GroupM India has released its “This Year, Next Year” report, highlighting their advertising expenditure forecast for 2023 and it predicts Rs 20,000 crore of incremental ad spend in the year compared to 2022.

The report highlights a 15.5 percent increase in ad spending in India, reaching Rs 1,46,450 crore in 2023. India has moved up globally in ad spending and continues to be the fastest-growing market in the top 10 markets worldwide.

In an interview with CNBC-TV18, Prasanth Kumar, CEO of South Asia at GroupM said, “We had estimated 2022 to grow by about 22 percent but we have closed the year at 15.7 percent. This year we sense that it will grow at similar levels. In 2022 the growth slowed because of geopolitical reason, inflation etc and therefore the spend was getting impacted. This year, some of the inflation challenges have got reduced and so some of the categories will end up spending more.”

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Also, Karen Thompson, India brand head at MAC Cosmetics spoke about the company's new skincare brand called Hyper Real and shared her views on key trends in the beauty industry in India.

Moreover, Amit Akali, CCO and Rakesh Hinduja, Co-Founder of Wondrlab India spoke about the company’s new valentines day ad campaign called “My Perfect Valentine.”

Watch the video for entire discussion.