China’s Marketing Investment Outlook for 2024

A recent report on China’s digital marketing trends in 2024 shows insufficient confidence in overall marketing investment growth.

Here’s the key findings:

1. Only 36% of advertisers believe marketing budgets will increase in 2024, while 43% expect decreases. Small and medium advertisers are especially pessimistic, with 55% foreseeing cuts.
2. The expected 11% average growth rate for 2024 marketing budgets is the lowest in 7 years. Actual spending only grew 8% in the pandemic-hit 2020.
3. 85% have brand-building goals but 77% prioritize measurable performance when allocating budgets. Verifying effectiveness remains the top challenge.
4. 13% average social marketing growth continues declining. Mobile retains priority but outdoor draws new interest.
5. 97% affirm the importance of digital transformation. Content tagging leads in adoption while AI creativity tops future expectations.

Takeaways:

Marketers face tensions between long-term brand needs and short-term results, mainstream and emerging channels, centralized platforms and distributed experiences. Resolving these requires both technological progress and marketing fundamentals.

The overall outlook is cautious as consumer recovery lags. But opportunities exist for brands nimble enough to evolve strategies, leverage new platforms, prove effectiveness, and balance investments for sustainable growth.