MiaoZhen Academy of Marketing Science: China's marketing investment is expected to increase by 11% in 2024
(Adnkronos) - BEIJING, Jan. 4, 2024 /PRNewswire/ -- On December 20th, the China Marketing Science Industry-Academia Collaboration Platform, MiaoZhen Academy of Marketing Science, in partnership with the Global Digital Marketing Summit (GDMS) and the M360, jointly released the "2024 China Digital Marketing Trends Report".
The report, based on a survey of 257 advertisers from 20+ industries including food and beverages, beauty and personal care, healthcare, fashion, automotive, and 3C, the report predicts and interprets the Chinese marketing market for 2024. Here are the key points from the report:
In 2024, the expected average growth rate of overall marketing expenses (including traditional and digital) in the Chinese market is 11%, remaining in a growth trend but with a significant decrease in growth rate compared to previous years,
Regarding the "desired goals of advertising campaigns," 85% and 76% of advertisers chose brand objectives (strengthening brand image and increasing brand awareness) and performance objectives (increasing sales) respectively. Compared to the previous year, there is a significant increase in the proportion of brand objectives and a decrease in the proportion of performance objectives.
However, when it comes to budget allocation, only 36% of advertisers choose to increase the brand budget, while a staggering 64% choose to increase the performance budget. This indicates a clear contradiction between the views and actions concerning brand and performance.
In terms of challenges in selecting marketing media, 52% of advertisers chose "difficult to measure and validate effectiveness," surpassing the challenge of improving marketing communication ROI. This has become the biggest challenge.
In line with the overall marketing growth rate, the expected growth rate for social media marketing in China in 2024 has also declined to 13%. KOL (Key Opinion Leader) marketing remains a focus of social media investment, with 71% of advertisers indicating their intention to engage in KOL marketing. Additionally, 55% of advertisers plan to increase their investment in mobile internet marketing, while 37% plan to increase their investment in outdoor advertising.
Currently, the utilization rate of AI (Artificial Intelligence) in advertising creativity is 25%, ranking sixth. However, the future adoption rate is expected to reach 44%, ranking first. AI marketing is also considered the most anticipated form of innovative marketing in the future. Although the current utilization rate is not high, the high future expectations indicate that advertisers still face obstacles in implementing AI marketing.
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