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The advertising industry has cause to cheer. Two reports released back-to-back predict a big surge in advertising expenditure in 2023 in India, making India the fastest growing ad market in the world. According to Group M India’s TYNY (This Year Next Year) report, there will be a 15.5 per cent increase in ad spends in India, helping it reach ₹1,46,450 crore in 2023. “India moves up to the 8th position globally in ad spends,” says the report.
According to the Pitch Madison Advertising Report 2023, AdEX in India is expected to grow by 16 per cent in 2023, more than five times higher than global ad spends which is expected to grow only by 3 per cent. However, according to the Madison World estimates, India’s ad spends will settle at ₹1,04,230 crore in 2023.
Sam Balsara, Chairman, Madison World, unveiling the report highlighted that 58 per cent of total AdEx growth is contributed by the digital sector which has grown by 35 per cent.
The GroupM India report pinpoints several exciting emerging trends for 2023 that will impact how brands engage with consumers and drive growth. Key trends include:
1. Moving towards attention planning
2. Content breaks boundaries and creates new opportunities
3. Rise in retail media
4. Visual search goes mainstream
5. New dimensions of omni-channel
6. Democratisation of commerce with ONDC
7. Sporting nation in the making
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