grim economic outlook.
The Brand Finance Global 500 report shows how the global downturn has spawned a new breed of recession proof and aspirational “Alphabrands” which we turn to for quality regardless of the economic conditions.
According to the report, the latest tech gadgetry appears to be a must for today’s consumers. Technology lifestyle brands also dominate the table, increasing their standings on last year’s table by 79%. 49 technology companies appear in this year’s Global 500 making it the most valuable sector by some margin. Lifestyle technology brand, Apple has leapfrogged Google to be named as the world’s most valuable brand, having the highest ever valuation calculated by Brand Finance at an impressive $70.6 billion.
“The rise to prominence of luxury and lifestyle brands in this year’s report is quite impressive,” says David Haigh, CEO of Brand Finance. “Whilst the world remains shrouded in economic misery, people are investing their hard earned cash in brands they feel they can rely on to produce quality, long lasting products. It is also an encouraging sign for the economy to see that the overall value of the Global 500 increase by 3.3%.”
