CCTV ad spending still strong

Spending for advertising time on China’s top television network next year suggests companies are confident Chinese consumption will remain robust despite the economic slowdown, the Wall Street Journal reported. Local and international advertisers pledged almost US$1.4 billion on Tuesday during CCTV’s live auction of prime-time slots. This was up by 15% from last year, though the numbers are not directly comparable due to new inventory of air time and the end of the Olympics. Nonetheless, media buyers said that the higher number reflected about a 10% increase in ad rates. Multinational firms accounted for a quarter of the money spent in the auction. A representative from CCTV said the network did not lose a single major multinational client.