Ad industry pegs 2023 adex growth at 14-16% despite slower startup spends

Agencies such as GroupM, Dentsu and Interpublic Groupe's Magna remain bullish about domestic ad spends; 2022 to close at 15% in terms of adex growth, they say

Forecasts by some top media agencies, such as GroupM, Dentsu and Interpublic Group's Magna, of Indian advertising expenditure (adex) growth for the calendar year 2023 remain buoyant despite a slowdown seen in startup advertising in the country.

India’s adex growth rate will also surpass the global adex average of 5-6 per cent pegged by these advertising networks for 2023. It will also go past Brazil to become the eighth-largest advertising market in 2023 from ninth-largest in 2022, led by a push in digital and television advertising, they say.

The three agencies peg Indian adex growth to be in the region