This is the highest growth in AdEx in the last two decades for which figures are available
The overall advertising expenditure (AdEx) grew to Rs 74,231 crore in 2021, a growth of 37% year-on-year according to the Pitch Madison Advertising Report 2022.
In a departure from the convention, the Pitch Madison Advertising Report 2022 has released flash figures of AdEx estimates only for 2021. An exhaustive report giving medium-wise figures, forecast for 2022 and commentary will be released three weeks later.
The flash report estimates that total AdEx has now grown to Rs 74,231 crore, has grown at an unprecedented 37%, despite the treacherous Covid Wave II, which for the second year crippled the economy and AdEx for almost four months of April, May, June and July.
Contrary to its own forecast of 26% growth in February 2021, which meant AdEx in 2021 would not have reached even 2019 levels, AdEx has comfortably surpassed 2019 figures by 10%.
This is the highest growth in AdEx in the last two decades for which figures are available. The closest it has registered was a growth rate of 22.9% in 2007. In 2020, AdEx had degrown 20% over 2019.
Talking about the growth, Sam Balsara, Chairman-Madison World, said, “The two Covid years of 2020 and 2021 have altered the structure of AdEX, but Indian AdEx has shown that it is resilient and contrary to expectation surpassed 2019 AdEx levels. While Covid Wave I had a disastrous impact on AdEx, India Inc has taken the more deadly Covid Wave II in its stride, and despite a setback of 4 months, has not only recovered during the year itself but also comfortably surpassed 2019 levels.”
Detailed medium analysis of AdEx in 2021 with a commentary along with forecast for 2022 will be released on February 16, 2022 (Wednesday) in Mumbai by newly appointed CEO of Godrej Consumer Products Limited Sudhir Sitapati. He will also deliver a talk on the 'The New Marketing Playbook'.
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