WPP Media warns India ad spends may fall 10-15% next quarter as FMCG, energy brands tighten belts

Navin Khemka of WPP Media South Asia flags a potential 10-15% dip in ad spends next quarter, with FMCG and energy-linked advertisers rationalising discretionary outlays amid input cost pressures. Industry growth pegged at 7-8%, with EssenceMediacom claiming 2x-2.5x that pace. Consumer demand remains stable heading into festive season.

— Source publishedTue, 2 Jun, 2026, 10:05 IST·First seen Tue, 2 Jun, 2026, 11:20 IST·Source ET Brand Equity

What happened

WPP Media South Asia · WPP Media's Navin Khemka warns India ad spends could drop 10-15% next quarter as FMCG and energy-linked brands rationalise discretionary

Key facts

  • 10-15% potential decline next quarter
  • 7-8% industry growth
  • 2x-2.5x industry growth at EssenceMediacom

Why this matters

Softening ad budgets among FMCG and energy brands could create valuation entry points in mid-tier media and adtech targets, particularly those overexposed to discretionary categories facing input cost squeezes.

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