ADEX zooms 37% despite Covid II: Flash figures from Pitch Madison Report 2022
By M4G Bureau - January 25, 2022
Sam Balsara, Chairman, Madison World, says, “The two Covid years of 2020 and 2021 have altered the structure of ADEX, but Indian ADEX has shown that it is resilient and contrary to expectation surpassed 2019 ADEX levels.”
In a departure from convention, the Pitch Madison Advertising Report 2022 released flash figures of ADEX estimates only for 2021. An exhaustive report giving medium wise figures, forecast for 2022 and commentary will be released 3 weeks later. The flash report estimates that total ADEX in 2021 has now grown to Rs. 74,231 crore, having grown at an unprecedented 37%, despite the treacherous Covid Wave II which for the second year crippled the economy and ADEX for almost 3 months of May, June and July. Contrary to its own forecast of 26% growth in February 2021, which meant ADEX in 2021 would not even reach 2019 levels, ADEX has comfortably surpassed 2019 figures by 10%.
ADEX has not registered a 37% increase in the last 2 decades for which figures are available. The closest it has registered was a growth rate of 22.9% in 2007. For context in 2020, Adex had degrown 20% over 2019.
Says Sam Balsara, Chairman – Madison World, “The two Covid years of 2020 and 2021 have altered the structure of ADEX, but Indian ADEX has shown that it is resilient and contrary to expectation surpassed 2019 ADEX levels. Whilst Covid Wave I had a disastrous impact on ADEX, India Inc has taken the more deadly Covid Wave II in its stride and despite a setback of 4 months has not only recovered during the year itself but also comfortably surpassed 2019 levels.”
Detailed medium analysis of ADEX in 2021 with a commentary along with forecast for 2022 will be released on Wednesday, February 16, 2022 in Mumbai at the hands of the newly appointed Sudhir Sitapati, CEO, Godrej Consumer Products Limited, who will also deliver a talk on the “The New Marketing Playbook”.