Adspend continues down a slipperly slide as brands cut back

Have Hong Kong marketers been spoked, or are company CEO's so troubled by the negativity surrounding Hong Kong's economic outlook, they have looked to marketing as the easiest way to trim spending?Either way, the effects of unstable economic conditions continue to have a negative impact on the city's $40 billion-plus advertising sector.Following the first double digit drop in adspend in 16 years in the first two months of 2016, Hong Kong's advertising market continued to shrink into the third month. March data from admanGo shows advertising spending hit HK$3.3 billion, a decline of 13% year-on-year.All media except accept radio experienced a decrease in March. Free newspapers seemed to be the hardest hit, with a 27% drop in adspend from the banking sector having a negative impact on the free newspaper market. Although the spending on outdoor ads slightly dropped by 1%, some of the outdoor channels still showed a strong result in the tough market. Bus bodies, bus shelters, RoadShow and buzplay all recorded YOY growth.However, some of the industries still recorded a YOY growth in adspend despite a slowdown of the economy. From the recent property price drop and the release of new real estates, property and real estate recorded a 35% growth in adspend to boost the sales volume.Residential Property enjoyed a 59% YOY increase in adspend. The Spectra by Sino Land and K. Wah International was the top spender and accounted for nearly a quarter of the adspend of the category. Paid newspapers and outdoor ads were employed as the key advertising channels.