The Russian advertising market in 2023 will grow by 10% due to the active promotion of domestic brands – there are already more than 700 of them. The companies told Izvestia about this.
New names need to be promoted, which will increase advertising budgets. Previously, such companies did not pay much attention to marketing and advertising due to fierce competition with Western brands. Together with experts, Izvestia sorted out how the advertising market in Russia will recover, what tools and platforms will be most in demand on it after the New Year.
In 2023, the advertising market in Russia will begin to recover – it will grow by 10% after falling by 25-30% in the past year. This was told to Izvestia in the NMi Group. According to the company’s estimate, Russian businesses will increase advertising spending by at least 20%. Also, according to the National Advertising Alliance (NRA), more than 700 new local and federal advertisers have entered the market, and this number continues to grow.
By the fall of 2022, out of the 33 largest budget advertisers in Russia, only four foreign ones remained, according to the Association of Communication Agencies of Russia (ACAR), which conducted a study based on Mediascope analytics.
After the departure of foreign brands, the advertising market was freed up, and many manufacturers are trying to occupy it, the NMi Group press service explained to Izvestia.
“Such dynamics is justified by the increased interest of consumers in new domestic brands. The data of our latest survey indicate that the vast majority (74%) of consumers are happy to buy locally produced goods, and 76% believe that Russian goods are not inferior in quality to foreign ones,” the NRA press service noted.
Entering the advertising market and increasing the budget was confirmed to Izvestia by representatives of federal and regional businesses. So, according to the owner of the Nordtex home textile company, the increase in advertising investments for 2023 will be multiple – until that time, the company allocated “meager” funds for these purposes. Investments will go to all major promotion channels – TV, radio, social networks, he said.
According to NMi Group, companies invest most of their advertising budget in TV advertising, which provides the most reach but also costs more than other channels. In second place in terms of investment is the digital direction. NMi Group predicts that in 2023, radio will overtake outdoor advertising to take the third position in terms of advertising budget.
Read more in the exclusive Izvestia article:
Brand hope: the advertising market will grow by 10% due to new trade marks of the Russian Federation
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