As featured in Campaign Asia, read full article here.
New research by Ebiquity reveals a significant shift in the Chinese advertising market, with 81% of media pitches awarded to new agencies in the first nine months of 2023.
This surge in agency turnover is attributed to the softening of the advertising growth in China, prompting brands to explore cost control measures. Notably, Carlsberg’s $1.11 billion media account was the largest to switch agencies during this period.
The data suggests a return to higher media agency turnover after a relatively stable retention rate of 25% in 2022. Ebiquity predicts a further increase in pitches in 2024 amid a slow advertising market growth of 3.5%. The trend is fuelled by advertisers seeking better cost efficiency, transparency, and results, driving a demand for agencies with enhanced data and tech capabilities. This shift has also led to a more collaborative approach to marketing in-housing.
We, at Ebiquity have recently published a white paper on the media agency selection process.
Contact us now here – If you’re navigating the evolving landscape of media agency turnover, cost control measures, and the demand for advanced data and tech capabilities, we’re here to help.
