Industry remains optimistic despite imminent downturn

Hong Kong - The media, public relations and advertising sector is most optimistic about the economy with only 11% anticipating a recession in the next six months, according to Hudson's latest report for the second quarter.

The report stated the media, PR and ad industry is optimistic Hong Kong will not experience a recession in the next six months due to a widespread view of China's economic buoyancy and the upcoming Beijing Olympics that will cushion the effect of any economic downturn.

As such, the industry has reported the sharpest rise in expectations from 43% in Q1 to 56% this quarter, with many firms have definite plans to grow headcount particularly in account manager roles.

Aruna Alimchandani sales & marketing manager for Hudson said there is still a trend for candidates to shift towards the digital area where there is a huge demand with more marketers planning and implementing digital campaigns to reach their target audience.

"Candidates with strong communication skills in English & Chinese are still in high demand," she added.

In the event of a recession, the media, PR and ad sector would prefer to freeze headcount first at 79%, with the next option to freeze salaries at 50% and cut training at 18%.