Businesses in China are spending cautiously on advertising this year as local consumption isn't expected to bounce back for a while yet.
Sluggish economic growth and uncertainty about future income have weighed on Chinese consumer spending since the Covid-19 pandemic.retail sales have rebounded moderately in the first four months of this year. Figures for May are due out June 15.
He pointed out that by promoting product functionality and affordability around the 618 shopping festival, domestic cosmetics brands have expanded their market share versus international brands. Brands are keen to spend more on ByteDance's Douyin, likely taking away from ad spending on Alibaba's Taobao and Tmall e-commerce platforms, Oliver Wyman's Xie said.Among major U.S.-listed Chinese internet platforms,saw the biggest year-on-year increase in revenue from ad sales in the first quarter. The company operates a group-buying app known for bargain discounts. That growth is likely a sign that locals aren't willing to shell out.
However, Sun said that many brands didn't meet their performance targets in the first quarter and his sense was that overall ad budgets were contracting, especially for traditional media.Offline and overseas
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