One result of the current economic calamity is that major global brands are losing their value, according to AdAge.
London-based Brand Finance says the top 100 global brands have lost 4.2 percent, an accumulated $67 billion dollars in value, between January and September.
The company released its Brand Finance Global 500 in March, but had to update the report due to an economy roiled by consumer uncertainty, rising commodity prices, a credit crunch, rising unemployment and a shaky stock market.
David Haigh, CEO of Brand Finance, said a number of brands have shifted as consumer priorities readjust. Discounter Wal-Mart edged Coca-Cola out of the top slot as the highest-valued brand, and Vodafone replaced financial marketer Citi in the top 10.
Oil and gas brands, as well as health-care brands, saw increases in brand value, while financial-services brands generally saw decreases
"As the recession has generally affected brands, there is very clear growth in the value of brands that have what you would call more basic, everyday products," Haigh said. "People are longing to rely on brands they can trust -- brands that are good value for the money."
Consumers are interested in brands such as Avon, Johnson & Johnson, AT&T, Wal-Mart and McDonald's, but are shying away from brands with more expensive or discretionary profiles, such as Starbucks, L'Oréal, Nokia, Nike and Coca-Cola.
Banking brands such as HSBC, Wachovia and Bank of America are still resonating with consumers, he said.
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