Last year placed the advertising industry in Hong Kong with a sea of challenges as the world learnt to live with COVID-19. However, industry players in Hong Kong adland have managed to cut through the clutter despite the deteriorating macroeconomic outlook.
According to the latest report of admanGo, local advertising spending recorded a 4% YOY in Q3 2022, with a total spending of 7.5 billion. As the epidemic slowed down, advertisers' ad spend in Q3 has gradually increased.
Hong Kong has progressively relaxed inbound travel quarantine since July, which has injected new vigour into local economic activities. In addition, the new issue of 2022 consumption voucher (phase 2) in August facilitated the promotion of various industries during the peak summer consumption season, said the report.
Entering the Year of the Rabbit, MARKETING-INTERACTIVE reached out to several leaders in the Hong Kong adland to find out what their hopes and wishes are for the new year and what do they aim to change in the industry.
Jeffrey Hau, co-founder & CEO, PRIZM Group Hong Kong
As we are recovering and heading to post covid normality, we will definitely be facing economic instability and business headwinds in 2023. It is predicted that finance will tighten up paid media and marketing spending as shoppers will tighten their wallets as well. It becomes crucial how marketers maximise campaign effectiveness and stress on conversion measurement.
"I believe making the most out of martech and adtech stack will be the key to achieve this, especially its omnipresent to see under-utilisation and low adaptation of martech tools in Hong Kong when compared to other markets."
Certainly brands have long been collecting data and gaining insights thru analytics, but reporting is usually the endpoint, and what we really need to kick off is the transformation of insights into action...
Published by Marketing Interactive on 9 January 2023