In the latest Superbrands survey conducted by Kantar in 2024, M-PESA has been voted Kenya’s leading brand for the third consecutive year, demonstrating its critical role in the everyday financial operations of small and medium-sized enterprises (SMEs). This distinction emphasises M-PESA’s value, particularly in an economic climate that is becoming increasingly challenging. The survey, which took a comprehensive look at consumer opinions across Nairobi, Mombasa, and Kisumu, reveals significant shifts in brand rankings and consumer behavior.
Top 10 Kenyan Superbrands of 2024
Here’s a snapshot of the top brands as ranked in the 2024 Superbrands survey:
| Rank | Brand | Category |
|---|---|---|
| 1 | M-PESA | General Financial – Mobile Money |
| 2 | Safaricom | Telecommunications, Broadband & Software |
| 3 | The Kenya Red Cross | Relief Organizations |
| 4 | Citizen TV | Media – TV Stations |
| 5 | Supa Loaf | Food – Bread and Bread Products |
| 6 | M-KOPA | Buy Now Pay Later |
| 7 | Radio Citizen FM | Media – Radio Stations |
| 8 | Kenpoly | Household – Plastic Products |
| 9 | The Daily Nation | Media – Newspapers & Magazines |
| 10 | Bamburi Cement | Cement |
Economic and Consumer Insights
Consumer Sentiment and Behaviour
According to the Kantar Africa Life Report 2023, consumer optimism has declined to 50%, down from 70% in 2019. Economic pressures have led consumers to adjust their spending habits significantly:
- Purchasing fewer items
- Reducing buying frequency
- Prioritizing essential over non-essential goods
- Opting for cheaper alternatives and purchase channels
- Altering interactions with financial services, with an increased reliance on micro-lending and informal banking
Brand Performances and Movements:
- M-KOPA has seen a remarkable rise from 36th in 2022 to 6th in 2024, attributed to its flexible payment options and affordable solar energy products amidst rising electricity costs.
- Supa Loaf, the only food brand in the top 10, leverages its long-standing heritage and the staple nature of bread to climb from 13th to 5th place.
- Media outlets Citizen TV, Radio Citizen FM, and The Daily Nation entered the top 10, benefiting from a shift in consumer preference towards free content, exacerbated by a decrease in subscriptions to paid streaming services reported by Forbes in February 2024.
Continued Relevance:
- Kenpoly and Bamburi Cement remain in the top 10, supported by their relevance in ongoing urbanization and social settings, respectively.
- Notably, no betting companies feature in the top 10 this year, reflecting a cutback in discretionary spending.
Superbrands Seal Impact:
Eight out of ten respondents indicated that the Superbrands seal positively influences their purchase decisions, associating it with enhanced reputation and distinctiveness among competitors.
Conclusion and Future Outlook
The 2024 Superbrands survey, as noted by David Ogara, Associate Account Director at Kantar, and Jawad Jaffer, Project Manager at Superbrands East Africa, acts as a crucial barometer for changing consumer needs and preferences. In light of the challenging economic environment, brands that adapt to provide essential value while maintaining quality and reliability are likely to succeed. The survey’s insights are invaluable for brands navigating these turbulent times, emphasizing the need for strategic positioning and a deep understanding of consumer behavior dynamics.
As consumer behaviour continues to evolve in response to economic pressures, brands must strategically position themselves to meet the changing needs and preferences, ensuring sustainability and growth in a competitive market landscape.
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