BrandZ found that the top 75 UK brands are worth $230bn, and despite falling in combined value, overall performance was better than in the 2023 edition, where the total valuation was 14% down.

However, the most valuable global brands were growing at 20% a year, BrandZ said, and therefore the UK was underperforming in comparison.

Vodafone was the most valuable UK brand in 2024, albeit with a 27% reduction in value to $19bn.

The rest of the top five were HSBC, Shell, BP and Johnnie Walker, with other members of the top 10 being BT, Tesco, Sky, Dove and O2.

Marks & Spencer was one of 2024’s standout performers in Kantar BrandZ’s UK ranking, bucking the national trend to grow its brand valuation by 38% to $2.5bn. 

UK brands are among the weakest for how different and meaningful consumers perceive them to be, impacting how much people are willing to pay for them, Kantar said. 

Kantar also found that two in five of the UK’s biggest brands are not seen positively enough to justify charging a higher-than-average price for their category, and just under a third have less than a 50% chance of growth in the next 12 months.

Travel services was the fastest growing sector overall in this year’s report at 56%, taking its total value to $2.4bn, with Premier Inn putting in an especially strong performance and growing its brand value by 21% to $785m.

Adele Jolliffe, head of brand consultancy, insights division at Kantar, said: “It’s a mixed picture for UK brands and things could get bumpier before they get better. Consumer confidence is returning as inflation eases, although depending on what the chancellor announces in her budget on 30th October, we could see new pressures on household spending.

“With the right marketing investment, however, brands can put themselves in a strong position not just to weather any immediate uncertainty, but to grow over the long term.  Our analysis shows there are clear opportunities, and teams must be really targeted in how they make the most of these. 

“Based on how likely people are to choose them, for example, one third of the brands we’ve evaluated this year could sell more if their products and services were easier to access – whether that’s through investment in store opening or online fulfilment for example.”