Methodology: How TIME and Statista Determined the World’s Best Brands of 2024
Brands are mysterious things. Created by companies looking to promote specific products or services, they’re ultimately defined—for better or worse—by consumer perceptions. They also play starring roles in our preferences and spending behavior as companies respond to, and shape, market trends.
Consider Bath & Body Works. Long focused on women, the retailer snagged the top spot in the male cosmetics category of a new survey-based ranking of the world’s best brands by TIME and Statista. That’s a sign that the Ohio-based company’s strategy for reaching men is paying off. It’s more than just ads and social content. “We’ve made it easier for men to try our offering,” Chief Customer Officer Maurice Cooper says. One example: a pop-up tour from November 2023 through May of Bath & Body Works’ fast-growing Men’s Shop at NBA, NCAA, NFL and college football games across the country. Endorsements from San Francisco 49er players Christian McCaffrey and Nick Bosa, and LA Lakers point guard D’Angelo Russell don’t hurt.
[time-brightcove not-tgx=”true”]To compile the first list in the world ranking—of 330 top brands in the U.S.—TIME and Statista surveyed more than 22,000 U.S. consumers about brands across 66 categories spanning a wide swath of consumer-facing industries. Some results are what you might expect. Nike is the top brand in sneakers and sportswear, Coca Cola number one in soft drinks. But there are also surprises. Chime, for example, is not only consumers’ favorite brand in the “neobanking and neobrokerage” category; the fintech startup also made it into the “banks” category, ranking above Wells Fargo—even though Chime is not technically even a bank. (It provides financial services through partnerships with banks.)
Chime’s brand-building strategy can be summed up in two words: social media. Creator partnerships with people like TikToker Zach King and YouTuber Kai Cenat have been key, says CMO Vineet Mehra, “helping us reach new audiences in unexpected ways and challenging traditional expectations of financial brands.” The company’s social following is significantly larger than the major banks it is challenging.
Other standout brands underscore larger trends afoot. As grocery prices have shot up in recent years, Walmart has welcomed more food shoppers hungry for value. The largest retailer in the U.S. is enjoying more than just rising profits. The TIME/Statista survey found it’s the best brand in both the “grocery store” and “online grocery delivery” categories, and its nearest competitors—which include Aldi and Target stores, and Amazon Fresh and Instacart online—scored significantly lower.
But even as many Americans feel pinched, plenty have found the funds for nonessential items like jewelry. Pandora, the world’s biggest jeweler by volume, has been seeing sales growth all year. The Danish company has the strongest jewelry brand in the U.S., buoyed by particularly high scores from U.S. consumers in the survey’s “social buzz” and “loyalty” dimensions. That might have something to do with Pandora “global ambassadors” Pamela Anderson and Ashley Park boosting the brand’s social media presence this year while attending high-profile fashion events like the Met Gala and Paris Fashion Week. Or the company’s attention-grabbing announcement this year that it only sources completely recycled gold and silver for products could be helping it gain traction among environmentally conscious consumers.
Understanding what makes a strong brand is more art than science. But the list shows that strong investment in media and marketing presence usually pay off. TIME and Statista will continue to survey consumers in major countries around the world to determine the World’s Best Brands, starting with India and Brazil in November 2024. —Jeremy Gantz
