Companies that localized their business in the Russian Federation increased their advertising budgets by 1.5 times
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Based on the results of eight months, companies that localized their business in Russia and neighboring countries increased advertising costs by 51%, Okkam CEO Mikhail Shklyaev said at the TV2B conference. Advertisers who continued to promote their brands on the Russian market increased media investments by 28%, domestic companies – by 39%, he added.
At the same time, foreign companies expectedly reduced their budgets by 50%: their share reached a minimum value of 8.5%. “Two years ago, the category’s contribution was 37%, last year the figure dropped to 13.3%,” noted Mr. Shklyaev. According to his estimates, in 2024 the share of foreign players (without localization) will increase slightly, primarily due to the entry of new players from Asia, the Middle East and other regions into the Russian market.
How Chinese brands are getting used to radio – in the material “Advertisers caught the wave”.
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