India among 5 dynamic global markets: COMvergence report
The report deals with spends across categories globally, new business moves and local pitches
COMvergence has released the 24th edition of its global New Business Barometer report in the time period from January 2022 to June 2022.
COMvergence assessed 1,850 media account moves and retentions (1,385 advertisers in total) across 48 countries worth an estimated $13.1 billion, which was in line with the previous-year period ( NBB H1 Jan 2021 – June 2021)
The US accounted for 33% of the total spend reviewed globally.
Local pitches dominated with total reviewed spends amounting to $9.8B representing 75% of the total (vs. 70% in H1 2021).
Global and multi-country reviews concluded in H1 2022 resulted in a total of $3.3B, including AB InBev, Audible, LVMH and Danone.
The global average retention rate was 27% (consistent with the figure for 2021)
The top five most dynamic markets in terms of new business moves ( inclusive of pitches and retentions ) were the US, China, UK, India and Italy, respectively.
Meanwhile, the local pitches vs global pitches in H1 2022 were led by Greece (100%), India (97%), Hong kong (96%), Philippines(94%), Taiwan(93%) and Vietnam (92%) for the highest number of local pitches.
Whereas Columbia(86%),Argentina(85%), Belgium(84%), France(79%) and Peru(76%) were the countries that led for the highest number of global pitches.
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