China's advertising market has entered a critical year in its development. As well as functional consumer products related to health, wellness, and efficient cleaning have performed well, a new report found.
In the first seven months of this year, the overall advertising expenditure in the country edged up 2.8 percent year-on-year, according to domestic market research agency CTR Market Research, which released the report at the China Advertising Forum 2024 on Tuesday.
Advertisers are tightening their marketing budgets and placing greater emphasis on enhancing internal capabilities, and they have been focusing on consumer health and high-quality lifestyles. Ninety percent of interviewed advertisers said brands must bolster their internal strength through innovation to achieve sustainable development, the report found.
Specifically, domestic brands, China-chic brands, and discount and regional retailers have been gaining growth momentum this year. Brands must focus on meeting an evolving consumer demand to stand out in the market, the report said.
Besides, with artificial intelligence, gaming and cultural tourism emerging as popular sectors generating new business opportunities, advertising and marketing continue to be essential for those sectors to achieve sales growth, the report said.
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