New Zealand’s ‘brand’ value has increased since Covid to US$248 billion (NZ$440 billion), according to a world index which places it at 39th out of 100 countries.
The most valuable nation brands were the United States worth US$26.5 trillion, followed by China and Germany, according to global brand valuation firm Brand Finance. Australia was ranked 11th, with a brand valued at US$1.6 trillion.
Russia saw the biggest decline in brand value following its invasion of Ukraine, from US$786b last year to US$642b, falling to 24th place.
New Zealand’s brand value was up 11% from its pre-pandemic valuation, and the rise was due to its Covid response, said David Downs, chief executive of government-funded organisation New Zealand Story, who was interviewed for the report.
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The brand value was based on economic performance, perception, and the country’s investment in building a strong brand.
“It’s really a huge compliment to us,” Downs said.
New Zealand ranked at 21 on the “soft power” index.
“This is where it really means something because when consumers or businesses or investors or whoever see the brand of New Zealand, what this is saying is that they hold it in very high regard,” he said.
New Zealand had to be able to charge premium prices for its goods. Food and wine were highly valued overseas by consumers who were prepared to pay more. It also translated into technology and manufactured goods.
The country’s brand had historically focused on tourism, offering a beautiful place to visit and a welcoming people.
“It’s a fantastic base. But it doesn’t necessarily help the food sector, the technology sector. People don’t globally know about our culture and values and who we are as people,” Downs said.
The importance of Māori culture and values to the national character was being acknowledged. New Zealand also had a reputation of being trustworthy, honest and transparent, he said.
Kiwis needed to realise it was a real asset to come from New Zealand, and the rest of the world needed to realise the country had more going for it than scenery.
“The image from the rest of the world is this beautiful landscape, but there’s not many people here, and when you get here, it’s a bit quiet. And in some ways, that’s really great. But actually it’s not sleepy backwater.”
Downs pointed out that if Auckland was in the United States, it would be the fifth-biggest city.
“The world associates brand New Zealand with integrity, ingenuity, care, and respect.
“As our exporters gear up to meet renewed global demand and our tourism and education sectors welcome the return of overseas visitors and students, confirmation of this ranking further strengthens the message that New Zealand is well and truly open for business,” he said.
Brand Finance said national image was one of the most important assets of any country, encouraging inward investment, adding value to exports, and attracting tourists and skilled migrants.
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