Francis Coady, CMO of Havas Media Group
As I sit down to write this piece on deadline a lone muffled cheer from “the race that stops a nation” can be heard a few doors down from my house. Yes, I’m working from home today because I can focus much better when writing long-form content, but I really do love the office environment because I can connect and engage with humans. #hybrid.
Looking back on two thousand and twenty-two I am reminded that we do live in the lucky country, well some of us. We have watched on from afar as continued catastrophic issues are being faced by people around the world including the horrific occupation being waged on Ukraine, the rolling lockdowns in China and the stagnation of progress against hunger, with as many as 828 million people still undernourished according to the global hunger index (GHI). Worth a read here.
I bet you’re thinking “well that’s a bit bleak isn’t it, Francis”. I will try to focus on the industry we are all engaged in some form or another. #Marketing.
According to the SMI report “the market” has continued to grow as advertisers significantly increased their media investment in September, with the total value of ad spend growing 6.6% to $774.9 million. That’s just 0.7% below the record September level set in 2018. Along with a record Q3 ad spend (+3.6%) and CYTD ad spend (+8.5%). Some of the biggest movements happened across cinema, up 150% in September and has already doubled in October, and of course the travel category (+194% YOY). The irony is never lost on me that we are collectively driving some incredible consumption numbers, but this may be contributing to higher inflation and interest rates accordingly. I’m no economist.
It's encouraging to see the market lift itself out of the pandemic but there is no doubt that the people who are driving this recovery have been struggling psychologically in 2022 post-COVID as we work towards a new world order and look back with nostalgia on the way things were. Serious long COVID issues aside, studies are emerging about post-Covid PTSD, including issues of social avoidance, impaired mood, thinking and of course memory.
After walking off stage at the recent MFA Ex, which was delayed for two years, I felt the fifteen hundred or so people in the room energised and incredibly positive about the future of this unique world we call advertising. It gave me hope that not everyone is looking to pack up their kindles and move to Canva HQ in Surry Hills.
The advertising industry is taking a stance on profiling First Nations culture and history as a cornerstone to improved communications and we are pushing diversity of casting, narrative, and content creation as standard. We are collectively lurching towards a deeper understanding of the power of entertainment and how to harness it to better connect to the passions of customers.
Companies, who are made up of individuals, are finally transforming their interpretation of the working week by having open and honest conversations with each other about how to reimagine our lives so we can be better employers, employees, husbands, wives, partners, carers for people with a disability or health conditions, the elderly and of course fur babies. May these glimpses of empathy continue to build across the globe.
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