The last 2 years have seen rapid increase in the consumer spending on variety of items ranging from real estate and automobile to travel, leisure and other smaller ticket items.
The governments have always aided such momentum to grow with a close eye on inflation control, the recent measures by the RBI to tame the inflation are a pointer.
In this given backdrop, and fact that the budget 23-24 being the last full budget of the government before the 2024 general elections, one can expect numerous populist measures in the budget which will cut taxes of various types leading to a higher disposable income in the hands of the common man leading to increased consumption or spending by the common man. In addition to this, the budget could also launch several populist/ welfare programs which will also increase general spending.
This augurs well for the communication, advertising and publicity industry as the corporate and government will use various tools to increase its public outreach.
In addition to the fiscal and monetary incentives which one can expect, the assembly elections in 10 States in the year 2023 and the general elections – 2024, augurs extremely well for the advertising industry where each segment - Print, Electronic, Digital, OOH, and ground level Activation - can expect a substantial business.
So in nutshell the next 12-18 months could be the watershed moment for the advertising industry where it can wipe out all its past tears and can have smiles all the way.