As ad spend hits another record high, the out-of-home industry has received a vote of confidence with its share of advertising spend up 70% from last year.
Fresh data from admanGo shows spending from Hong Kong advertisers hit a record high in July, up 16% year-on-year to HK$3.13 billion.
Banking again led the bulk of the spending, but the food industry was a surprise entrant into the top 10 list, with the industry contributing 45% to the high result. McDonald’s was the top spender of the food sub-category with a YOY growth of 55%.
AdmanGo said the outdoor industry overtook print as the preferred advertising medium, with its share growing to 13.57%, compared to print’s 13.11%.
PrimeCredit recorded the second largest YOY growth amongst the top 10 advertisers, spending an estimated $20 million on brand advertising.