Brands are going to be spending a lot of money on advertising in 2014, but not luxury ones. That’s one main takeaway from a new Thoughtful China interview with executives from industry heavyweights such as DraftFCB, Zenith Optimedia, and Cheil Worldwide.
“The luxury category is really slowing down—single digits. I’m not kidding,” says Steven Chang, the CEO of Zenith Optimedia for Greater China, of his predictions for which industries will be the main sources of revenue in the coming year. The assessment makes sense, considering the fact that Bain estimated that the industry as a whole grew by only 2.5 percent in 2013.
However, the advertisers all expect overall double-digit growth for their companies in the coming year from other sectors, such as mass consumer goods and automobiles. Watch the full interview above to hear their insights.