Kantar has today released its annual BrandZ ranking of the Top 40 Most Valuable Canadian Brands. Canada’s top brands have increased their brand value by US$6.1 billion (3%) over the last year, reflecting their sustained strength, resilience, and ability to remain supremely relevant to consumers. The report shows that more than half of the brands in the latest brand ranking are worth more than they were in 2023. For the first time, the total value of the ranking, worth $192 billion, has overtaken that of the UK’s Top 40.
Royal Bank of Canada (RBC) is Canada’s most valuable brand once again, a position it has held since the Canadian ranking’s inception in 2019. RBC’s brand value has grown 3% over the last year.
Mary DePaoli, EVP and Chief Marketing Officer, RBC, commented on the results, saying, “In a rapidly changing world, being recognized as the number one most valuable brand in Canada for the sixth year in a row is truly special. It is a testament to our employees, and their commitment to RBC’s Purpose of helping clients thrive and communities prosper. Importantly, it is also evidence of the trust our clients and communities place in us, to help them bring their ideas to life.”
Kantar BrandZ Top 10 Most Valuable Canadian Brands 2024
| Rank 2024 | Brand | Category | Brand Value (US$M) |
| 1 | RBC | Financial Services | 35,626 |
| 2 | TD | Financial Services | 22,452 |
| 3 | lululemon | Apparel | 16,866 |
| 4 | Bell | Telecom Providers | 14,215 |
| 5 | Telus | Telecom Providers | 9,643 |
| 6 | BMO | Financial Services | 9,359 |
| 7 | Rogers* | Telecom Providers | 8,862 |
| 8 | Scotiabank | Financial Services | 6,735 |
| 9 | CIBC | Financial Services | 5,726 |
| 10 | Dollarama | Retail | 5,209 |
*Shaw rebranded to Rogers and is now included in the valuation of Rogers
Value retailers amongst fastest-growing brands
Canada is a nation of treasure-hunters, seeking a blend of value and reward. Dollarama (No.10; $5.2bn) is 2024’s Fastest Riser, achieving a 48% uplift in brand value. The catalyst for this increase is the retailer’s expanding range of affordable, brand-name products, alongside the opening of multiple new stores, which has significantly increased its presence.
Fellow ‘value’ retailers featuring in the top 10 fastest-rising brands include: Homesense (No.26; +35%), Maxi (No.33; +34%) and Winner’s (No.23; +25%). Homesense and Winner’s offer extreme value from major brands and designers, alongside budget options. Discount grocer Maxi is now present in 153 locations, having tripled its footprint in two years.
Canada’s most valuable brands understand where consumers are at, and successfully tap into this, helping them pull back on their spending in the face of ongoing financial challenges. Recognizing that people want great value, but also inspiration, their strategy is to make life better without breaking the bank. Rather than being seen as a compromise, this has generated a real sense of excitement around shopping with ‘value’ retailers.
Financial Services brands also performed strongly, with RBC and TD Bank retaining the top two spots. BMO (No.6; +3%) and CIBC (No.9; +13%), among others, played a crucial role in the sector’s overall 3% growth. Combined, Financial Services brands contribute more than half of the Canadian brand ranking’s total value. Seven insurance brands have also seen strong performance this year, with three amongst the top 10 fastest-risers: Canada Life (No.16; +36%), Manulife Financial Corporation (No.13; +36%) and Sun Life (No.12; +28%).
MAC Cosmetics makes its debut
MAC Cosmetics ($4.2bn) is the first makeup brand to join the Canadian Top 40 and the highest new entry at No.11. Now present in over 120 markets, it is a serial innovator, launching more than 50 new collections and products each year. In addition, telecom provider Vidéotron ($1.8bn) enters the ranking at No.24, alcohol brand Carling ($789m) at No.35 and insurer belairdirect ($687m) at No.37.
Global giants
A strong presence in markets outside of Canada has helped the performance of the majority of the country’s most valuable brands, with six deriving more than 80% of their business from overseas, including MAC Cosmetics, Crown Royal, lululemon and Carling.
In June, lululemon entered Kantar BrandZ’s Global Top 100 for the first time at No.92. It is perceived by consumers as being highly differentiated, setting itself apart through innovation, using the latest research, technologies, and materials, and has trademarked several proprietary fabrics.
Additional trends from Kantar BrandZ’s latest ranking report include:
- Being Meaningfully Different to more people is the ultimate driver for growth: One third of Canada’s Top 40 are perceived to be highly Meaningful and Different, with further opportunities to accelerate their growth by Predisposing More People to buy at the right price, Being More Present at the point of purchase, and Finding New Space for growth
- Canadians will pay more for brands, if they feel they’re worth it: Brands with the greatest Pricing Power, and the ability to justify their pricing, have grown their value 10 times more than their peers year-on-year.
Little did we know how the world would change for consumers and brands in the years that followed the global pandemic, but we’re now seeing Canadian brands really build momentum on the world stage. To remain relevant, Canadian brands must respond accurately to how consumers think and feel. 40% of consumers feel anxious about the economy and they’re reconsidering spending plans as a result. Brands need to remember that perception is reality and provide that ‘bridge to the next’ that consumers crave: creating more value and enabling self-care and emotional wellbeing.
The Kantar BrandZ Most Valuable Canadian Brands 2024 ranking, report and extensive analysis are now available at www.kantar.com/campaigns/brandz/canada
For a quick read on a brand’s performance compared to competitors in a specific category, Kantar’s free interactive tool, BrandSnapshot powered by BrandZ, provides intelligence on 14,000 brands. Find out more here.
