In the second half of 2023, India Incorporation probably will increase its advertising spending by 20-25%
In the second half of 2023, executives predict that spending on advertising and consumer promotion will increase by a record 20-25% annually, driven by the Cricket World Cup, a wet summer that forced businesses to delay ad expenditures, and the holiday season. They also quoted that spending is expected to be led by sectors such as e-commerce, fast-moving consumer goods (FMCG), travel and hospitality, apparel, and fashion, fintech, banking, retail, and automobiles.
The Chairman of Madison World, Mr. Sam Balsara stated, “We see a very big season for advertising starting September, much higher than the previous year. The World Cup will be played in India, on prime time, and it coincides with the Diwali season. Madison World represents the likes of Asian Paints, Raymond, Titan, TVS Motor and Marico.”
Dabur recently stated that it anticipates stronger advertising intensity in the second half of the year due to lower input prices, such as petroleum and palm oil, over the previous three months.
Godrej Appliances Senior Vice President Mr. Kamal Nandi stated, "Ad and promotion spending on appliances like refrigerators is going to be big in the festive season, especially with the premium segment seeing high traction." Because of the approaching cricket season, according to him, high-end television companies would witness gradually increasing spending.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.