The industry body stated that while the online medium was likely to fare more positively, companies would be likely to make dramatic cuts in investment across the board and produce only “strategic advertisements”.
71 per cent of participating companies indicated an expected drop in sales next year. The construction industry emerged as the most pessimistic, estimating a sales decline of between 30 and 50 per cent. Other major holding companies predicted a drop of between 20 and 30 per cent, while carmakers, oil refineries and financial firms said they expected figures to shrink by 15 to 20 per cent.
The KAA represents several hundred commercial and industrial enterprises within the domestic market.