Mexican beer Corona is the most valuable brand in Latin America, overtaking Brazil's Skol, which has held the title for the past two years, according to the sixth-annual BrandZ™ Top 50 Most Valuable Latin American Brands announced today by WPP, a British multinational advertising and public relations company.
Corona took the top spot in the ranking after seeing an 8% brand value growth to $8.3 billion, edging out Skol, which grew by just 1%. The brand is sold in more than 180 countries and its success and global growth have been helped by Corona's ability to generate an affiliation with the "fun-loving" attributes associated with Mexican and Latin culture.
This year's BrandZ Latin American ranking shows a strong performance for local financial institutions (up 46%). The four beer brands in the Top 10 – Corona(#1, brand value $8.29bn, Mexico), Skol (#2, brand value $8.26bn, Brazil), Brahma (#7, brand value $4.48, Brazil) and Aguila (#9, brand value $3.92, Colombia) - all controlled by global giant AB InBev, have maintained and invested in their local characteristics enabling them to boost brand value.
"The power of strong brands to drive improved business performance can be clearly seen in this year's Latin America Ranking. While the economy may fluctuate, those brands that are strong will remain more stable in the tough times and grow faster in the good times," said David Roth, CEO of The Store WPP, EMEA and Asia.
Last year’s ranking reflected the difficult time faced by many brands in the region with a 22% decline in total brand value. In the 2018 ranking, total brand value increased by 18% to $130.8 billion, boosted by an impressive performance from the strongest and healthiest brands.
While the economy has undoubtedly contributed to this year's more positive ranking - GDP growth of 1.3% across the continent -- it is only part of the story. Latin American brands have also benefited from a strong affinity and pride among local consumers for brands from the region, as they believe they better understand their emotional needs.