AD spends estimated to grow at 15.5 per cent : GroupM India TYNY report 2023

AD spends estimated to grow at 15.5 per cent : GroupM India TYNY report 2023

56 per cent of ad spends are estimated to be on digital in 2023.

Mumbai: GroupM India released its TYNY report today, highlighting the  advertising expenditure forecast for 2023. GroupM predicts INR 20,000 crores of incremental  ad spends in 2023 compared to 2022. This highlights the continued growth and potential of  the Indian advertising industry and the opportunities it presents for advertisers. The report  highlights a 15.5 per cent increase in ad spends in India, reaching INR 1,46,450 crore in 2023. India  moves up to the eighth position globally in ad spends and continues to be the fastest-growing  market in the top 10 markets worldwide.

GroupM South Asia CEO Prasanth  Kumar, “As technology redefines interactions  between consumers, brands and businesses the ad industry must navigate through this changing  environment. The past 3 years have been marked by macroeconomic volatility and global events that have impacted advertisers’ businesses and ad spending. The Indian economy  though is expected to weather these challenges and is poised to grow in the coming years.”

GroupM President Investments, trading and partnerships Ashwin Padmanabhan said, “Indian Adex will be the fastest growing globally at 15.5 per cent supported by robust  macroeconomic conditions. Digital at 56 per cent of all advertising spends and growing at 20 per cent over  last year is driving the growth of Adex. India stands out globally with all mediums expected to  grow with TV, Print and Radio growing at high single digits! We see 2023 panning out stronger  as we move into the second half of the year and are confident of the Indian Adex staying on  course to grow as projected.”

GroupM India head of business intelligence Parveen Sheik said, "The growth of SMEs in the  Adex has been a feature for the past few years, this year too we see the same trend. We also  anticipate the revival of the rural economy as well as improved funding for the start-up  ecosystem. Additionally, Telecom, BFSI, Retail, Fintech, Gaming as well as Travel & Tourism are expected to drive ad spending.”

The launch and expansion of 5G services beyond top metros, combined with affordable  smartphones, is also expected to drive ad spend growth.  

The report mentions several exciting emerging trends for 2023 that will impact how brands  engage with consumers and drive growth. Key trends include:  

• Moving towards attention planning

• Content breaks boundaries and creates new opportunities

• Rise in retail media

• Visual search goes mainstream

• New dimensions of omnichannel

• Democratization of commerce with ONDC

• Sporting nation in the making