ASIA-PACIFIC: Advertising expenditure in Asia-Pacific continues to grow faster than the global average, with the latest Magna Global figures for the region being revised upwards and India, in particular, growing more than twice as fast as the APAC average.
The media agency expects global adspend to grow 5.4% this year, aided by events such as the US presidential election, the Olympic Games and the just-started UEFA European Championships.
It anticipates adspend across APAC will grow at 6% in 2016, compared to the 5.2% it predicted back in December, thanks to the economic performance of China being stronger than expected and the Japanese market recovering.
China adspend is slated to grow at 8.4% this year, up from a previous estimate of 5.5%, while spending in Japan will pick up from 0.8% in 2015 to 2.5% in 2016, Campaign Asia-Pacific reported.
Global Adspend Outlook 2016/17
But it is India where the most impressive advances will come. At $8.8bn, it is currently a fraction of the Chinese and Japanese markets ($53.3bn and $34.1bn respectively), but it is set to increase 16.2% this year and 15.7% next year.
"APAC is one of the most significant global regions," said Vincent Letang, EVP/director of global forecasting, MAGNA GLOBAL.
"Through 2020 it will contribute the most dollars to global growth: India, China and Japan represent three of the top five contributors to incremental dollar growth expected this year."
And on India specifically, he noted that it was currently the tenth largest market in the world, "but by 2020 it will be the sixth largest market globally, passing markets like Brazil, France, Australia and Canada".
In part that will be down to the continued expansion of digital media, with digital formats forecast to grow at 40%.
Digital, especially social media and video, will also be instrumental in driving advertising growth across the wider region. And more and more spending will be going into mobile, which, Magna predicts, will make up 70% of digital budgets by 2020.
Warc's Global Adspend Outlook 2016/17, a complimentary outline of future ad investment trends, expects expenditure to rise 6.2% across APAC this year. This is ahead of the global rate of +4.4%.
The research also notes the rapid rise in mobile video adspend across the region, particularly in China, where almost half of all ad investment in online video will be mobile specific by 2017.
Data sourced from Campaign Asia-Pacific; additional content by Warc staff