The South African youth are letting us know what they think about South African banks. The Sunday Times has released their Generation Next youth study in which participants evaluate the brands South Africa’s youth deem as their favourites in over 75 different categories – including companies, banks, shopping malls, cars and fast-food restaurants. The 14th annual survey polls more than twelve thousand youths from around the country, across more than seventy categories, and is considered the leading barometer of what SA’s kids, teens and young adults find on-trend and aspirational.
Started in 2004, the Sunday Times Generation Next study undertaken by HDI Youth Marketeers is now the leading annual youth brand preference and consumer behaviour survey, polling over 5,500 youths aged 8 to 23.
“The Sunday Times Generation Next survey is a great insight into how the youth perceive and attribute value to brands in a highly competitive market, said Reardon Sanderson, GM of Group Sales & Marketing at Tiso Blackstar. “It’s always important for brands to understand how a very switched-on youth segment makes decisions, as they’ll soon be the income-earners of tomorrow.” He continues, “The results can have a strong impact on the tactics and longer-term marketing strategies that brands put in place, and the Sunday Times recognises the very important role this survey plays for advertisers,” he said.
These are the best banks in South Africa:
- Standard Bank
- African Bank
- Bidvest Bank
- Rand Merchant Bank
Interestingly, the actual value of these banks ranks them differently. According to the South African Reserve Bank’s 2017 report, these are the biggest banks in South Africa by asset value:
Biggest banks in South African by asset value:
- Standard Bank (R1 254 849)
- First Rand Bank (R 1 120 747)
- Absa (R983 378)
- Nedbank (R892 006)
- Investec (R415 285)
- Capitec (R87 033)
- African Bank (R31 356)
- Grindrod Bank (R16 696)
- Mercantile Bank (R12 892)
- Bidvest Bank (R8 508)
Why do you think there is such a difference between the most popular brands and their actual asset value? Let us know in the comments below!