LONDON: Retail and consumer products dominate a list of the UK's "meaningful brands", as new research shows those at the top end of this list can increase their share of wallet by up to seven times those at the lower end.
A study by Havas Media covering 1,000 brands, 300,000 people, 34 countries and 12 industries looked at how purchase choices relate to people's lives, including the impact on collective and personal wellbeing and marketplace factors such as quality and price.
The Meaningful Brands 2015 analysis found that a brand's share of wallet – a metric used to measure the percentage spent with a brand compared to the total annual expenditure within the category – was on average 46% higher for Meaningful Brands and could be as much as seven times larger.
Further, the top Meaningful Brands delivered marketing KPI outcomes that were double that of lower scoring brands.
For every 10% increase in meaningfulness, the study reported, a brand could increase its purchase and repurchase intent by 6% and price premiums by 10.4%.
Havas also suggested that those brands contributing significantly to quality of life achieved stronger business results, earning a "Return on Meaning".
In the UK, retail was the best performing sector in terms of meaningfulness, and retailers took the top five spots in the UK overall.
Online retailer Amazon topped the rankings, followed, in order, by Marks & Spencer, John Lewis, Aldi and Sainsburys; Boots and Lidl featured in seventh and eighth places.
The top ten were rounded out by consumer electronics businesses Samsung (6th) and Sony (10th) and online payment brand PayPal (9th).
"It's not enough for brands to focus on building brand equity alone," observed Paul Frampton, CEO, Havas Media. "Business models can't be built on efficiency, scale or quality alone any longer.
"People want to connect their lives to brands that make it possible for us to live well and consume better, and that takes commitment to relationship building."
He argued that this was a factor in helping Amazon ride out the bad press it received over its tax payments, or the lack of them. "People believe Amazon is unique," he explained. "It scores ahead of Ebay on savings, more responsible products and 'making me happier' (alongside price and service factors)."
But with only 7% of brands in Europe being seen to make a positive contribution to people's quality of life, "the opportunity is there for many more to seize".
Data sourced from Havas Media; additional content by Warc staff