![]() ![]() These influences collectively drive the upward trajectory of ad investments, reflecting the dynamic landscape of evolving consumer behaviours and technological advancements.” He points out, “These factors include a burgeoning economy coupled with escalating disposable incomes, a youthful demographic with heightened digital awareness, the upsurge in e-commerce and digital transactions, augmented smartphone and connected device adoption, and the escalating favouritism for OTT platforms. In short, India is coming of age both domestically and internationally,” notes Malani.Īccording to Siddhartha Vanvani, Founder & CEO, Digidarts, the projected surge in India’s ad spend to $13.7 billion by 2024 is defined by several key factors. This, in turn, is already creating a huge inward investment into advanced tech in the country. At the same time, there is a renewed confidence in India in terms of tech leadership, especially with the success of the Chandrayaan-3 lunar mission. It is this long-term confidence which is allowing brands across sectors to invest heavily in growing market share. ![]() It has not been an easy few years, but as some analysts have pointed out, India is on a very strong seven-year cycle. “With an election on the horizon and a firm steady GDP growth forecast, advertising and marketing spend is looking very positive. “There are a number of key factors driving growth in India, notably the fact that we have the fastest-growing major economy,” says Poran Malani, Country Director, S4 Capital (Media.Monks & DDM India). However, he adds, the recent earnings season demonstrates that the advertising market has emerged from this turbulence and is now on an upward trajectory.Īdgully seeks to understand the key factors identified in the WARC report that are driving the projected increase in ad spend in India to $13.7 billion by 2024. James McDonald, Director of Data, Intelligence, and Forecasting at WARC, noted this positive turn, stating that high interest rates, spiraling inflation, military conflict, and natural disasters have created a challenging environment over the past 12 months. Forecasts indicate that advertising spending in India is set to achieve double-digit growth over the next 18 months, ultimately reaching a total of $13.7 billion in 2024.ĭespite facing challenges such as high interest rates, escalating inflation, military conflicts, and natural disasters in the past year, the latest earnings season reveals that the advertising industry has not only weathered these turbulent times but has also begun to rebound. The South Asian advertising market is witnessing rapid expansion, and this growth is being propelled by a robust Indian market. This growth trajectory is significant as it will mark the first time the advertising market exceeds the milestone of $1 trillion. Furthermore, it is projected to experience an even more substantial growth of 8.2 per cent in 2024. Global advertising expenditure is anticipated to increase by 4.4 per cent in 2023, reaching a total of $963 billion for the year, according to a study conducted by global market research firm WARC.
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