BrandAsset Valuator, the world’s largest and leading empirical study of brands part of WPP, has released the Global Most Loved Retailers report. Twelve countries were included in the survey, and Bunnings Warehouse and JB Hi-Fi were two of the stand-out performers in Australia.
The research surveyed 14,508 people in Australia and included 180 Australian retail brands. It defines a new model called “Love+”, ranking retailers according to four different types of brand love (each assigned a “Love” song title in the report):
“Dependable Love” (dependable, solid, reliable) – “Lean on Me”
“Aspirational Love” (aspirational, stylish, prestigious) – “Got to Get You into My Life”
“Inspirational Love” (stimulating, innovative, inspirational) – “Can’t Get You Out of My Head”
“Spirited Love” (playful, joyful, fun) – “Walkin’ on Sunshine”
Says David Roth, chairman, BAV Group: “If you’re running a retail business, you might well ask ‘what’s love got to do with it?’ Brand love reflects depth of emotional commitment, and a strong bond pays off not only today, but in the lifetime value of a customer. In fact, our research found that the top 10% of ‘most loved’ Australian brands are 55% more likely to be trusted, 80% more likely to be recommended to a friend, and hold 33% greater pricing power.”
Says Ben Walker, general manager, VMLY&R Commerce: “Both brands were in the top 10 in the same three categories – Dependable, Inspirational and Spirited Love – and JB Hi-Fi made it to the top five. As the report notes, the mark of a well-loved brand is one that is strongly connected with shoppers across different brand perspectives.”
Walker also found it revealing that Mecca Cosmetica was #1 on the list of “Aspirational Love” retail brands.
Says Walker: “In the UK, Gucci was a more predictable winner, but in Australia the accessibility of Mecca Cosmetica found favour with shoppers. Australian shoppers prefer their ‘aspirational’ retailers to be approachable, and to prove it, in the same category, Michael Hill won out over Tiffany.”
The rise of online shopping through the pandemic saw retailers like Amazon well-represented across the world. In the U.S., where the brand is dominant, Amazon was #1 for both Dependable and Inspirational love.
“That’s fascinating,” said Walker. “Amazon is winning both as a brand you can count on – its logistics are superb – and one that shoppers find stimulating and inspiring.”
It’s also interesting to compare the list of most-loved brands in China with those in other markets. BAV Group’s chairman David Roth observes that besides the e-comm brands you might expect from Alibaba (Tmall and Taobao) and JD.com, there are some surprises like Haidilao Hot Pot: “It’s setting new standards for what an in-person retail experience can offer. Haidilao blends dining and theatre, from noodle twirling at the table to manicures for guests. And like Alibaba’s Hema Supermarket, robots and tech are used to streamline operations.”
BAV Group is a global strategic consultancy, part of WPP, the world’s leading creative transformation company. BrandAsset Valuator is a brand management tool that is proprietary to BAV Group.