The latest admanGo report saw advertising expenditures in June record a significant drop of 8% (HK$3.4 billion) compared to May and a YOY drop of 0.4%, marking the first YOY monthly decrease since 2009.
Among all industries, Camera, Photography and Optical Instruments saw the sharpest drop of 56% (HK$32million), followed by Industry's 55% (HK$12 million) and Property and Real Estate by 54% (HK$69 million), mainly due to ad budgets cut by dominant market players.
On the retail front, most supermarkets slowed ad spend apart from Wellcome, Pricerite and Wing On. Direct Sale Centre / DSC and Parknshop saw the severest drop by 37% and 32% respectively, IKEA also decreased by 25%.
In terms of individual brands, last month saw camera and electrical appliance companies including Canon and Sony to significantly cut their local ad budgets by 73% and 53%, respectively, followed by SK-II by 51% and Panasonic by 37%.
As a result, half of all media types suffered from a YOY drop in advertising revenue. Paid Paper took the hardest hit by dropping 13% due to the substantially budgets cut in Retail and Property sector by 14% and 59% respectively; followed by TVC's 9% drop, due to the decrease of ad spend in Paid TV by 30% compared with a year ago. Radio and magazine also recorded a slight dip by 5% and 4%, respectively.