The Asia-Pacific region is likely to experience a lesser global recessionary headwinds impact, if they hit these shores, compared to its Western counterparts, says GroupM Malaysia.
The agency’s chief executive officer Chanchal Chakrabarty attributes this to the opening of China’s economy and India’s resilience.He told StarBiz that the marketing ecosystem, of which the media and ad industries are a part, has a very close correlation to consumer sentiments and economic growth.
Chanchal added: “The government headed by Prime Minister Datuk Seri Anwar Ibrahim has further added to our hopes and is surely expected to provide the much-needed tailwinds to consumer sentiments and hence the economy. This would lead to a massive boom across digital services and is evident from the focus on technology and digital platforms in driving commercial innovations towards the SEA markets, he said.
He said what was surprising was that advertising spend recovered in 2021, growing by more than 17%, and continued to deliver robust double-digit growth in 2022.
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