Two of the countrys biggest media agencies, GroupM and Madison, have actually predicted double-digit marketing development for calendar year 2023, coming at a time when the Indian economy has stayed largely resilient amidst global volatility. On Wednesday, the Pitch Madison Report, which was released in Mumbai, stated domestic advertising expense (adex) would grow 16 percent in 2023, marginally ahead of GroupMs price quote, which had actually predicted a growth of 15.5 per cent for the current calendar year in its forecast released Tuesday.

However, both projections keep that India stays amongst the fastest-growing marketing markets in the world in 2023, despite the estimates being lower than 2022 growth rates.

(See chart). The overall Indian adex, according to the Pitch Madison Report, will touch Rs 1.04 trillion, driven by digital marketing whose share in overall domestic adex will stand at 41 per cent from 38 per cent in 2022.

It will be the largest advertising category for the second year in a row, ahead of tv, whose share will slip to 32 percent in 2023 versus 34 per cent last year.

Print marketings share will stand at 19 per cent in 2023 versus 21 per cent reported in 2022. GroupM too has actually retained a resilient forecast for digital advertising in 2023, saying it will constitute 56 per cent of total domestic adex this year, ahead of the 54 percent share in 2022.

TV and print marketing, on the other hand, will slip to levels of 30 per cent and 10 per cent each in terms of share in 2023 versus 31 per cent and 11 per cent each reported last year.