We knew that already you chorus (well China anyway) but it’s still worthy of note that accounting giant Pricewaterhouse Coopers reckons ad spending in Asia will grow by 6.4 per cent between now and 2014 while Latin America, admittedly a relatively small market in comparison, will lead the pack with 8.8 per cent.
Among all this China will become the second largest national ad market in the world, behind the US presumably.
The US and Europe will grow more slowly but will benefit from a forecast global growth rate of 4.2 per cent between now and 2014. World ad spend fell by 11.8 per cent worldwide in 2009 so there’a bit of catching up to do.
All this should be good news for the global ad networks who have spent a fortune building a presence in China.
But what if the Chinese decided to do it themselves? There are already numerous Chinese agencies of course but they are usually content to partner with the networks to attract global business.
But in every other commercial sphere, banking, cars, computers, telecoms, engineering, the Chinese are showing they can do it for themselves.
What’s the betting on as Chinese ad giant emerging? Over the sea in Japan Dentsu has shown it can build a giant business from a big domestic market. The Chinese ad market is now much bigger than Japan.