Half of the respondent Hong Kong advertisers expected that their ad budget would decrease by 7.1% while the budget for online ads would expand by a marginal 0.8 %
China's 2020 ad spend forecast is at 3.9%, down from previous projections of 6.9% due to the spread of COVID-19 and moderate economic growth.
97% of Hong Kong respondents said the outbreak will have a negative impact on the economy, while 59% went further saying the impact would be "very negative".
Only 7% of APAC organisations considered themselves mature at delivering CX, compared to 12% in North America.
China's economic slowdown, ongoing trade disputes, regional challenges, and the current COVID-19 coronavirus outbreak are reasons behind weakened consumer confidence.
Hong Kong consumers have been combining online and offline channels during their buying process, while they are also looking for more payment methods and familiar platforms to pay.
In addition to an interesting pay chart, the report found that demand for marketing talent has remained strong throughout the last year and that recruitment was active.
The report outlines that the outbreak will likely create significant price corrections in the retail and hospitality sectors.