Asia Pacific ad spend predicted to grow by 5.6 per cent this year: Carat
Ad spend in the Asia Pacific region is forecast to grow by 5.6 per cent this year, according to Carat.
That number is an upward revision on the 5.2 per cent the media agency predicted for 2014 last September, and growth this year is reckoned to be faster than in 2013, when the region grew by five per cent.
Of the region’s biggest ad markets, China is expected to grow by 8.0 per cent, Japan by 1.7 per cent and Australia, APAC’s third largest market, by 2.1 per cent.
Philippines and Vietnam are the region’s fastest growing markets, reckons Carat; they are predicted to grow by 10.9 per cent and 20.3 per cent, respectively.
India will see growth of 8.7 per cent, according to the media agency.
Nick Waters, CEO of Dentsu Aegis Network APAC, which owns Carat, said: “Asia Pacific now commands 35 per cent of global media spend which is largely down to significant growth in digital, strength in China and Japan, and rapid growth in Southeast Asian markets.”
“Southeast Asia continues to grow at a significant rate with the Philippines and Vietnam leading the way. This provides a great opportunity for agencies to grow as the market strengthens. China remains a major player in driving growth for Asia Pacific, albeit more moderately versus previous years,” he said.
“Japan’s digital spend will rise significantly, with growth in new media in all other markets across the region. Companies who are agile and provide innovative and integrated solutions will be able to unlock those budgets and work with clients to grow their businesses with their own.”
Carat’s report is based on information collected from across its network in 59 markets across the Americas, Asia Pacific, Europe, Middle East and Africa. Globally, ad spend is expected to grow by 4.8 per cent in 2014 to US$551 billion, slightly faster than predicted in September, when 4.5 per cent growth was forecast.
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