Top advertisers double down on spending in 2024 despite economic headwinds: PMAR

HUL, Reckitt Benckiser and Reliance Industries continue to dominate India’s advertising landscape, maintaining their positions as the top three advertisers in 2024, reveals the latest Pitch Madison Advertising Report 2025 released on Wednesday.

The report noted that the pecking order of the country’s top 50 advertisers has notably been “more volatile” in 2024 compared to a year ago, with 13 advertisers rising in rank and 17 dropping in the list.

A comparative analysis from the latest and the previous PMAR reports indicates that India’s leading advertisers (such as Hindustan Lever, Reckitt Benckiser, Godrej Consumers and Maruti Suzuki) who made to the top 10 list, took bold steps to expand their presence, significantly increasing their ad spends despite the turbulent economic landscape.

They contributed over 16 per cent to the country’s total ad spend in 2024, compared to 14 percent a year earlier. At the helm of this advertising surge was Hindustan Lever, the stalwart of consumer goods which has been India’s top advertiser for years. Their estimated advertising budget swelled to an impressive Rs 4,400–4,600 crore, up from Rs 4,200–4,400 crore in 2023, says the report.

Following suit was Reckitt Benckiser, a company known for its household products. The brand made a daring leap, increasing its ad spend from Rs 1,300–1,500 crore in 2023 to a range of Rs 1,900–2,100 crore in 2024, according to PMAR estimates. The strategic push indicated Reckitt’s intent to capture a larger share of a market still reeling from economic volatility, focusing on reinforcing its established products while introducing new ones.

The Reliance Industries also boosted its ad spend from Rs 1,200–1,400 crore to a more robust Rs 1,700–1,900 crore. With its ever-expanding reach into various sectors—from telecom to retail to media—Reliance understood the power of maintaining top-of-mind awareness.

Meanwhile, Maruti Suzuki India, the country’s largest car manufacturer, surprised industry analysts. In a market that was grappling with slow growth in vehicle sales, Maruti increased its ad spend from Rs 800–900 crore to Rs 1,500–1,700 crore. The sharp rise pointed to a strategy focused on creating buzz around new vehicle launches and emphasizing the safety, fuel efficiency, and tech-savvy features of its cars. Fantasy sports giant Dream 11, once considered a niche brand, now found itself in the mainstream, growing its budget from Rs 700–800 crore to Rs 1,200–1,400 crore. Meanwhile, Procter & Gamble, with its wide array of consumer goods, saw its budget rise from Rs 800–900 crore.

Amazon Online India, though not as aggressively as some others, increased its ad spend by Rs 200 crore, from Rs 900–1,000 crore to Rs 1,100–1,300 crore. Even Mondelez, the snack giant, opted to increase its ad spend by a modest but telling Rs 100 crore, reaching Rs 1,000–1,200 crore. The brand, known for its chocolates and biscuits, was keen on solidifying its presence and capturing more share in the highly competitive snacking market. Google, the tech titan, nearly doubled its investment in advertising, increasing its budget from Rs 350–400 crore in 2023 to Rs 700–900 crore in 2024.

FMCG’s first love is TV

According to the report, overall, the top 10 brands spent over 40 percent of their AdEx on digital platforms. However, the five FMCG majors in the top ten list, spent 70 percent of their advertising budget on television, noted the report, highlighting that TV remains the preferred medium for the FMCG sector even as many other categories have tilted their balance towards digital.

Strategic gamble

In a year where businesses were tightening their belts and many companies were reassessing their budgets, these leading brands took a different path. Dr Sandeep Goyal, MD of Rediffusion, opines, “When the going is tough, more brand focused investments are required to bolster demand and retain consumer interest.”

“Each of the biggies would have different reasons to spend more - new launches, competitive pressure, slack demand, deflation or inflation - so generalisations would be inappropriate. For each client one would have to analyse what the triggers were for the Ad spends acceleration,” says Dr Goyal.

Mehul Gupta, Co-Founder & CEO, SoCheers, feels that a mix of factors led to a spike in ad spends by big advertisers. “Firstly, maintaining market share is crucial, especially during downturns. When consumers are cutting back, brands need to be visible to capture their share of the wallet. Secondly, some brands might have seen the slowdown as an opportunity to gain ground while their competitors pulled back. Think of it as 'building brand love' when others are quiet.”

Increased ad spend could lead to greater ‘share of voice', he adds. Explaining the rationale, Gupta stated, “In a cluttered market, being louder than your competitors can possibly drive more sales. Also, strategic campaigns can reinforce brand loyalty. If consumers trust your brand, they're more likely to stick with you even during tough times. Effectively, it's about staying top-of-the-mind and building stronger customer relationships.”

Their confidence in their advertising spend was a calculated gamble that the rewards would outweigh the risks. For many, it was about future-proofing their brands—building awareness, creating trust, and expanding reach, says an advertising executive.

The need for visibility in a crowded marketplace was more crucial than ever, and the battle for consumer attention was more intense amid economic headwinds which resulted in more ad spends, experts pointed out. Statistics show that India’s consumer market remains robust, with advertising expenditures increasing by 8-10% despite economic challenges, observed Sajal Gupta, CEO of Kiaos Marketing.

He further remarks, “This strategic uptick reflects the aspirations of the country’s expanding affluent middle class. Consequently, the retail landscape is shifting as premium and luxury brands increasingly expand into Tier II and III cities to tap into this emerging demand.”

It wasn’t just about numbers, it was also about the stories of brands adjusting to new challenges, learning from past years, and setting themselves up for future dominance, advertisers remarked.

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