Kenyans are increasingly turning to flexible lending solutions and traditional media as economic pressures reshape consumer priorities, according to the latest Superbrands survey. M-PESA has been named Kenya’s leading Superbrand for the third consecutive year, cementing its critical role in the operations of small and medium-sized enterprises (SMEs) during these challenging times.
The 2024 Superbrands rankings, derived from a comprehensive survey conducted by Kantar in Nairobi, Mombasa, and Kisumu, reveal significant shifts in consumer behavior. The survey highlights a growing reliance on brands that offer essential services and adaptable financial solutions amidst rising costs of living.
M-KOPA emerged as the most notable climber, skyrocketing from 36th place in 2022 to 6th in 2024. This surge is attributed to consumers increasingly turning to flexible lending services without heavy penalties and shifting from traditional electricity to more affordable solar energy solutions.
“With challenging economic times, it’s been interesting to understand how consumer perception and brand value offerings have evolved,” remarked David Ogara, Associate Account Director at Kantar. “Inflation has divided brands and products between ‘must-haves’ and ‘nice-to-haves,’ creating a clear distinction when purchase decisions are being made.”
New entrants into the Top 10 include Citizen TV, Supa Loaf, Radio Citizen FM, and The Daily Nation, indicating a trend towards more economical and accessible media and household products. Citizen TV and Radio Citizen FM’s entries highlight a pivot towards free content-based services as consumers cut back on paid streaming services, aligning with global trends reported by Forbes.
Consumer optimism has hit a new low, with only 50% expressing a positive outlook compared to 70% in 2019. This has led to more cautious spending behaviors, such as buying fewer items, reducing purchase frequency, and opting for cheaper alternatives. The Kantar Africa Life Report 2023 underscores this shift, noting a significant inclination towards micro-lending solutions and informal banking for easier access to funds.
The Kenya Red Cross retained its position in the Top 3, bolstered by its proactive response to the 2023 El Niño floods. Supa Loaf’s leap to 5th place from 13th in 2022 underscores its enduring appeal, especially among low-income households where bread remains a staple food item.
Jawad Jaffer, Project Manager at Superbrands East Africa, commented on the evolving landscape: “Once again, the study has emerged as a barometer for changing consumer needs and preferences. Brands must strive to provide value to climb the ranks as consumers prioritize needs over wants.”
Notably, the Superbrands seal continues to influence consumer decisions, with 80% of respondents indicating a higher likelihood of choosing brands featuring the seal, consistent with findings from 2022. This underscores the enduring value of the Superbrands affiliation in enhancing a company’s reputation and distinguishing it from competitors.
| 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 |
