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Corona named Most Valuable Beer Brand despite impact of name similarity to coronavirus
By aligning with vacation vibes such as being the cold beverage of choice during a hot day at the beach, Corona has become the most valuable beer brand according to a new list by Brand Finance.
The annual report on the world's top 50 most valuable beer brands by Brand Finance places Corona over Heineken, Budweiser, Victoria, Bud Light, Snow, Modelo Especial, Kirin, Miller Lite, and Asahi.
The report suggests that Corona is the bestselling imported drink in the US with an additional presence in over 120 countries. It has also recently become among the fastest-growing grocery products in the UK.
However, the report also mentioned that the similarity of its name to "coronaviruses" could have contributed to the beer brand's recent dip.
Meanwhile, Michelob was cited as the fastest-growing brand, jumping 13 spots to number 21 in the rankings with its value soaring 39 percent to $1.2 billion.
Brand Finance acknowledged Michelob's innovativeness with its digital-based 'Ultra Beer Run' campaign that offers free beer as a reward for exercising.
Brand Finance claims to be the world's leading brand valuation consultancy.
The figures by Brand Finance being "valuations" aren't directly based on beer sales but quantification of the present value of earnings specifically related to brand reputation.
The report found that 2020 was tough for the beer industry due to the pandemic with 50 of the most valuable brands shedding 16 percent of their worth.
According to Brand Finance's managing director Richard Haigh, beer brands with an excellent reputation and very familiar among consumers are those that would weather the storm.