Hong Kong advertising spending hits record on second-half rebound
Cautious mood in the first half makes way for a strong comeback, with the industry booking 9pc growth for last year with HK$43.1b take
Advertising spending in Hong Kong reached a record high HK$43.1 billion last year, with campaigns roaring back to steady growth from July to December.
Banking and investment services topped all industry categories in expenditure over the past 12 months, while Procter & Gamble (P&G) was the city's leading advertiser, according to data published yesterday by media monitoring company admanGo.
Total advertising in the city last year advanced 9 per cent from HK$39.6 billion in 2012, which reflected the modest annual increase predicted in February last year by the Hong Kong Advertising Association.
The association had cited lingering concerns in the economy, which became apparent in the first half of last year when many major companies slashed their marketing budgets.
Samsung Electronics, for example, cut its advertising budget in most media outlets, according to admanGo. The most significant cuts made by the Korean consumer electronics giant were in newspapers and television, which decreased by 21 per cent and 13 per cent, respectively.
Despite its conservative outlook, the association said marketers remained positive on China's economy, including a steady influx of mainland visitors to Hong Kong and the yuan's appreciation.