Corona named most valuable beer brand despite impact of name’s similarity to coronavirus
Aligning with vacation vibes such as the cold drink of choice on a hot day at the beach, Corona has become the most valuable beer brand according to a new list from Brand Finance.
The 50 Most Valuable Beer Brands in the World annual report by Brand Finance places Corona on Heineken, Budweiser, Victoria, Bud Light, Snow, Modelo Especial, Kirin, Miller Lite and Asahi.
The report suggests that Corona is the top-selling imported drink in the United States with an additional presence in more than 120 countries. It has also recently become one of the fastest growing grocery products in the UK.
However, the report also mentioned that its name’s similarity to “coronavirus” may have contributed to the beer brand’s recent decline.
Meanwhile, Michelob has been cited as the fastest growing brand, rising from 13 spots to 21st in the rankings, with its value climbing 39% to $ 1.2 billion.
Brand Finance has recognized Michelob’s capacity for innovation with its digital campaign “Ultra Beer Run” which offers free beer as a reward for exercise.
Brand Finance claims to be the world leader in brand valuation consulting.
Brand Finance numbers being “valuations” are not directly based on beer sales, but on quantifying the current value of profits specifically related to brand reputation.
The report found that 2020 was difficult for the beer industry due to the pandemic, with 50 of the most valuable brands losing 16% of their value.
According to Brand Finance Managing Director Richard Haigh, beer brands with an excellent reputation and well known to consumers are the ones that would weather the storm.