Media spend to slump in Singapore

In light of the global economic slowdown, Mindshare and Maxus have predicted a 15-per-cent year-on-year decline in Singapore’s media spend in the upcoming year. According to the agencies‚ print will be the hardest-hit medium while TV will be less affected. Its prediction on digital is ambiguous and suggests it may not be affected.

The report is based on data from more than 40 Mindshare and Maxus media clients across a range of sectors, including FMCG, luxury, retail and financial and government services.While the agencies found the decline to be consistent across every other category, the retail and government-services sectors may be exceptions as retail is slated to remain at its current levels and government-service spend is poised to increase.

The release notes Singapore’s automotive, financial services, FMCG, luxury and travel industries‚ spend may decrease by as much as 20 per cent.The agencies highlight that a 15 per cent decline would damage Singapore’s industry. They point to Singapore Press Holdings as an example, noting its 6.9 per cent increase in display ad revenues over the past two years dwarfs in comparison to the potential loss it faces.