The advertising industry navigated a turbulent 2024, grappling with economic challenges that impacted consumer spending and marketing budgets. Navin Khemka, chief executive, South Asia at EssenceMediacom, described the year as "extremely tough", attributing the slowdown to high food inflation, subdued rural demand, and cautious startup spending.
"We began 2024 with ambitious targets, but macroeconomic factors like reduced disposable incomes forced us to revise our outlook," said Khemka. The rural market, a traditional growth engine, experienced a downturn for most of the year. "Demand picked up slightly in the last quarter, but it wasn't enough to offset earlier sluggishness. Inflation and uneven monsoon rains worsened the situation," he added.
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