By Carmen Ang
2020 was a tough year for the U.S. economy.
In Q2 2020, the country reported its steepest drop in real GDP ever recorded. Because of COVID-19, companies were forced to adapt. But things weren’t all bad — in fact, some companies even managed to prosper throughout the pandemic-induced madness.
Here’s a look at the top 10 fastest growing brands of 2021, using data from Kantar BrandZ’s Top 100 Global brands report:
|Rank||Brand||Brand Value % Growth||Category|
|1||Tesla||275%||🚗 Cars & Transportation|
|2||TikTok||158%||📱 Media & Entertainment|
|3||Pinduoduo||131%||🛍 Consumer Goods & Retail|
|5||Moutai||103%||🍺 Food & Beverages|
|6||100%||📱 Media & Entertainment|
|9||Chipotle||82%||🌯 Food & Beverages|
Tesla takes the top spot, with an impressive 275% boost in brand value compared to the year prior. A big part of Tesla’s growth was its production expansion into China, which boosted sales in the country in early 2020.
It’s worth noting that Tesla sales in China have slumped recently—in July 2021, Tesla made up merely 3.9% of battery electric vehicles sales in China, down from 12.6%the month prior. The good news? Tesla’s investors don’t seem too concerned—following the news of decreased sales in China, Tesla’s stock prices dipped less than 1%.
Retail for the Win
When it comes to fastest growing brands in 2021, the most popular category is retail.
While many retailers took a hit in 2020, certain apparel brands with strong leisure offerings such as Lululmeon and Uniqlo experienced growth as consumer demand for comfortable, stay-at-home clothing boomed.
For instance, throughout store closures and city-wide lockdowns, Lululemon still managed to increase its net revenue by 11%in 2020. Of course, this growth was strongly supported by a surge in eCommerce sales.
Where does this data come from?
Source: Kantar BrandZ 2021 Top 100 Global Brands report.
Details: Fastest-growing brands are ranked by their “brand value,” which Kantar Brandz measures by multiplying a brand’s total financial value ($) with its proportional impact (%) on its parent company’s sales. For more information on methodology, check out the full report.