Lawrence Chia Chairman of the Pico Group
A recent report by admanGo focuses on some recent Hong Kong advertising spending figures. Confirming everyone's suspicions, the total ad spend in the city in January and February of this year was HK$6.01 billion – representing a 13 percent drop compared to the same period last year, and the first double-digit decrease since 2000.
Magazine advertising was particularly hard hit, falling by 28 percent, while Television Broadcasts Limited (TVB), one of Hong Kong's major TV channels, recorded a 9 percent drop in its ad revenue.
The main reason cited for this drop is the continuing decrease in retail sales due to fewer visitors arriving from the mainland, and that is true to an extent – we have all taken a hit from that. However, the reality is that traditional media advertising has been becoming less popular for years.
The good news is that this doesn't mean your advertising spend has to be less effective – far from it. By choosing the proper channels and targeting the right audiences, you can still ensure that your advertising budget delivers excellent value for money.
Mr Lawrence Chia, Chairman of the Pico Group, has been invited by Hong Kong Business to share his opinions on our industry. We have obtained permission from Hong Kong Business to publish a portion of this article on the Pico website and share a link to the full article on the Hong Kong Business website.
Source: Hong Kong Business, 18 May, 2016