Among the top 10 industries with the highest adspend in Hong Kong, travel & tourism services (ranked 9th in adspend) experienced a remarkable 99% YOY increase in the third quarter. This increase is the highest in terms of growth rate.
Notably, among the top ten advertiser groups, Cathay Pacific (ranked 10th in adspend) recorded a 233% YOY increase in adspend during the period, which is also the highest growth rate among advertisers.
These figures reflected the travel and tourism industry's intensified advertising efforts in the third quarter to capitalize on the first post-pandemic summer travel season.
Additionally, the restaurant industry (ranked 5th in adspend) also saw a 12% YOY increase, making it the second-highest growth rate among the top 10 industries. In particular, McDonald's (ranked 9th in adspend) increased adspend by 114% in the third quarter, ranking 2nd in terms of growth rate.
Property developers had to readjust its marketing strategies for new property sales due to factors such as rising interest rates and economic uncertainties. Consequently, adspend in the real estate industry (ranked 10th in adspend) in the third quarter experienced the highest YOY decrease (-28%).
All adspend figures in the Admango report have taken into consideration the discount factor based on an assumption of 75% off rate card rate.
According to Admango, the total adspend in Hong Kong for the third quarter of 2023 reached 7.46 billion HKD. The Hong Kong economy has continued its recovery throughout the year 2023, driven by a full reopening and increased mainland Chinese tourism. However, rising interest rates and deteriorating external conditions have slowed down the pace of local economic recovery.
Although local adspend experienced YOY declines of 3.7% and 6.6% in July and August respectively, a 2.6% YOY increase in September was boosted by festive-season promotions and government-led economic revitalization measures.
In terms of media, Social Media adspend saw the highest YOY increase, with a significant 12% rise during the third quarter, Mobile and Outdoor adspend experienced YOY increases of 7% and 4% respectively. On the other hand, TV adspend dropped by 22% YOY, making it the media category with the steepest decrease.
Sourced from admanGo