Roast with the most: Valued at $60.7 billion, Starbucks ranked world’s most valuable restaurant brand for 2024
Starbucks is the world’s most valuable restaurant brand for the eighth consecutive year following a 14% brand value increase to USD60.7 billion. This brand value increase aligns with the coffee chain’s reinvention plan, initiated in September 2022, which emphasises expansion, stronger employee support, and new, experiential store concepts. The increase is also bolstered by rising demand for its products, especially as people return to office routines, highlighting the brand’s enduring appeal in the evolving market.
American brands make up 19 out of the top 25 brands in the ranking and collectively account for 90% of the total brand value. McDonald's (brand value up 3% to USD38.0 billion) and KFC (brand value down 20% to USD14.2 billion) round off the top three, sitting in 2nd and 3rd place, respectively.
Alex Haigh, Managing Director, Brand Finance Asia commented:
See AlsoThe 10 States That Love Fast Food The Most (And The Least) - ZippiaMost Profitable Food Business Ideas | ZenBusiness Inc.The 7 Healthiest Fast-Food Restaurants, According to DietitiansFast Food Statistics in the U.S. | GERDHelp"The global restaurant industry is working to appeal to customers who generally have lower disposable income and may be grappling with higher living costs, and fast-food favourites are feeling the heat. Brand Finance research found that rising menu prices are negatively impacting customer sentiment, resulting in a notable decline in brand strength among major players across the sector. However, those brands that have managed to uphold affordable pricing strategies have not only preserved but also grown their brand strength year-on-year, with notable examples including Jollibee, Dunkin', and Haidilao."
Luckin Coffee and Jollibee record impressive brand value growth
Luckin Coffee is the fastest-growing restaurant brand in the 2024 ranking, recording a brand value growth of 96% to USD1.5 billion. This growth follows notable expansion, as Luckin Coffee opened 1,485 new stores in China and entered the Singapore market last year. Setting itself apart with an innovative pricing approach, Luckin Coffee provides value for money, offering affordability and appealing options for consumers. This, coupled with enticing discounts and promotions, has propelled the brand to resonate strongly with the mass market.
Jollibee is the second fastest-growing brand this year, with its brand value up 51% to USD2.3 billion. The company has celebrated an impressive financial performance and sustained momentum by significantly expanding its restaurant presence, particularly across international markets, and focusing on a wide menu of high-quality food at affordable prices. Jollibee is also a champion in its domestic market, boasting well-loved products that resonate with Filipinos. Recently, the company has onboarded beloved Filipino cultural icon and lifestyle influencer Jolina Magdangal and her children as ambassadors to promote its expanding range of children-centric offerings.
Fast-food giants take a tumble in brand strength
Brand Finance research reveals a dip in brand strength for major players including McDonald’s, KFC, Domino’s Pizza, Subway, and Burger King, with data indicating decreased scores for customer service, pricing perception, and how likely they are to recommend the restaurant to their friends and family.
Haidilao’s hot pot triumph: brand emerges as sector’s strongest
Haidilao emerges as the world's strongest restaurant brand, with a Brand Strength Index (BSI) score of 90.8 out of 100 and one of a handful of brands across sectors to earn a rare AAA+ brand strength rating from Brand Finance.
Haidilao’s brand strength is likely tied to its innovative approach to the customer experience. The restaurant offers free entertainment such as manicures and board games to keep customers busy and happy during wait times, a strategy that also earned Haidilao Brand Finance’s highest score for customer service in China, the restaurant’s home market.
