The BrandZ Top 100 Most Valuable Global Brands report claims the changes in consumer loyalty could benefit emerging manufacturers such as Kia, which produces cars such as the Soul and Sportage.
It highlighted the emergence of Korean manufacturers such as Kia as a major indication people are increasingly looking for ‘sharp styling at a competitive price’.
Although Kia did not make it into the top ten car brands, the report predicts it will continue to put pressure on more established market leaders in the next year as brand loyalty to the European-based manufacturers is being eroded.
The report showed car brands’ value dropped by 15 per cent over the last year because of the global recession with seven of the top ten car brands suffering a drop in brand value.
There was some good news, however. Ford benefitted from major investment in technology and ‘best-in class designs’ such as the Ford Focus. The result was a 20 per cent increase in brand value despite the global recession.
In the US, Ford was the only one of the so-called ‘Big three’ manufacturers to not take any government money and as a result could invest in CO2-reducing technology and high-tech innovations.
The report also predicted brands will move towards social media to contact and interact with customers, even putting them into the ‘centre’ of innovation and product development.
A brand’s value was calculated using estimates of all future earnings. This is the fifth year the report has been produced by Millward Brown Optimor.