How TIME and Statista Determined the World’s Best Brands of 2024 --[Reported by Umva mag]

This year, TIME launches its inaugural list of the World’s Best Brands, in partnership with Statista, a leading international provider of market and consumer data and rankings. Brands play a central role in consumer behavior, shaping preferences, choices, and interactions. The aim of this ranking is to provide an unfiltered view of how customers perceive and interact with brands.

Methodology

The World’s Best Brands ranking recognizes the top brands across the globe, starting with three countries: the U.S., Brazil, and India. In this first phase, Statista conducted an independent survey of more than 22,000 consumers in the United States. Brazil and India, which were each surveyed with 13,500 consumers, will be added in November 2024, and more countries will be involved in this series in the future. The top 5 brands in 66 different categories in each country are awarded. [time-brightcove not-tgx=”true”]

From August 2023 to October 2024, Statista collected the data via an online panel service provider to ensure a representative sample. In the survey, respondents were asked to identify industries and specific categories in which they have expertise. In subsequent questions, they were able to select brands they knew (awareness), brands they recognized in the media (social buzz), brands they preferred (likability), brands they used (usage), and brands they would use again (loyalty).

A weighted overall score based on brand awareness, social buzz, likeability, usage, and loyalty was calculated for each brand in each category. The weights of the dimensions were as follows:

• Awareness: 15%
• Social Buzz: 10%
• Likeability: 30%
• Usage: 15%
• Loyalty: 30%

In each category per country, the top-rated brand‘s overall score was set at 100. Based on the score of the top-rated brand, the scores of the following brands were adjusted accordingly. A score of 90, for example, is equivalent to a result that fulfills 90% of the winner’s score. The top 5 brands with the best results in each category, for every target country, were awarded.

See the full U.S. list here.

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