Amazon has reclaimed top spot as the world’s most valuable brand from Apple despite its brand value falling $51 billion to less than $300bn, according to a report from brand valuation consultancy Brand Finance.

The annual Brand Finance Global 500 report ranks brands across all sectors and countries.

Amazon’s brand value has fallen by 15% this year, with its brand strength rating falling from AAA+ to AAA as consumers evaluate it more harshly in the post-pandemic world. 

The research found that customer perception of service at Amazon has fallen – at the same time as delivery times have lengthened – and consumers have become less likely to recommend Amazon to others. 

Concurrently, some people are returning to shopping in-person, reducing the need for online retail.

“Technology brands across the world have lost significant value in response to shifting demand patterns,” said David Haigh, CEO of Brand Finance.

“As consumer habits partially revert to pre-pandemic patterns, demand for the services of tech brands has been hit particularly hard. Additionally, disrupted supply chains, labour shortages, and greater obstacles to financing have left their mark.”

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Apple, now second, saw its brand value drop 16% to $297.5bn following a fall in forecast revenue as a disrupted goods supply chain and a constrained labour market are expected to limit supply of its marquee hardware products.

A total of 48 tech brands featured in the ranking, two down from the 50 in 2022, after Snapchat and Elon Musk-owned Twitter dropped out. 

Other tech-focused brands to lose brand value include Samsung Group (down 7% to $99.7bn), (down 56% to $10.0bn), Facebook (down 42% to $59bn) and WeChat (down 19% to $50.2bn).

On the positive side, Instagram (up 42% to $47.4bn) and LinkedIn (up 49% to $15.5bn) have grown in the tech sector due to well-executed strategies to commercialise their services.

Some of the big winners in brand value include electric car manufacturer Tesla – also owned by Musk – which saw brand value climb 44% to $66.2bn, and BYD, which grew 57% to $10.1bn as demand grows for electric cars as part of a broader transition to a low-carbon economy.

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