AirAsia named the 4th Strongest Airline Brand Globally
As per the latest report by Brand Finance for 2020, AirAsia was rated as having the highest growth in brand value in Asia and the second highest among all airlines globally, with a year on year growth in brand value of 15.5%. The phenomenal growth in brand value saw AirAsia enter the league of top 25 most valuable airline brands in the world in 2020 and the only LCC from ASEAN in the global 50 airline brand rankings.
Brand Finance also rated AirAsia as having the highest year on year increase in Brand Strength among the 10 strongest Airline Brands in the world. AirAsia is one of only four airline brands in the world to have an AAA+ rating on Brand Strength. Brand Strength is based on marketing investment, familiarity, loyalty, staff satisfaction, and corporate reputation. Brand Finance correlates brand strength with stock market outperformance.
Based on the cash positions, brand strength and brand value, AirAsia was also listed as one of the airline brands well poised to survive the Covid-19 crisis, unlike many others that have been cited as being in precarious positions and needing financial support to survive.
AirAsia also came out on top of the ASEAN airline ratings in 2020 on a number of parameters, being the 8th most valuable airline brand in Asia, the second most valuable in the ASEAN region and among only four Asian brands to grow brand value.
Speaking about the report, Mr. Sunil Bhaskaran, MD & CEO, AirAsia India said, “We are proud to be custodians of the AirAsia brand in India and this latest report by Brand Finance is a testament to the strength of the brand and the trust our guests, markets and other stakeholders place in the AirAsia brand. As published by the Directorate General of Civil Aviation, AirAsia India has had the best On Time Performance in 2020 and, on average over the last 12 months of reported data, has had the lowest cancellation rate (0.5%) amongst all the major scheduled airlines in India and the lowest number of complaints (0.2 per 10,000 passengers) among Indian LCCs. Along with our investment in our brand and communications, these measures of operational excellence continue to contribute to our reputation, loyalty and brand strength.”
Samir Dixit, Managing Director, Brand Finance Asia Pacific, commented: “While there were very few brands that had positive brand value growth, AirAsia found itself to be a strong contender with some of the best brands in the world. This can undoubtedly be attributed to the consistency of brand experience and the brand building efforts by AirAsia across customers and other stakeholders. The current COVID-19 crisis presents a dangerous threat to airlines, and will not be easy to manage given that airlines will struggle to recapture lost demand and could lose up to 20% of overall brand value. The only thing that will drive customer preference in difficult times is the brand and the airline brands that are weaker may not even survive the crisis. Based on our criteria, we found AirAsia to be one of the 30 global airline brands well poised to survive the Covid-19 crisis.”